Consumer Duty board reports: some common mistakes
In an article published in 2024, Consumer Duty expert, Jennifer Cahill shared valuable tips to aid firms in finalising their board reports ahead of the 31st July and possible FCA information requests.
Immediate Consumer Duty priorities and how to achieve customer understanding
In this webinar we explored current Consumer Duty priorities and offered insights into achieving comprehensive customer understanding with particular focus on the board report, vulnerable customers and ensuring readiness.
Consumer Duty four outcomes guide
Download our useful guide to help you identify data to assess whether the outcomes consumers are experiencing are consistent with Consumer Duty obligations using key questions under the four Consumer Duty outcomes.
How we can support you
Consumer Duty template documentation
Cosegic have developed templates of the key documentation and policies that will assist firms to ensure they are compliant with the new Consumer Duty. The templates are appropriate for all types of firms and act as a good basis from which they can create their own personalised, firm-specific Consumer Duty documentation.
Our pack includes the following documents:
- Product Governance Policy
- Product Governance Approval Template
- Conflicts of Interest Policy
- Vulnerable Customer Policy
- Consumer Duty and Treating Customers Fairly Policy
Price: £1,750
Send an Enquiry
Company-wide Consumer Duty online training (suitable for all firms)
Our CPD accredited Consumer Duty Online Training course is 45 minutes long and is designed to give all staff a good overview and understanding of what the new Consumer Duty is and why it has been introduced. It explains what the Consumer Duty cross-cutting rules and Four Outcomes are, including examples which will help staff recognise how they and their firm can provide good outcomes, or could cause potential harm to customers.
The course also highlights the FCA’s expectations in relation to how firms handle vulnerable customers and explores the link between Treating Customers Fairly (TCF) and Consumer Duty. At the end of the course there is an assessment which will allow staff to test their knowledge and CPD hours will also be earned along with a completion certificate.
Price: £40 per person. Discounts are offered for group bookings.
Send an Enquiry
Outcomes testing
Following the implementation deadline, firms must continue to identify any gaps or weaknesses in their adherence to Consumer Duty obligations on an ongoing basis, by assessing, testing, understanding and evidencing the outcomes their customers are receiving.
To help our clients achieve this, we have developed an Outcomes Testing Policy that enables firms to assess their adherence to Consumer Duty and explore areas of improvement with an appropriate methodology. The Policy is designed to provide a framework for firms to help establish the most effective approach for every finance sector and business model across the financial services industry.
Equally, if firms have already established testing programmes, our policy will help them to review it. We can provide support and valuable insights to help make improvements to align with best practice and regulatory expectations.
If you would like any more information about our Outcomes Testing Policy, please contact us by clicking on the button below.
Send an Enquiry
Consumer Duty Assessment
Cosegic’s Consumer Duty assessment provides firms with an in-depth evaluation of their adherence to all of the Duty’s requirements. It will pinpoint areas where enhancements are required and provide insights relative to the operation of a firm’s business that can be used to streamline processes for better consumer outcomes.
Firms will benefit from an assessment as it will enable them to identify and rectify potential areas of non-compliance
and establish a baseline for continual improvement of customer-centric practices, with a view to ultimately
avoiding regulatory censure or penalties. In addition, it can provide a board with a clear picture of a firm’s alignment with Consumer Duty, helping them to make better strategic decisions. It will also support the board and senior management in demonstrating that they are taking “reasonable steps” to oversee the business and are committed to ensuring that customers come first.
If you are interested in finding out more about our Consumer Duty assessment, what it entails and how it could support your business, contact us to speak with one of our consultants who are on hand to answer any questions you may have.
Consumer Duty Board Report
Download Board Report
Speak to an expert
Here at Cosegic, we helped all our clients to implement the new Consumer Duty, if you would like a more bespoke solution for your firm, we are happy to take your call and determine an outcome that best suits you.
contact us
