New Consumer Duty

The Consumer Duty rules take effect on 31 July 2023 for new and existing products or services. This represents one of the biggest overhauls of regulation since the financial crisis. In the FCA’s own words, the Duty “will be a significant shift in what we expect of firms. It means making lasting changes to culture and behaviour to consistently deliver good outcomes” (Sheldon Mills, Executive Director for Consumer and Competition, September 2022). Our Consumer Duty Training Course ‘introduction series’ is designed to introduce people to the key financial regulators. The format includes information on each organisation’s history, objectives, structure, and key personnel.

Consumer Duty Training – Introduction Series

• Introduction to the Bank of England and Prudential Regulation Authority
• Introduction to the Financial Conduct Authority
• Introduction to The Pensions Regulator
• Introduction to the Financial Ombudsman Service

View Consumer Duty Course Details

Coming Soon

The courses focus on risk and risk management. While Market Risk relates to the performance of financial markets, Operational Risk can be split into four main categories of people, processes, systems, and events. The Human Risk course will explore conduct risk in further detail. The Communications course will introduce the regulations surrounding Communication, which have grown over time as financial companies learn to communicate with their customers and staff in new ways. Finally, the Gifts and Inducements course will explain what gifts and inducements can include, and how this process should be managed.

Market Risk

• Operational Risk
• Conduct Risk (Human Risk)
• Communication
• Gifts and Inducements

Coming Soon

We will be throwing spotlights on six of the main regulations: APER applies to FCA approved persons; MiFID II regulates financial markets for the benefit of investors; the AIFMD applies to alternative investments; Solvency II and the IDD are insurance regulations, and EMIR is the European Market Infrastructure Regulation. These courses aim to draw out the purpose, key requirements, and intended consequences of the regulations.

• Spotlight on APER
• Spotlight on MiFID II
• Spotlight on AIFMD
• Spotlight on Solvency II
• Spotlight on EMIR
• Spotlight on IDD

Coming Soon

We shall explore the SM&CR, tying it into existing courses such as the Consumer Duty. The Course on Greenwashing and Understanding Sustainable Finance will complement our existing courses on climate change and environmental sustainability. Finally, we shall explore the terms FinTech and RegTech, and what they mean for the future of finance.

• Senior Managers and Certification Regime
• Greenwashing
• Understanding Sustainable Finance
• FinTech and RegTech

Updates

In addition to these brand-new courses, we will be updating several existing courses to reflect the Financial Conduct Authority’s Consumer Duty coming into force on 31 July. These include the Vulnerable Customers and Treating Customers Fairly courses.