The Consumer Duty is a new set of rules developed by the Financial Conduct Authority (FCA) in order to create a higher standard of consumer protection in UK retail financial markets. It represents a significant regulatory change that will require firms to rethink their approaches to customer service, with a focus on delivering good outcomes for customers, rather than on internal processes.
The Duty begins taking effect 31 July 2023 for new and existing products or services. It includes the principle that firms to act to deliver good outcomes for retail customers, as well as detailed guidance for expected outcomes in different types of customer interactions.
All staff members in regulated financial firms should be familiar with The Consumer Duty. VinciWorks has created a new course that presents what employees need to know about The Consumer Duty and how it affects their jobs.
Topics covered:
- The three components of the Duty
- The Consumer Principle
- The cross-cutting rules
- The four outcomes
- The Duty’s scope: When, where, who?
- Preparing for the Duty
- Managing implementation
- Evidencing compliance
- Review questions
Course features:
- Customisable training with the option to include or remove topics for different audiences
- Interactive learning built-in throughout the course, with the ability for the administrators to track responses in order to gain insights into users’ grasp of the topics
- Eye-catching design and an easy to use experience
- Designed for accessibility by users with disabilities
- Smooth, user-friendly mobile-responsive scroll design
Course outcomes:
- Understand the FCA’s expectations under The Duty
- Know how to comply with the new regulatory regime
- Internalise the new ethos of customer service expected in the financial industry
- Prepare for how work processes will change under the new regime
Click the button below to try the new course today for free
