Consumer Duty Champions - Board Reporting, MI & Governance for Financial Services

Introduction

Part of the Consumer Duty requires firms to have a Consumer Duty champion.

The FCA suggests this should be someone at board level (or equivalent governing body), ideally an independent non-executive director who ensures the Duty is discussed regularly and raised during all relevant discussions.

To further cement the Duty firmly on the board’s agenda, the board must consider the firm’s assessment of whether it is delivering good customer outcomes consistently on at least an annual basis.

What should this report contain and is there a prescribed format that should be used?

How much Management Information (‘MI’) should be presented as part of this report?

This new virtual classroom seminar will explore the Consumer Duty champion’s role, the board report and relevant MI and appropriate governance.

It is suitable for those with responsibility for the implementation of the duty in firms, including consumer champions and senior managers in FCA regulated firms.

What You Will Learn

This live and interactive session will cover the following:

• The FCA requirements for the Consumer Duty champion, board report, MI, and governance
• Who can be a Consumer Duty champion, what their role entails and how they can evidence the steps they are taking?
• What MI should be considered and assessed and presented to the board?
• The board report and suggested contents
• Governance framework that enhances the firm’s adherence to the Duty

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.