
Overview of the Consumer Duty
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.
- 30 Minutes
- All staff
- Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.

Learning objectives
- 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
What can you expect your employees to learn?
Welcome
What is Consumer Duty?
- Phased implementation of the Consumer Duty
- A reminder of the current Principles for Businesses
- Changes to the Principles for Businesses
- You decide: Why do retail customers require a higher level of protection?
- The aim of the Consumer Duty
- The scope of the Consumer Duty
- The rules in detail
- You decide: Acting in good faith
The four consumer outcomes
- Outcome 1: Quality of products and services
- Good practices and practices that require improvement
- Outcome 2: Price and fair value of products and services
- The FCA's pre-implementation review
- Post-implementation review: Good practices
- Outcome 3: Consumer understanding
- Good practices in consumer understanding
- Practices that require improvement in consumer understanding
- Outcome 4: Consumer support
- Good practices & practices that require improvement in consumer support
- You decide: Alan needs some advice
Safeguarding vulnerable customers
- Good practices in safeguarding the vulnerable
- Practices that require improvement in safeguarding the vulnerable
Closed products
- You decide: Closed products
- Closed products
- Closed products considerations in detail
- You decide: Closed products
Monitoring outcomes under the Consumer Duty
- What does this mean?
- Our monitoring programme
- You decide: The FCA's expectations
The Consumer Duty & the SMCR
- You decide: The CFO
Summary
Affirmation
Assessment
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Supported file types and details |
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