The impact of the new consumer duty on T&C Schemes (ZOOM)

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Date/Time
Date(s) - 12/05/2023
10:00 am - 12:00 pm

Categories


Join us to look at the consumer duty regulations through a T&C lens and discover why 90% of delegates confirm they will have to make changes to their T&C schemes.

Introduction and Background

This online event is focused on how this will affect the approaches you take within your T&C schemes to ensure that they play their part in achieving what firms must consider doing to meet regulatory expectations. As it stated within the CP21/36

Firms extend their focus beyond ensuring narrow compliance with specific rules, to also focus on delivering good outcomes for customers

Amongst other things you may need to review

  • The structure and content of your T&C Procedures
  • The training needed for new starts
  • The way your advisers and support staff interact with customers
  • The standards you need to determine competence
  • The way you conduct FIT and proper assessments under the Certification Regime
  • How your T&C MI contributes to the effective governance of the new consumer duty
  • Whether you need to introduce T&C approaches to other business areas

Policy Statement 22/9 sets out how the FCA expects firms to achieve good outcomes for customers and in the process raise standards of protection and improve how financial services markets operate.

The FCA required firms to have an implementation plan in place by the end of October 2022 which created a route map demonstrating how they will comply with the new Consumer Duty. It is not expected that this plan is set in stone.  It is still possible to make amendments to it

In order to be successful firms will be looking to perform a gap analysis to identify where they fall short of the expected requirements.  It will not be wise to assume that all your existing approaches will stand up in the desired future state.

Your T&C scheme, one of you people management policies, plays an important role.  A case could be made that it holds one of the keys to your success.  Positioning your T&C scheme or schemes as a true business enabler to deliver good customer outcomes may require you to change some aspects of what you do.

Failing to align your T&C Scheme with the ‘direction of travel’ will mean that firms will struggle to deliver the new Consumer Duty.

Workshop Outcomes

  • To understand the key elements of the new consumer duty through a T&C lens 
  • To construct a customer journey and identify the touch points that will need to be addressed
  • To analyse the key skills and changes that are needed to support a consumer outcome approach rather than one that is compliance driven 
  • To critique the management information needed to evidence a consumer outcome  approach

Dates

11 January 2023
2 February 2023
10 March 2023
26 April 2023
12 May 2023
8 June 2023

 

How to book

A delegate place is priced at £75+VAT.  To book your place email office@t-cnews.com.  We will issue an invoice.  A link will be forwarded shortly before the event

 

 

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About Author

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I provide consultancy and support to UK based financial services companies helping them to design and implement practices that develop their people, achieve their business goals and comply with the needs of the regulators. I specialise in T&C, competence assessment and conduct which may be of particular interest to companies as they address the requirements of the Certification Regime and Code of Conduct requirements. My specialities include: Knowing you have a business to run Valuing your people as your greatest asset Keeping things simple, practical and relevant Engaging the business to promote ownership Ensuring Compliance is a natural by product of doing things well

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