The new FCA Consumer Duty and what it means for your firm’s training plan
In July 2022, the FCA published its long-awaited final rules relating to the new Consumer Duty. The obligations being introduced as part of the new Duty are wide-ranging and firms within scope of the rules will need to devote significant time and resources to ensuring they comply within the deadlines set by the FCA.
Here are three important implications of the new Consumer Duty rules and how to overcome them when adapting your firm’s compliance training plan.
More on the Consumer Duty
Are you responsible for the implementation plan, training, controls, policies or procedures relating to the Consumer Duty?
Visit our dedicated page on the new Consumer Duty here.
About the Author
Nigel specialises in training boards, senior executives and other staff on the impact of regulation and regulatory change.
He is a CFA Charterholder and Chartered Fellow of the CISI, with over 15 years’ industry experience.
With a background in compliance in private banking and wealth management, Nigel has a particular interest in effective corporate governance and the management of compliance and regulatory risk. His interests also include issues relating to ESG and climate risk, conduct and culture (including non-financial misconduct), and all aspects of financial crime prevention, as well as the impact of fintech.
Recent assignments have included briefing multiple boards and executive teams on senior management responsibilities, delivering compliance and ethics training for senior managers and front-office staff and creating a user-friendly risk and compliance handbook for a major bank.