As part of its focus on improving consumer protection and following a lengthy consultation process, on 28th July 2022 the Financial Conduct Authority published the final rules and guidance on its new Consumer Duty.  Coming into force on 31st July 2023, the package of measures which makes up the Consumer Duty marks a significant shift in the FCA’s approach to its regulation of firms and the protection of consumers, moving away from process monitoring to an outcomes-based approach.

This course will explore:

   
• the aim of Consumer Duty,
   
• its implications for debt adviser practice, and
   
• the obligations of creditors across the banking and payments, consumer credit, and mortgage sectors.

Anybody involved in the delivery or management of debt advice services

• Describe the purpose of the Consumer Duty
• Explain the structure of the Consumer Duty
• Explain the timeline for implementation of the Consumer Duty
• Identify when regulated firms will be subject to the Consumer Duty, and the steps firms will need to take to achieve compliance throughout the lifecycle of a service, including during debt collection activities
• Explain how the Consumer Duty interacts with existing FCA principles for business and guidance, including Principles 6 and 7, and the Guidance on the Fair Treatment of Vulnerable Customers
• Apply the Consumer Duty to real world examples of practice, identifying poor practice which may breach the duty
• Explain how to seek redress when consumers experience harm because of a breach of the Consumer Duty

Level: All

CPD: 4.5

Duration: Two half days

For more information on registration options and funding for training, please click here

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