New Customer Duty for FCA Regulated Firms

Course Overview 

In 2023, the FCA will be introducing its Consumer Duty and the first new Principle for Business since 2001. This attempt to refocus the regulator’s attention on consumer outcomes stems from Parliamentary pressure on the regulator to introduce some form of duty of care that firms will owe members the public.

In meeting public expectations, the regulator has created a multi-level structure on which it wants to hang its consumer duty of a Principle. Firms need to grapple with that structure, its scope, the cross-cutting rules and four central outcomes involved.

This course tackles these issues and seeks to help firms to identify what will be changing, where the regulator’s emphasis is moving and how to apply the new rules in practice.

The trainer will be calling on his experience of over 30 years of dealing with customer service, promotions, complaints and product governance: the core topics involved here.

Training Objectives

By the end of the programme, participants will: 

• Understand the new Principle 12

• Know what and who it applies to

• Master the cross-cutting rules

• Appreciate how the product governance and value outcomes are going to change the regulation of different regulated products

• See how the Service outcome will alter existing requirements and perceptions

• Grasp the way in which the Communications Outcome expands and interacts with existing financial promotions regulation

• Do the basics of a gap analysis to understand how their firms may need to change what they currently do to be ready for 2023.

Training Outline  

• The new pyramid of rules and how they apply to lendable

• Cross-cutting obligations and their application to lendable

• Retail customer outcomes

• Products and services – product governance 

• Price and value 

• Consumer understanding

• Customer support

• Changes to cocon 

Industry Expert | Adam Samuel

Adam Samuel is a compliance consultant who has been trying to resolve the financial services industry’s problems through a combination of training, advising, writing and general persuasion since 1996.

The author of the only book on complaints in the UK (now in a second edition), Adam has worked for regulators and public bodies in five countries and three continents and delivered financial services compliance training in three European countries and Hong Kong. He is a lawyer by training but insists on being qualified as a financial and mortgage adviser as well as a compliance and financial crime specialist. Adam’s speciality is loud highly interactive sessions (on complaints handling, financial promotions, digital financial promotions, product governance, financial crime and suitability) using as many practical examples as he and the participants can find.

Who Should Attend 

The programme is ideal for:  

 • Board members, particularly those expected to certify their firms’ compliance with the new consumer duty

 • Compliance Officers and staff

 • Marketing Managers

 • Product development teams

 • Actuarial staff and others involved in value-for-money assessments

 • Customer service and customer relations staff and leaders

 • Customer-facing staff generally who are not too proud to learn

 • Training and competence specialists