UKCCC Session: Consumer duty and frontline staff - Getting ready to support a new approach

The newly published Consumer Duty (CD) is a topic on everyone’s agenda now with boards being required to approve their firm’s implementation plans by the end of October 2022. However, as all-consuming as it might feel, with proper planning, ensuring compliance with the new higher standards doesn’t need to be a burden to you or your firm; indeed, there is significant opportunity for firms to benefit from well-tailored implementation plans and enhanced working practices. With that being said, an appropriate and successful implementation rests on every individual within the industry understanding and appreciating their responsibilities under these new enhances rules – so we need to think now, about how these changes will affect individuals, their day-to-day roles and the implications for you and your colleagues.

With the final rules and guidance now published, the FCA have clearly stated that the aim for introducing the new Consumer Duty is to drive a fundamental shift in industry mindset, but what does this really mean and what part does each individual, regardless of their role and status within an organisation, have to play in this? 

Consumer Duty brings a new way of thinking and the possible need to operate in a different manner in some regards; it certainly goes far beyond ‘TCF on steroids’, as some have referred to it. Going forward, firms will need to demonstrate how they serve consumers in a manner that meets the higher standards set by Consumer Duty and organisations need to be able to evidence, at all levels within their organisations, how they’re putting their customers’ needs first.

What you can expect from our session?

So, in our session Julian and myself will be discussing the key changes to regulation that the new CD brings, and the impact of these changes on individuals at all levels throughout the business and industry. Our aim is to help translate the impact of the new rules and what this really means and what part does each individual, regardless of their role and status within an organisation, has to play in this. We will be considering the new Duty from that personal perspective and what this means for firms and their people processes.

We’re looking forward to seeing you at our session which is sure to be a really informative and lively discussion!

Event website