The FCA's Consumer Duty is a new standard which addresses the conduct of firms. As a result, there is a new Principle for Businesses. Principle 12 states that a firm must act to deliver good outcomes for retail clients.
Since there's some overlap between this Principle and Principles 6 & 7, it will replace those Principles for firms providing advice and services to retail clients. Firms need to ensure they serve the best interests of their customers.
Our Consumer Duty Course explains the new FCA Principle 12, each key element of this standard and what it means in practice.
Available as part of our FCA Compliance Library.
This course will prepare your employees to:
- A reminder of the current Principles for Businesses
- Change to the Principles for Businesses
- The aim of the Consumer Duty
- The scope of the Consumer Duty
- The three cross-cutting rules
- The four outcomes
- You decide: Principle 12
- Foreseeable harm
- Vulnerable customers
- The customer journey
- You decide: Alan needs some advice
-Impact on retail banking
- Impact on wealth and asset management
- Impact on insurance distribution
- Impact on mortgages
- You decide: Acting in good faith
- Monitoring the outcomes
- Safeguarding the vulnerable
- The Consumer Duty and the SMCR
- You decide: The CFO
Approximately 30-minute long e-learning course followed by a 10-question assessment.
Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.
SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.
All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.
Fully customisable on Skillcast Portal CMS.
Pre-translated versions not available, but all text content can be exported for translation into all languages.
Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.