This video and podcast series is designed to help firms across the financial services industry (including in retail banking, wealth management, investment banking, asset management and insurance) to understand how the FCA’s higher expectations for the standard of care will translate into practical steps that they need to take to ‘reset’ how they design, market and operate their services in future.
10 February 2023: SEA briefing paper - How the Consumer Duty can transform responses to economic abuse
We are excited to share our collaboration with the Surviving Economic Abuse (SEA) charity on a new briefing paper (accessible for free here) which helps financial service firms understand their new responsibilities set out by the Consumer Duty and respond to customers experiencing economic abuse. In this podcast, Penny Miller interviews Lauren Garrett, Financial Services Manager at SEA, on what the briefing paper covers and how firms can help victim-survivors of economic abuse. The paper was funded by abrdn Financial Fairness Trust and Joseph Rowntree Charitable Trust.
8 December 2022: Consumer Duty: Implications of FCA’s proposals to limit application of £50,000 exemption for investment funds
Hear Catherine Weeks and Louise Tudor-Edwards discuss their thoughts on the FCA's proposals to limit use of the £50,000 minimum subscription exemption by investment funds. This will be particularly relevant and significant for asset managers that had relied on the exemption to de-scope themselves from the Consumer Duty altogether. Firms will need to re-visit their scoping analysis to consider the impact of the FCA's proposal.
21 September 2022: Consumer duty implementation plan: how detailed does it need to be for the Board Meeting in October?
In this video, Caroline Hunter-Yeats and Alex Ainley discuss implementation plans for Consumer Duty. The FCA has not provided clarification on what should go into an implementation plan and so we reflect on what an ideal implementation plan might look like, and, through the lens of the Board, consider what level of detail is required in order for the Board to scrutinise and challenge the plan.
24 August 2022: Consumer Duty: what is the difference to TCF?
In this video, Caroline Hunter-Yeats and Rosie Davies discuss the differences between Treating Customers Fairly (TCF) and the Consumer Duty, considering the specific outcomes that the FCA is seeking to achieve and FCA expectations of MI.
3 August 2022: Consumer Duty – Boards, and what you should be doing
In this video, Caroline Hunter-Yeats and Louise Tudor-Edwards discuss the three month extension to the Consumer Duty implementation period, the new end of October 2022 reporting deadline, and what this means in practice for firms.
5 July 2022: Five things to look out for: Consumer Duty implementation
In this short video, Caroline Hunter-Yeats, Alex Ainley, Catherine Weeks, Amy Sumaria and Mark Uttley share their pick of the top 5 things to look out for when the final Consumer Duty implementation rules go live.
14 February 2022: Good customer outcomes and MI
We think the hardest part of implementing the FCA's Consumer Duty is getting your data and MI right. Listen to our podcast as we discuss what firms need to do.
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