The 8th Annual Culture and Conduct Forum builds on the success of the seven previous editions, all of which have been well attended and highly rated by speakers, delegates and sponsors alike. This event has become the ‘must attend’ event for the UK financial services industry on this vitally important subject.
This highly regarded summit brings together industry leaders, regulators and other experts to discuss the latest developments in culture and conduct. This year’s programme focuses on cultural resilience and integrity in the face of today’s global challenges – the economy, climate change, geopolitics and technological transformation.
This year’s edition comes at a time of unprecedented challenges and change – a war on the continent of Europe, a global energy crisis, rampant inflation, a cost-of-living crisis, imminent recession, and, in the UK, a new monarch, a new prime minister, a new cabinet and a new approach to management of the economy – all of this hard on the heels of the pandemic. Against this background, it is vital for financial institutions to ensure that their culture is resilient and fit for purpose, which is the overarching theme of this year’s programme.
Governance, Culture & Competence through a Consumer Duty lens
Emma Howell, Business Development Manager (Worksmart)
Julian Sammells, Head of Sales (Worksmart)
The newly published Consumer Duty (CD) is a topic on everyone’s agenda – firms operating in the UK should have approved and signed off their implementation plans by that October 2022 deadline. However, it is very likely, and arguably healthy, if those plans continue to evolve and flex as implications for business process and systems & controls are fully comprehended and understood.
With the FCA having set higher and clearer standards of consumer protection across financial services, firms are realising the importance of contemplating and fully understanding their employee journeys alongside those of their customers; considering factors such as employee journey mapping, behavioural economics and the challenges of alignment across different teams and business functions; especially in the context of culture and employee competence.
What you can expect from our session:
Alongside the compliance imperatives, many firms are discovering opportunities to realise tangible benefit from changes being implemented to deliver on the FCA’s new Consumer Principle, the new Cross Cutting Rules and new Four Outcome requirements, especially as a result of considering the kind of employee focused initiatives connected with the good governance, enhanced accountability, culture and employee competence. Worksmart benefit from somewhat of a unique perspective through the number and variety of firms with whom we work, so with all this in mind, Emma and Julian will be considering the challenges of implementation and discussing what the new Duty means for firms, their processes and for their people.