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.

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Consumer Duty

About this Course

Available as part of our FCA Compliance Library.

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
  • Text & image updates throughout the course

Course outline

Welcome

What is Consumer Duty?

- 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

Applying the Consumer Duty

- Foreseeable harm
- Vulnerable customers
- The customer journey
- You decide: Alan needs some advice

How does the Consumer Duty impact each regulated sector?

-Impact on retail banking
- Impact on wealth and asset management
- Impact on insurance distribution
- Impact on mortgages
- You decide: Acting in good faith

The FCA's expectations

- Monitoring the outcomes
- Safeguarding the vulnerable
- The Consumer Duty and the SMCR
- You decide: The CFO

Summary

Affirmation

Assessment

Course Specifications

Structure

Structure

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

Audience

Audience

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

Design

Design

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

Compatibility

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.

Tailoring

Tailoring

Fully customisable on Skillcast Portal CMS.

Translation

Translation

Pre-translated versions not available, but all text content can be exported for translation into all languages.

Localisation

Localisation

Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.

FCA Courses Library

Our FCA Course library of over 60 training modules covers everything from high-level and conduct of business standards to thematic topics, including treating customers fairly.

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FCA Courses Library