Through the recently published policy statement (PS 22/9) and finalised guidance (FG 22/5) the FCA have set out their requirements for the new Consumer Duty. The Duty is set to enhance existing rules with an aim of tackling the harms that the regulator believes exists in retail financial services markets, but most importantly also their causes.
With rising expectations on Senior Managers with the introduction of a new consumer principle, and a new Conduct Rule for all which by its nature demands a greater level of expectation across all employees, this webinar once again will seek to consider the people perspective now that the final rules are available for discussion.
Without competent, capable, very well-trained individuals at all levels and across all roles, firms will fail to effectively implement this new regime. Obvious, you might say, but is it? With many projects looking to implement technical regulatory change, the focus tends to be on the detail, not those that will implement, manage and live with it on a day-to-day basis.
In the second part of our Webinar series, once again the Worksmart team are going to be joined by guests for this event – Jeff Abbott (2be Development Consultancy /T-C News) and Lynne Hargreaves (Clearstep Consulting) for a lively discussion and a strong focus on the role of the individual in all that the FCA expects.Given the FCA’s responsibility for ensuring consumers are properly protected, as a sector, we are all well aware of the constant development of regulatory change that seeks to improve standards in the industry. With more financial decisions now in consumers’ hands and the changing digital landscape, the FCA have concluded that now is the time to set a higher standard of consumer protection for regulated firms to adhere to.