Consumer Duty Course

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.

About this Course

This SCORM-compatible course is part of our FCA Compliance Library.

The library is available in the Skillcast Standard plan for larger companies or Skillcast Basic plan for those with under 50 learners.

Learning Objectives

This course will prepare your employees to:

Define the FCA Consumer Duty
Understand the rules that flow from the Consumer Duty
Articulate the desired outcomes for consumers
Apply the Consumer Duty to your day-to-day activity

Latest Course Updates

Course redesigned with a more modern feel
Full review conducted by an FCA expert
Updated so course is fully into line with the latest developments following the implementation of the Consumer Duty regulation
Updated to incorporate new content on closed products ahead of July 2024 deadline
Text & image updates throughout the course

Course outline

Welcome

What is Consumer Duty?

- Phased implementation of the Consumer Duty
- A reminder of the current Principles for Businesses
- Changes to the Principles for Businesses
- You decide: Why do retail customers require a higher level of protection?
- The aim of the Consumer Duty
- The scope of the Consumer Duty
- The rules in detail
- You decide: Acting in good faith

The four consumer outcomes

- Outcome 1: Quality of products and services
- Good practices and practices that require improvement
- Outcome 2: Price and fair value of products and services
- The FCA's pre-implementation review
- Post-implementation review: Good practices
- Outcome 3: Consumer understanding
- Good practices in consumer understanding
- Practices that require improvement in consumer understanding
- Outcome 4: Consumer support
- Good practices & practices that require improvement in consumer support
- You decide: Alan needs some advice

Safeguarding the vulnerable

- Good practices in safeguarding the vulnerable
- Practices that require improvement in safeguarding the vulnerable

Closed products

- You decide: Closed products
- Closed products
- Closed products considerations in detail
- You decide: Closed products

Monitoring outcomes under the Consumer Duty

- What does this mean?
- Our monitoring programme
- You decide: The FCA's expectations

The Consumer Duty & the SMCR

- You decide: The CFO

Summary

Affirmation

Assessment

Course Specifications

Structure

Approximately 30-minute long e-learning course followed by a 10-question assessment.

Audience

Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.

Design

SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.

Compatibility

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.