Consumer Duty Annual Board Report: are you ready?
Thursday 11 April 2024 | 10:00 AM (GMT) | 60 minutes
Your board has until the 31st of July 2024 to sign off on their first annual Consumer Duty report – but this is not a one-off internal ‘box ticking’ formality you can pay lip service to.
Elephants Don’t Forget are joined by specialist consultancy firm – Square 4 – to share their insights on the necessary steps your firm must take to compile their first report.
Key discussion points include how to:
- Prepare and produce the content of your firm’s annual report by 31 July 2024.
- Identify and capture the MI and data that will make or break your report.
- Align your board report with FCA expectations.
- Test whether your report will meet the board’s needs.
- Check and challenge your report’s objectivity against good industry practice.
In February, the FCAs Sheldon Mills commented that although many firms have made solid progress with Consumer Duty, issues remain around price and value outcomes, with concerns around the limited scope of firm’s assessments and wishing to see a broader range of fair value indicators.
Worksmart work with many firms choosing to leverage the spirit of Consumer Duty for their own benefit and competitive advantage through delivering more efficient monitoring and sampling capabilities. Many firms are taking this opportunity to consider ‘value’ focused T&C plans to help demonstrate their overall value proposition. With coaching and evidence relating to fairness, customer service, vulnerability and fair value being high on the list.
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