How to be an Effective Consumer Duty Champion
Overview
In July 2023, the FCA Consumer Duty came into force. The obligations introduced as part of the new Duty were wide-ranging and firms within scope of the rules need to devote significant time and resources to ensuring ongoing compliance with the Duty’s requirements.
This concise briefing:
- Provides the Board and other relevant Senior Managers with a refresher on the structure of the Consumer Duty,
- Considers the four outcomes in detail for your firm and the relevant industry sector(s),
- Sets out the regulator’s expectations of the Consumer Duty Champion, and,
- Explores the practical challenges of ongoing compliance and the role of the Champion, Board and Senior Management in ensuring that your firm meets the FCA’s requirements.
This briefing provides the Consumer Duty Champion and those supporting this individual with the tools and knowledge to ask the right questions at Senior Management and Board level.
The trainer is himself a Consumer Duty Champion, so will be able to bring real-life experience to the session.
Who is this for?
This course is designed for Board Members who have been elected as Consumer Duty Champions and those who support the Champions in drawing together and driving forward the annual Board report on the achievement of the four Consumer Duty outcomes.
Learning Outcomes
By the end of the workshop participants will be able to:
- Explain the main elements of the Consumer Duty
- Explain the FCA’s expectations of the Consumer Duty Champion
- Tackle the practical challenges relating to the annual Board report
Course Details
- Refresher on the Consumer Duty structure:
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- Consumer Principle
- Cross-cutting rules
- Conduct rule
- Deep dive into the four outcomes relevant to a firm in your sector:
- Products and services
- Price and value
- Consumer understanding
- Consumer support
- Who can serve as the Champion?
- The role of the Champion
- Questions for the Champion to ask at the Board
Delivery
All of CCL Academy’s public courses are delivered virtually using Zoom.
Firms with more than 5 staff to train have the flexibility to deliver training in-person by one of our trainers at your premises, or virtually via Zoom, Teams or Webex.
Find out more about your Virtual or In-Person training experience below.
Virtual Delivery
Our virtual training courses are designed to be every bit as engaging as our in-person courses. To achieve this, our trainers use market-leading technology and a range of training techniques to ensure high levels of interaction with participants. Courses include the use of:
- Virtual ‘break-out’ rooms: participants are divided into virtual rooms to facilitate small group discussion.
- Polling: multiple-choice questions, answered anonymously, allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to highlight the practical application of theoretical knowledge.
- Messaging: participants can submit questions and comments, either to the whole group or privately to the trainer.
Additional Benefits:
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Recording: public course participants have the option to access a recording of the course for one month after the course. In-House clients also have the option to record their training for an additional fee.
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On-going Q&A: public course participants can access an ongoing Q&A facility allowing them to ask questions relating to the course.
In-Person Delivery
Our in-person training is delivered face to face at your offices, and includes:
- ‘In-the-moment’ questions & discussions: questions through conversations allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to explore practical application of theoretical knowledge.
- Q&A: participants can ask questions during training, either to the whole group or privately to the trainer.
