With fundamental regulatory change like the introduction of the Consumer Duty, the problem for firms both large and small often isn’t with planning - many strategies are well developed - but with execution. The Consumer Duty series tackles the implementation of Consumer Duty head-on to provide PIMFA member firms with a well-structured approach for Project Leads, Compliance & Risk Heads alongside Senior Managers to confidently meet the July deadline. You will return from each of the three sessions with a set of tools and approaches you can use to: Improve your ability to organise, manage, and prioritise the key requirements of the Duty Anticipate and avoid pitfalls that could derail your project plan. Respond to FCA’s latest announcements and instructions. Address your firm's most critical Consumer Duty issues. Feedback and answers to your Consumer Duty execution challenges Session Two: Engaging with Third Parties PIMFA member firms are relying significantly on their third parties to transmit quality information, particularly relating to the consumer support outcome.  Firms need to give detailed thought to the type, timing and volume of information they need from their third-party service providers to test consumer outcomes. Furthermore, manufacturers and distributors are required to share information required by each for monitoring outcomes. While augmentation of existing templates may be helpful, these are unlikely to meet all firms’ requirements. This session (that you can attend in person or online) will focus on: Engagement strategies with third-party suppliers to access information to monitor customer outcomes. The additional information you may need to share between manufacturers and distributors, and what is the most efficient way to achieve this. By the end of this session, you will be able to: Know what’s an appropriate level of detail you will require from product providers. Recognise the pitfalls of relying on PROD and COLL for meeting the Consumer Duty Products and Services and Fair Value outcomes. Learn how large and small firms are effectively and efficiently gaining the information they need from their third-party suppliers. Address information flow challenges, exploring with peers how to optimise information flow between manufacturers and distributors. Format and approach You can choose to attend this two-hour session in person at the PwC London office or online. However you choose to participate, this session is run as an interactive learning experience that brings the research and experience of the PwC Wealth Management team together with senior managers who want to strengthen their firms’ approach to Consumer Duty implementation. In this online workshop, you will be broken into smaller discussion groups to work through exercises, discuss scenarios and collaborate with your peers on solutions to overcome even your most challenging execution obstacles.

To ensure your people are prepared to meet the ‘biggest regulatory overhaul in a decade’ PIMFA member firms would be advised to dust off and stress test their approach to Training and Competency (T&C) before the new Consumer Duty comes into force in July 2023. Why is T&C so critical under the new Consumer Duty? Taking centre stage of your approach to Consumer Duty is your firm’s ability to practice and demonstrate to the FCA that all your people are aligned and focused on delivering and evidencing good customer outcomes against new and more stringent regulatory expectations. Your firm’s approach to T&C plays a critical role in showing, not just telling the regulator that your advisor population is acting in good faith, proactively avoiding foreseeable harm, and supporting customers to pursue their financial objectives. In this live, interactive, and practical training session, delivered by a senior T&C practitioner we take HR, L&D, Operations, Compliance, and T&C professionals’ who are looking to: Get to grips with what good T&C looks like under the new Consumer Duty Adapt their approach to T&C against the expectations of the new Consumer Duty Identify and close any T&C gaps or blind spots that might hamper their firm from achieving the outcomes that the FCA will be looking for under the new Consumer Duty Assure the board and senior executives that your firm’s approach to T&C meets the cross-cutting rules and the four outcomes before the July 2023 deadline For additional guidance on how to conduct supervised T&C assessments under the new Consumer Duty By the end of the session, you’ll be able to: Update and reposition your approach to T&C appropriate to the new Consumer Duty Analyse the changes that are needed to support a consumer outcome approach rather than one that is compliance driven Confidently answer challenges on how your T&C framework supports clients pursue their financial objectives Demonstrate to stakeholders including the board, internal audit, and the regulator how your approach to people competence and capability management achieves ‘good customer outcomes’.  

With fundamental regulatory change like the introduction of the Consumer Duty, the problem for firms both large and small often isn’t with planning - many strategies are well developed - but with execution. The Consumer Duty series tackles the implementation of Consumer Duty head-on to provide PIMFA member firms with a well-structured approach for Project Leads, Compliance & Risk Heads alongside Senior Managers to confidently meet the July deadline. You will return from each of the three sessions with a set of tools and approaches you can use to: Improve your ability to organise, manage, and prioritise the key requirements of the Duty Anticipate and avoid pitfalls that could derail your project plan. Respond to FCA’s latest announcements and instructions. Address your firm's most critical Consumer Duty issues. Feedback and answers to your Consumer Duty execution challenges This workshop will focus on: How firms can develop Consumer Duty MI, reporting and governance that covers the appropriate products, services, touchpoints and customer types for their unique activities. How the Board can demonstrate that making good outcomes for consumers is central to their firm’s culture, strategy and business objectives. By the end of this workshop, you will: Get clarity on the different data to be collected across each of the key Consumer Duty outcomes Identify and bridge gaps in your MI Develop actionable and understandable MI, that meets regulator expectations Consumer Duty obligations will require different data to be collected across each of the key Consumer Duty outcomes Learn, from our own research, how firms intend to use MI to evidence good consumer outcomes Know how to join the data dots up between different areas of your business to form a coherent Board report Format and approach This two-hour online session is an interactive learning experience that brings the research and experience of the PwC Wealth Management team together with senior managers who want to strengthen their firms’ approach to Consumer Duty implementation. In this online workshop, you will be broken into smaller discussion groups to work through exercises, discuss scenarios and collaborate with your peers on solutions to overcome even your most challenging execution obstacles.