June 2023
Price: £95 PLUS VAT
Format: DOWNLOADABLE PDF
This conference brought stakeholders and regulators together to examine the implementation and future of the FCA’s new Consumer Duty, coming into force on 31st July.
It was an opportunity to examine and discuss the impact of new requirements and duties on products and services across the financial sector, with delegates exploring the development of strategies and implementation plans across the four pillars of the duty, including:
- fair value: creating frameworks for assessment, delivery and evidencing
- customer engagement: enhancing communication to support informed decision-making
- monitoring: reviewing consumer outcomes, experience and objectives, and developing complimentary products and services
- support: reforming structures and processes to support a flexible and responsive consumer journey
Attendees considered the changes needed from firms across all scales to embed the consumer duty in everyday practice and promote long-term compliance.
There was also discussion on the role of the new duty champion within firms, and how the duty and compliance can sit within senior leadership responsibilities and portfolios.
Further sessions looked at the integration of the consumer duty in practice, exploring options for upskilling and training workers on the duty’s requirements and new processes, and how a customer focus can be embedded and promoted in corporate cultures and incentives.
The conference was also an opportunity to look ahead to the development of programmes, metrics and processes for monitoring and investigation by the FCA, and to consider the implementation of the duty in the context of the UK sector’s position in international financial markets and amongst competitors and other financial centres.
We are pleased to have been able to include keynote sessions with Sarah Montgomery, Head of Consumer Policy and Outcomes, FCA; Lucy Beverley, Director, Economics, Competition and Regulatory Finance, KPMG; and Peter Tutton, Head of Policy, StepChange.
Sessions in the agenda included:
- implementation: preparation of plans and policies for compliance - pricing and fair value frameworks - product and service redesign - support - testing and monitoring customer outcomes
- organisational culture and practice: embedding the Consumer Duty - priorities for leadership and oversight - developing governance and accountability structures - skills and training
- sectoral impact: implications for growth, competitiveness and future of the finance sector
- regulation: supporting sector implementation - enforcement and monitoring - priorities and next steps
The conference was an opportunity for stakeholders to consider the issues alongside key policy officials who attended from the CMA; DCMS; DESNZ; FCDO; GLD; HMRC; ICO; HM Treasury; NAO; and The Scottish Government.
