Consumer Duty assistance
Consumer Duty was introduced with the intention of providing a higher standard of care for retail customers of financial services and to ensure that firms are focussed on delivering good outcomes for their customers and putting them first.
The new duty affected all regulated firms who, from July 2022, had 12 months to implement the new requirements for the bulk of retail financial products and services. From the end of July 2024, the Duty fully came into force and applied to all closed products and services.
Here at Cosegic, we helped all our clients to implement the new Consumer Duty, and have a full set of document templates that can help firms to benchmark their arrangements. In addition, we have created a new online training course that is applicable to all employees across all types of financial services firms, which will help educate them about the new rules.
Alternatively, 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 the needs of your firm.
Consumer Duty Brochure
Given the significant importance of Consumer Duty for all firms, we have created a brochure that outlines the fundamental principles at the core of the Duty. In addition, the brochure details our audit process, which provides firms with a thorough evaluation of their adherence to the Duty's requirements. This process involves working closely with firms to assess their compliance and identify areas for improvement, ensuring they meet the FCA's expectations while promoting fair treatment of consumers.
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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
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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.
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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.
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Consumer Duty Audit
Cosegic’s Consumer Duty audit 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 audit 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 audit, 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.
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Consumer Duty Board Report
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Consumer Duty resource bundle
Unsure where to start? We have produced a resource support bundle to help you understand and implement the new Duty. Our bundle includes:
Consumer Duty webinar - July 2022
To help firms understand and implement the new duty we hosted a webinar that covered an overview of the new rules, key dates, how to evidence adherence to The Duty, individual responsibilities and the four outcomes.
Consumer Duty webinar - April 2023
Our most recent webinar ran through the key actions firms will need to take in advance of the upcoming implementation dates and also summarised the key messages from the FCA’s recent “Dear CEO” letters and implementation plan reviews.
Four outcomes guide
A supporting guide which outlines some of the key questions under the four outcomes identified by the FCA, which will help you to establish whether you are meeting your obligations or whether you need to implement changes.
Consumer Duty FAQ panel session
Our expert panel identified the most frequently asked questions from our January webinar and recorded another panel session where we attempted to answer those questions and issue further guidance to firms. This session can be viewed online and downloaded as an MP3.
DOWNLOAD CONSUMER DUTY RESOURCE BUNDLE
