The new Consumer Duty proposed by the FCA will place the responsibilities of a firm to avoid foreseeable customer harm squarely on the shoulders of Senior Managers and board members. There's no ifs or buts on this as the regulator plans to hold Senior Managers accountable for assessing whether the firm is delivering good outcomes for its' customers, consistent with the Consumer Duty. The new Consumer Duty is due to be introduced mid-2022 and as a matter stands its' provisions will have to be implemented by April 2023. It is increasingly a priority item for firms achieving compliance will be a major challenge for most.
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Plan effectively for the challenges presented by the new Consumer Principle, the Four Outcomes and the Cross-Cutting Rules
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Assess how far their existing controls (such as conduct risk frameworks and product governance processes) fair in meeting new expectations
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Discharge their responsibility on an ongoing basis for delivering compliance with the new Consumer Duty
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Identify poor outcomes and actions taken to address their root causes
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Demonstrate proactive prevention of foreseeable harm via the use of data and solutions and ensure the delivery of good outcomes
With a new proposed Consumer Duty of Care, we discuss the links to potentially changing market supervision, and we think that we’ve got a full agenda of items to discuss and debate.
We know from feedback after our past events and broadcasts that firms and individuals gain value and comfort from evaluating their firm’s thinking through group discussion and debate with peers. During the session delegates will be placed into working groups designed to facilitate a discussion with these peers on the practical steps that businesses can take to ensure compliance with regulatory expectations. So, join the Worksmart team, Elephants Don't Forget and Shoosmiths, for a lively discussion and update.