Consumer Duty
The ascendency of the CRO – why Consumer Duty is revolutionising the role
Consumer Duty is driving positive change across Financial services; but with that comes challenge.
Jamie Hunter · 1 Apr 20235 min read
64 articles
Consumer Duty
Browse all articles across people aspects of regulation and people development within UK financial services
Consumer Duty
How the value for money framework informs the consumer duty
The DWP’s consultation on measures for a new value for money framework, which closed on March 27th, sets out three tests for workplace and legacy pensions based on net performance, quality of services and costs and charges.
Henry Tapper · 1 Apr 20235 min read
Consumer Duty
FCA Live & Local – Consumer Duty The most fun that a compliance consultant can have with their clothes on
I attended the first London delivery of the Financial Conduct Authority (FCA) Live & Local series in London at the Royal College of Physicians on 28th February. I attended the Retail Investment session in the morning delivered by Mark Goold.
Tony.Catt · 1 Apr 20238 min read
Consumer Duty
Using The Consumer Duty as an opportunity to drive organisational change in the insurance industry through learning and development
The pace of change in the insurance industry over the last few years has seen a step-shift in how firms approach learning and development. It’s no longer a nice to have and, with the IDD, regulated firms have had to consider how they make learning and development more accessible to their employees.
Tom Wood · 1 Apr 20234 min read
Consumer Duty
Consumer Duty – the buck stops with you not just your processes……
In my last article (October’s edition), I talked about the value of firms revisiting and updating their existing people related regulatory processes, e.g. SM&CR and Training & Competence, to enable them to evidence that they are complying with Consumer Duty (CD). In my view it still makes sense that firms focus on these things.
Julie Pardy · 2 Jan 20237 min read
Consumer Duty
Consumer Duty Rules – preparing for the latest FCA regime
The latest is of course the Consumer Duty Rules – which come into effect this year. But how different is this new set of rules to the others that have gone before and what must employers prepare for and focus on? Is it just more of the same? We have been here before.
Neil Herbert · 2 Jan 20235 min read
Consumer Duty
What is a good outcome?
So, we all have our Consumer Duty Implementation plans in place. Of course, we do. If not, you can always contact me. You have until June 2023 to be in a position to be compliant with the new Consumer Duty. How difficult can it be?
Tony.Catt · 2 Jan 20236 min read
Consumer Duty
Consumer Duty – time for mortgage practitioners to focus on consumer outcomes
There has been a lot written about the FCA’s, current, hot topic – Consumer Duty. Like many other financial adviser and compliance magazines, T-CNews devoted many pages to the subject in the last issue. I have worked with financial advisers and mortgage professionals for more decades than I care to recount.
Nick Baxter · 2 Jan 20233 min read
Consumer Duty
Upscaling your people processes to meet the demands of Consumer Duty
I’m not sure about you, but pretty much all the commentary I read on the incoming Consumer Duty (CD), is quite daunting. The root of this is several things; firstly, the sheer breadth of CD means it ‘touches’ every part of a firm, not just customer facing parts at the point of sale.
Julie Pardy · 1 Oct 20228 min read
Consumer Duty
Working with our IFA partners: the golden rule
The recent paper from the FCA [FG22/5] prompted me to think about how we work with our IFA partners (our Introducers). Specifically, it prompted me to think about how we can support our IFA partners with their duties under the new consumer duty regs.
John Reynolds · 1 Oct 20227 min read
Consumer Duty
Technology must be front and centre to deliver Consumer Duty
Consumer Duty clearly is a game changer for the financial services industry and will demand a dynamic shift from firms to deliver, demonstrate and prove truly positive customer outcomes. Any organisation suggesting differently or not taking it seriously risks being left behind and a failure to comply could have serious consequences.
Joseph Twigg · 1 Oct 20225 min read
Consumer Duty
How pension dashboards may shape the new consumer duty
It’s already a commonplace that the Consumer Duty shifts the obligation on those providing financial services from “treating a customer fairly to treating that customer well“.
Henry Tapper · 1 Oct 20225 min read
