UK - Navigating the right path: Our Consumer Duty podcast series

• United Kingdom

• Financial services and markets regulation
• Financial services disputes and investigations
• Financial services
• Financial services - Consumer Duty

22-06-2022

Welcome to our Consumer Duty podcast series, focused on the UK Financial Conduct Authority's plan to introduce a new Consumer Duty for all firms which provide financial services and products to retail consumers in the UK. Each episode, our cross-practice team will discuss the next steps firms need to take in order to meet this new higher standard ahead of the end of the implementation period in April 2023.

You can also find links to relevant briefings on the topic of the Consumer Duty below.

New Consumer Duty is front and centre of FCA's priorities for credit regulation

Planning for a new Consumer Duty

Episode 10

Tom Black and Claire Carroll, both Partners in our Financial Services Disputes & Investigations team, discuss the Financial Conduct Authority's expectations for customer communications.

• how does the Consumer Duty differ from current expectations to deliver clear and fair communications?
• what will the FCA guidance look like in practice?
• what are the key elements financial services firms should be focusing on?
• top tips for testing and reviewing communications

Episode 9

Julian Brown, a Partner in our financial services team, joins Claire Carroll to examine how each of the Consumer Duty outcomes will impact the asset management sector.

They discuss:

• what are the key challenges for asset managers?
• how does the Consumer Duty differ from existing regulations?
• what will be the impact on the distribution chain?

Episode 8

Technology Partner Craig Rogers joins Claire Carroll to talk about the effect of the Consumer Duty on outsourcing arrangements.

They discuss:

• the impact on intra-group agreements and third party service providers
• the timescale for implementation and advice on change management
• tips for firms on how to approach the changes

 

Episode 7

Paula Gaddum, a Partner in our Insurance & Reinsurance team, joins Claire Carroll to examine how the Consumer Duty will impact the insurance sector.

They discuss:

• how the Duty differs from existing regulations, including PROD 4
• the key challenges for insurance firms, including resourcing and distribution arrangements
• what do insurance firms need to be doing now?

 

Episode 6

Claire Carroll is joined by Jo Owens, a Partner in our Retail Financial Services team, to discuss how the Consumer Duty will change motor finance.

Key topics include:

• the impact of the Consumer Duty on lenders and dealers in the distribution chain
• the key challenges to implementation
• tips on ensuring clear customer communications
• how do the new requirements interact with the consumer credit regime?

Episode 5

Claire Carroll and Gareth Vowles, both Partners in our Financial Services Disputes & Investigations team, discuss how the Consumer Duty will impact disputes.

They cover:

• the Financial Conduct Authority’s decision not to grant a private right of action
• the likely impact of the Consumer Duty on other causes of action
• whether material created as a consequence of monitoring and governance requirements will be disclosable in civil litigation

 

Episode 4

Claire Carroll speaks with Simon Collins, Managing Director - Financial Services at Konexo, about how the Consumer Duty will impact the Senior Managers and Certification Regime and individual accountability.

In this episode, they discuss:

• practical tips for Senior Managers on how to execute the requirements
• how firms with both retail and non-retail businesses should approach implementation
• what does 'reasonableness' mean in practice for Senior Managers?

Episode 3

Claire Carroll is joined by Ian Stott, Head of Financial Services at Konexo, to discuss the monitoring, data and MI reporting requirements set by the Consumer Duty.

In this episode, they cover:

• what should firms be doing now to prepare for implementation?
• the role of data in effective programme planning and management
• how to establish a programme plan

 

Episode 2

In this episode, Claire Carroll speaks with Naomi Seward, Partner and Head of Retail Finance, about how the Consumer Duty will impact products and services. They discuss:

• where organisations should start with their change programme
• the scale of products and services change required
• top tips for implementation

Episode 1

In the first episode of this series, Claire Carroll talks with Gareth Vowles, both Partners in our Financial Services Disputes & Investigations team, about the Financial Conduct Authority’s new Consumer Duty. In this episode they explore:

• what is the new Consumer Duty and how does it differ from current regulation?
• why is the Consumer Duty causing such consternation in the industry?
• what retail financial services firms need to think about next