Introduction to the Consumer Duty
The FCA's Consumer Duty is a new standard which addresses the conduct of firms. This duty aims to achieve a step change in how customers are protected.
This set of rules ensures that regulated firms are fair to their customers for the entirety of their relationship with them and that they are not taken advantage of.
Our Introduction to the Consumer Duty Course introduces this FCA Principle, the expectations that it sets and how to apply it in your day-to-day work.
- 15 Minutes
- For all staff
- Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.
Learning objectives
- Name the FCA Consumer Duty
- Recall the cross-cutting rules that explain the Consumer Duty
- Describe the outcomes that we must achieve for our customers
- Recognise when the Consumer Duty applies to your day-to-day activity
What can you expect your employees to learn?
Welcome
What is Consumer Duty?
- You decide: Why do retail customers require a higher level of protection?
Principle 12 - Consumer Duty
- Isn't that TCF with a different name?
- You decide
Three cross-cutting rules
- You decide
The four outcomes
- You decide
Good practice
Monitoring
New Conduct Rule for Individuals
- You decide
Summary
Affirmation
Assessment
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Your questions, answered
FCA Handbook
Which principle is most important in an insurance contract?
What is proximate cause in insurance?
How does the principle of indemnity work in real-life claims?
What types of firms are regulated under CONC?
How often should firms review their CONC compliance policies?
What triggers an FCA investigation into CONC breaches?
What kind of staff training is required to meet CONC standards?
How does insider trading affect businesses and investors?
What tools are used to detect insider trading?
How does the FCA regulate insider trading?
What is a Recognised Investment Exchange (RIE) and how is it regulated?
What steps can firms take to avoid FCA penalties?
How does the FCA monitor and detect market abuse?
What does FCA COBS stand for?
What is the main purpose of COBS?
Where can I find the full COBS rules?
Who needs to comply with COBS rules?
Who do the FCA Principles apply to?
How are the FCA Principles enforced?
What happens if a firm fails to notify the FCA of an issue?
How can firms ensure compliance with the FCA Principles?
How often should FCA Code of Conduct training be refreshed to remain effective?
How can firms tailor Code of Conduct training for high‑risk business areas?
What tools or technology can support ongoing compliance monitoring?
What steps can be taken to rebuild trust after a breach of the Conduct Rules?
Who needs to comply with CASS rules?
How often should firms review their CASS compliance procedures?
What role does staff training play in CASS compliance?
Which FCA compliance topics are covered?
Skillcast supports financial-services learning in areas including Consumer Duty, SM&CR, Conduct Rules, financial crime, fraud, financial promotions, vulnerable customers, complaints, CASS, COBS, CONC, MCOB, operational resilience, data protection and information security.
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Conduct Rule 1: Act with Integrity
Integrity is a fundamental principle in financial services, ensuring ethical conduct and maintaining customer trust.
Conduct Rule 2: Act with due skill, care and diligence
People working in financial services must act with due skill, care and diligence, ensuring their actions do not harm customers or the financial system.
Conduct Rule 3: Be open and cooperative with the FCA, the PRA and other regulators
Financial services firms and employees must be open and cooperative with regulators, including the Financial Conduct Authority and the Prudential Regulation Authority.
Conduct Rule 4: Pay due regard to the interests of customers and treat them fairly
Financial services professionals must always act in the best interests of customers and ensure they are treated fairly.
Conduct Rule 5: Observe proper standards of market conduct
Financial markets rely on trust, integrity and adherence to established rules and ethical behaviour.
Conduct Rule 6: Act to deliver good outcomes for retail customers
Financial services professionals must act in good faith, prevent foreseeable harm and support customers in achieving their financial objectives.