Consumer Duty
Clarity on the FCA’s expectations, and firms’ focus on what their customers need, should lead to more flexibility for firms to compete and innovate in the interests of consumers.
- 2 CPD Units
- 2 Hours
- All Levels
In July 2022, the Financial Conduct Authority, or FCA, published a policy statement, with final rules, on its Consumer Duty initiative. This comprises a new principle, cross-cutting rules, and four outcomes for retail consumers.
The Consumer Duty will mean that consumers should receive communications they can understand products and services that meet their needs and offer fair value, and obtain the customer support they need, when they need it.
Clarity on the FCA’s expectations, and firms’ focus on what their customers need, should lead to more flexibility for firms to compete and innovate in the interests of consumers. With firms assessing how they are meeting their customers’ needs, the FCA will be able to quickly identify practices that do not deliver the right outcomes for consumers and take action before practices become entrenched as market norms. Regulated firms will have to comply with the Consumer Duty from 31 July 2023, with a delayed implementation of 31 July 2024 for products that are closed or not being sold to new investors.
The Consumer Duty will mean that consumers should receive communications they can understand products and services that meet their needs and offer fair value, and obtain the customer support they need, when they need it.
Clarity on the FCA’s expectations, and firms’ focus on what their customers need, should lead to more flexibility for firms to compete and innovate in the interests of consumers. With firms assessing how they are meeting their customers’ needs, the FCA will be able to quickly identify practices that do not deliver the right outcomes for consumers and take action before practices become entrenched as market norms. Regulated firms will have to comply with the Consumer Duty from 31 July 2023, with a delayed implementation of 31 July 2024 for products that are closed or not being sold to new investors.
Training Duration
This course may take up to 2 hours to be completed. However, actual study time differs as each learner uses their own training pace.
Participants
This course is ideal for anyone wishing to be introduced to the characteristics of best execution and the respective regulatory environment. It is also suitable to professionals pursuing regulatory CPD in Financial Regulation (such as the FCA etc).
Training Method
The course is offered online using a self-paced approach. The learning units consist of video presentations and reading material. Learners may start, stop, and resume their training at any time.
At the end of the training, participants take a quiz to complete their learning and earn a Certificate of Completion.
Registration and Access
To register to this course, click on the ”Add to Cart” button to pay online and receive your access instantly. If you are purchasing this course on behalf of others, please be advised that you will need to create or use their personal profile before finalising your payment.
If you wish to receive an invoice instead of paying online, please contact us at info@eimf.eu.
Access to the course is valid for 180 days.
This programme has been developed by the London Governance and Compliance Academy (LGCA), a UK-recognised training institution.
The syllabus is verified by external subject matter experts and can be accredited by regulators and other bodies for two (2) CPD units that approve education in financial regulation. The course may be also approved for CPD units by institutions that approve general financial training such as CISI and ACAMS.
Eligibility criteria and CPD units are verified directly by your association, regulator, or other any other body for which you hold membership.
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