Seizing the opportunity of new Consumer Duty regulation
The Financial Conduct Authority (FCA) is introducing a new ‘Consumer Duty’ for retail financial services businesses. This will drive a fundamental shift in the financial services industry to promote a higher and more consistent standard of consumer protection.
Firms that embrace this, have an opportunity to drive genuine customer centricity and improve the trust and confidence of their customers and the wider public. However, there is a danger some firms haven’t fully grappled with both the full extent of change needed and its breadth – and while there’s just over a year until implementation, the FCA has said Boards must approve firm programme plans by the end of October 2022. So, how do you go about this correctly? What should firms be doing now to get ready for the new regulations?
In this recording, you’ll hear from former CEO of the Financial Ombudsmen Services and risk expert Caroline Wayman as she shares her reflections of the Consumer Duty and sets out ways to:
- Embrace the shift and get the whole organisation onboard
- Think more ‘customer’ and less ‘compliance’
- Explore the key areas of the duty how it will be applied in practice, and
- Discuss how you can evidence implementation.