PIMFA Live Online Learning: Mastering Your Ongoing Compliance with Consumer Duty

The focus of firms has now switched from completing their first Consumer Duty board report to ensuring their ongoing compliance to the Duty stands up to regulatory scrutiny.

Recent FCA announcements, including the ‘Consumer Duty is not once and done’ statement, a Dear CEO letter on vulnerable clients, and requests for further information on ongoing charges, reminds PIMFA members that the regulator will want to see “how” and “what” your firm is doing to continually improve outcomes for customers.

In this live, tutor-led online training course led by consultancy firm Square 4, you will ensure your firm’s compliance with the Duty evolves with changing customer needs, good market practice, and regulatory expectations.

By the end of this masterclass, you’ll be able to:

• Assess and prioritise the tasks your firm’s needs to undertake to ensure alignment with FCA’s ongoing Consumer Duty expectations.
• Rectify and remediate the gaps in your MI and data to ensure you meet the regulatory expectations.
• Enhance processes and controls to monitor customer outcomes across your customers, including those with vulnerability.
• Implement processes to amend and adapt products and communications where risks of potential harm are identified.
• Overcome common challenges, weaknesses and failings Square 4 has observed in firms’ approach to outcomes monitoring and testing.
• Assure your Consumer Duty champion and senior managers that your firms’ policies, process and people are in line with industry best practices.
• Ensure that your firm has effective Consumer Duty centric reporting and governance arrangements in place.
• Ensure that your firm is able to effectively identify and proactively remediate and crystallised or potential consumer harm.

In this masterclass you’ll cover:

• An effective 3LOD model to ensure Consumer Duty compliance
• The importance of clear roles, accountabilities and responsibilities
• Effective outcomes monitoring / testing frameworks
• Consumer Duty MI and data requirements
• Effective governance, reporting and remediation practices

Who should attend:

• C-level officers concerned about their firm’s ability to create and maintain the Consumer Duty cultural shift.
• Consumer Duty champions seeking to understand what good ongoing compliance practice looks like and benchmark their firm.
• Compliance leaders who are not content with standing still are looking to undertake a range of activities to address identified poor outcomes as well as improve the testing methodology and processes.
• Regulatory risk professionals and in-house auditors who want a better understanding of what processes, reporting, governance and controls should be in place.