Consumer Duty & Day 2 Compliance - Outcomes, Monitoring & Closed Product Reviews

Introduction

Prior to the Consumer Duty’s implementation date in July 2023, firms were understandably focused on completing the steps required.

But even though this date has passed, we still need to recognise there are still aspects of the duty to complete.

A key aspect of compliance with the consumer duty is monitoring the outcomes required of customers and using the data to continually improve the service, this is a requirement under PRIN 2A.8.3.

Another area is closed-product reviews, a similar process to the open product reviews although firms must be aware of the subtle differences in the requirements.

This virtual classroom seminar provides a detailed overview of the FCA’s requirements in respect of outcomes monitoring, closed product reviews, sharing examples of good/poor practice before exploring how firms should handle the results and develop their framework over time.

It is suitable for those with responsibility for the implementation of the duty in firms, as well as those with responsibility for product reviews.

What You Will Learn

This live and interactive session will cover the following:

• Detailed overview of the FCA’s requirements in PRIN 2A.8 and PRIN 2A.9
• Good/poor examples of outcomes monitoring
• Consumer duty framework - target operating model, outcomes monitoring requirements and MI
• Detailed overview of the FCA’s requirements in relation to closed product reviews and examples of good/poor practice
• Governance framework that enhances the firm’s adherence to the Duty

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.