Webinar Recording: How Ready Are You for The FCA’s New Consumer Duty Rules?

In July 2022, the FCA published its policy statement, PS22/9 – A new Consumer Duty, in which they introduced new rules to ensure financial services firms recognise the impact their services and products have on the consumer and provide a safeguard from exploitation.

PS22/9’s publication brought with it a number of key dates that firms need to be aware of. The first and foremost of these  is the end of October 2022. It is by this date that firm’s boards should have agreed their consumer duty implementation, delivery and oversight plans.

Firms need to be aware that adequate and robust implementation requires a tailored approach, specific to the consumer needs of each firm. The needs of the consumer will be as unique as the firm itself, and the implementation plans need to reflect this. Alongside this, they also need to consider the impact on their own business and their interactions with other regulated and non-regulated third parties within their implementation and delivery plan.

Please find a recording of our webinar available below for you to watch.

 

In this webinar we:

  • Briefly reviewed PS22/9 and the key changes it will bring,
  • Covered the key deadlines from October 2022 to July 2024,
  • Discussed the requirements for the first deadline in October 2022, and
  • Considered how best to prepare the implementation and delivery plan.

How can Complyport Help

Being at the forefront of compliance and regulation, and in particular having consulted and trained the industry in concepts such as treating customers fairly, advertising and promotions and vulnerable customer management for many years, Complyport can assist firms in meeting their responsibilities under the FCA’s Consumer Duty requirements. Please find below a list of services we can undertake to assist your firm.

High level Consumer Duty Readiness Report

Using our on-line assessment tool, Complyport will undertake a review of your firm and provide a report of where it is with its Vulnerable Customer Management (“VCM”) and Consumer Duty implementation.

Within this review, we will:

  • Assess work undertaken so far, versus the FCA’s expectations,
  • Establish the senior management and policy framework that controls VCM and Consumer Duty, and
  • Identify high level areas for development.

PS22/9 – A new Consumer Duty Impact Assessment

Complyport can undertake a Consumer Duty Impact Assessment (CDIA). Following this review, we will provide a report that will act as a roadmap, outlining what needs to be completed and by when to ensure compliance with the new rules.

Our CDIA is an intensive gap analysis of your firm that will:

  • Examine the firm’s Vulnerable Customer Management,
  • Assess the Consumer Duty rule readiness,
  • Review Senior Management Responsibilities under the new rules,
  • Identify how the firm has or will make it easier for its customers to switch or cancel products,
  • Consider how customers interact with the firm,
  • Review the firm’s financial promotions scope, policies and procedures, and
  • Outline the training the firm may require.

Ongoing support

At Complyport, we can also provide firms with support now, and on an ongoing basis, to ensure full compliance with PS22/9. Our ongoing support services include:

    • Policy review and authoring – Review and recommend changes or author policies in respect of VCM and Consumer Duty,
    • SM&CR advice – Assisting a firm to embed VCM and Consumer Duty into its SM&CR programme,
    • Advice and support by telephone and email,
    • Reviews of new product offerings,
    • Reviews of financial promotions,
    • Financial Crime and Forensics Helpdesk.

Please email Jan Hagen via jan.hagen@complyport.co.uk to book in a free consultation meeting.

About Complyport

Complyport is the City’s market leading consulting firm supporting the UK financial services industry for over 20 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.

Complyport advises and assists firms to become authorised and to comply with the rules and requirements of regulators on an ongoing basis. Our vision is to be there for our clients every step of the way, helping them change, grow, and excel through expertise, insight, and innovation, and in so doing to become our clients’ most valued supplier and trusted advisor.

With presence in the UK and EU, as well as via our Associates Network, Complyport can assist firms across multiple jurisdictions.

Complyport’s multidisciplinary consultants possess deep expertise in their field, having acted in FCA skilled person reviews, as expert witnesses in legal cases and as expert investigators for firms or their legal advisers.

Day to day, we conduct audits and reviews of a firm’s products, processes, policies, and procedures to identify scope for business, to determine the impact of regulatory developments and to verify compliance with local regulations. Complyport can also assist firms by providing personnel to cover all the key compliance functions including resourcing individuals to be registered as your Compliance Oversight Function (SMF16) and/or Money-Laundering Reporting Officer (SMF17).

Our clients tell us we live our values; we are driven, agile and collaborative.