Understanding Consumer Duty
The Consumer Duty is a piece of regulation which aims to fundamentally improve how firms serve their customers. It sets higher and clearer standards of customer protection across financial services and requires firms to put their customers needs first.
The Consumer Duty applies to firms manufacturing products and services (manufacturers) and firms distributing products and services (distributors). In many cases, firms fall into both categories.
Firms must review closed products and services against all aspects of the Duty before July 31st 2024 and then on an ongoing basis.
Boards will need to satisfy themselves that their firms have prepared adequately for the 31st July 2024 implementation deadline
- Developed with Financial Service Compliance Specialists
- Everything you need to know about the Consumer Duty Legislation
- Certificate immediately downloadable upon completion
- Course instantly available online with access 24 hours per day, 365 days per year
*Annual price per unit unless stated otherwise
£25.00
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About the Understanding Consumer Duty Training Course
The Understanding Consumer Duty training course will help support all FCA regulated firms in implementing and applying the new Consumer Duty rules.
The FCA is clear that the Consumer Duty represents ‘a significant shift in culture and behaviour’ and a ‘higher and clearer standards for consumer protection’. This includes:
- Products and services that are fit for purpose
- Products and services that provide fair value
- Customers should be equipped to make effective decisions
- Customer support
The FCA expects the Consumer Duty to be at the centre of a firm’s strategy, business objectives and led by the board/senior management team (or equivalent). It also expects firms to provide training to all conduct rules staff about Consumer Duty.
Aims of the course
Upon completing this course, you will be fully informed about all aspects of Consumer Duty, what it is and why we need it. You’ll understand who the Consumer Duty rules apply to and how to follow the associated rules and regulations including Conduct Rule 6.
Who is this online training course for?
The course provided is suitable for all FCA regulated firms, although the examples featured will be particularly relevant to advisory and investment management firms.
Course content
1Introduction to Consumer Duty
The course begins by exploring:
- What the Consumer Duty is and why we need it
- A summary of the three main elements of the Consumer Duty – Consumer Principle, Cross-Cutting Obligations, Four Outcomes
- What the FCA expects from firm’s boards and senior managers – information about the need for these regulations and what it means for governance structures
- Key implementation milestones – facts and dates
- Appointing a Consumer Duty Champion – what this involves and who you could appoint
2Who does the Consumer Duty apply to?
The Consumer Duty applies to all firms that ‘have a material influence over, or determine, retail customer outcomes’.
In this chapter we explain who this covers and look at direct and indirect customer relationships, prospective customers, high net worth individuals, and SMEs.
You’ll find out about when the Consumer Duty does not apply and the types of business that do not fall within the scope of Consumer Duty.
This chapter talks about customers with vulnerabilities and looks at the 4 key factors that increase risk (health, life events, resilience and capability) as well as the policies and procedures that must be put in place when dealing with vulnerable customers.
3The Consumer Duty Conduct Rule
Under the Consumer Duty, the FCA has added a new individual conduct rule (Conduct Rule 6). This means that in addition to existing obligations, staff must now ‘act to deliver good outcomes for retail customers’ where the activities of the firm fall within the scope of the Duty.
This chapter explains the underlying requirements of Conduct Rule 6 that reflect the Consumer Duty Cross-cutting obligations, the FSA’s expected minimum standards of individual behaviour, and the expectations on senior and other members.
4Understanding the Consumer Duty
This chapter looks in greater detail at the three core elements of Consumer Duty.
You’ll be reminded of your responsibilities under the Consumer Principle, learn about the new Principle 12, and understand the expectations of the FSA regarding these updates.
You’ll hear a refresher about customer responsibility and firm responsibility, and be given examples of the ways firms can demonstrate that they’re meeting their obligations.
You’ll look more closely at Cross-cutting obligations and the ways you must behave (acting in good faith, avoiding the causing of foreseeable harm, enabling and supporting retail customers to pursue their financial objectives.)
You’ll learn in depth about how to meet the FCA’s expectations for the Four Outcomes covering products and services, price and value, consumer understanding, and consumer support.
5Monitoring the Consumer Duty Outcomes
The FCA expects firms to monitor and review, identify, comply, fix and change.
This chapter covers:
- FCA requirements and expectations in greater depth
- What firms should monitor
- Monitoring outcomes for certain groups of customers
- Annual assessment reports
6Assessment
In order to test your knowledge and complete the course, you must pass a short assessment comprising of a series of questions.
You may also be interested in our other courses for the Financial Services Industry including Bribery and Corruption Training, Fraud Awareness and Information and Cyber Security Training.
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Our course(s), designed by topic specialists, are simple and easy to use and can be completed at a learner’s own pace and at a time that suits them. The course(s) are available via our learning platform, Activbase, which provides 24/7 access to learning resources and digital training records. Certificates are available upon completion of courses.
When purchasing for larger groups of people, our simple onboarding process can help setup the Activbase platform to meet the specific needs of your organisation.
For further information, take a look at our Frequently Asked Questions, or if you would like a quote, a chat through your training requirements or just need some technical help then our team are here to help. Contact us today.
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Understanding Consumer Duty
Upon successful completion, a certificate of achievement is available and or automatically added to a learner’s digital record.
Digital certificate(s) – print, download, store
A certificate includes the learner’s name, course title, completion score / result, completion date and any marks of approval, accreditation authorities, and or distribution partners. It can be downloaded, stored or printed.
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When using our platform Activbase, learning records are available 24/7 for review, tracking progress and access to certificates. Records contain details of sessions including progress, attempts and results. This and additional data such as associated CPD, standards and qualifications are logged and available for information insights and management reporting – a powerful resource for tracking compliance as well as monitoring learning pathways.
Please note: when accessing the course via standalone media or 3rd party systems, you will need to check those systems log learning activity appropriate to your training needs.
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Frequently Asked Questions
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Q: Will I get a certificate?
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Q: What if I fail my course?
If you do not achieve the pass rate for the course then you will be given the opportunity to review the training content and attempt the assessment again. With some of the video based courses, the course may be locked on a third failed attempt, subject to a review by your organisation administrator of a member of the RealSense support team.
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