FCA Consumer Duty - what's that all about?
In this comprehensive and interactive webinar, Branko Bjelobaba FCII explores the FCA's new Consumer Duty - what it means in practice and how you should prepare.
The FCA wants to see a higher level of consumer protection in retail financial markets, where firms compete vigorously in the interests of consumers and wishes to drive a healthy and successful financial services system in which firms can thrive and consumers can make informed choices about financial products and services. It considers that firms are not consistently and sufficiently prioritising good consumer outcomes, and this causes consumer harm and erodes consumer trust.
It set out high-level proposals in the first consultation and has now revised those in light of feedback and is setting out proposals in more detail with final rules due to be published by 31 July 2022.
The new Consumer Duty aims to bring about a fairer, more consumer-focused and level playing field in which:
- firms are consistently placing consumers’ interests at the centre of their businesses and extending their focus beyond ensuring narrow compliance with specific rules, to focus on delivering good outcomes for consumers
- competition is effective in driving market-wide benefits, with firms competing to attract and retain customers based on high standards and innovate in pursuit of good consumer outcomes, and
- consumers get products and services which are fit for purpose, provide fair value, that they understand how to use and are supported in doing so
- What the new Consumer Duty is and what you will have to do
- A reminder of key current issues when it comes to general insurance - product governance and pricing rules
- The current FCA survey on implementation of these rules
- FCA concerns with multi-occupancy insurances and the Dear CEO letter
This webinar is relevant to anyone working in general insurance including brokers, insurers and anyone with an interest in this area.
This webinar will be hosted on Zoom. Please ensure you have registered with the platform prior to the webinar and familiarised yourself with their T&Cs and Privacy Statement.
Please note, this session will not be recorded so a webinar playback will not be available for members who do not attend the live event.
All participants will receive a copy of the presentation post-webinar.
Please contact Gemma Warren (07436 263847) with any queries regarding this event.
- Online event
You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Gemma Warren (07436 263847).
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.