Introduction to the Consumer Duty

This training course is designed to provide participants with an overview of the UK's new Consumer Duty and its implications for businesses and consumers. The Consumer Duty is a new regulatory framework that aims to improve the way firms treat their customers, placing greater responsibility on businesses to act in the best interests of consumers and to provide them with fair treatment. The course will begin with an introduction to the Consumer Duty, including its background, rationale, and objectives. Participants will gain insights into the reasons why the Consumer Duty was introduced, how it differs from existing regulations and principles, and the impact it may have on businesses and consumers alike. The course will then delve into the key obligations and requirements under the Consumer Duty and how they apply to businesses. Participants will learn about the new principles for businesses, including the requirement to take all reasonable steps to avoid foreseeable harm to customers, and the requirement to act in the best interests of customers. The course will also cover the requirement to maintain appropriate records, carry out regular assessments of the risks of harm to customers, and take remedial action where necessary. In addition, participants will learn about the FCA's approach to enforcing the Consumer Duty, including the FCA's expectations of firms. By the end of the course, participants will be equipped with the knowledge and skills needed to comply with the Consumer Duty and to act in the best interests of their customers. Overall, this course is ideal for those who know very little about the Consumer Duty and who need to have a better understanding of what it is about. Whether you are a compliance officer, a senior manager, or a customer-facing employee, this course will provide you with the knowledge and skills needed to comply with the Consumer Duty and to meet the expectations of the FCA