Consumer Duty Compliance Resources
The Consumer Duty is a step change in regulatory compliance...
The Duty has been introduced due to a series of poor practices identified by the FCA such as unfair pricing, products and services which exploit customers' behavioural biases and a failure to communicate clearly with customers. The new standard requires firms to properly assess their products and services, communication with customers and support provisions against the three cross-cutting rules. It also ensures that firms undertake an assessment of the value customers receive from their products and services.
We have created a number of resources to assist firms getting ready for the regime from free-to-watch webinars to downloadable resource templates and tool-kits.
Introduction to the
Consumer Duty Webinar
Our first, free webinar provides you with an overview of the Consumer Duty, detailing the reasons why it has been created, effects on PRIN, the cross-cutting rules, high-level overview of the four outcomes and a road-map to compliance.
Products and Services
Exploring the contents of your product approval process and product reviews as required by the Consumer Duty, this second, free webinar provides further detail on the first of the four outcomes as well as monitoring requirements.
Price and Value Webinar
This free webinar provides further information in relation to the requirements surrounding value assessments including the required content and background information. We also explore a brief example of a value assessment.
Consumer Duty Resources
In addition to the above webinars we have also created further, downloadable resources to assist you comply with the Duty. We offer:
Consumer Duty Roadmap FREE
Consumer Duty PRIN Checklist FREE
Product Approval Process Template £80
Open Product Review Template £80
NEW Closed Product Review Template £80
Value Assessment Template £80
Implementation Plan £40
NEW Consumer Duty Policy £80
Consumer Duty Roadmap
This short guide details the key steps you’ll likely need to complete to be ready for the Duty.
Consumer Duty PRIN Checklist
We have copied out the new PRIN 2A requirements into a more manageable format, you will be able to use the list as a checklist or starting point for a gap-analysis.
Product Approval Process Template
The Duty makes several changes to PRIN, including the need to have a product approval process in place. This is a template product approval process containing all required check points.
Open Product Review Template
The Duty makes several changes to PRIN, including the need to undertake product reviews. This is a template document containing all the areas the FCA require you to review.
Closed Product Review Template
The Financial Conduct Authority’s Consumer Duty makes several changes to PRIN, including the need to undertake product reviews on closed products. This is a template document containing all the areas the FCA require you to review.
Value Assessment Template
The Duty makes several changes to PRIN, including the need to undertake Value Assessments. There are two complete templates, ready to be used.
Value Assessment Template - for Distributors
Value Assessment Template - for Manufacturers
This template implementation plan for the Consumer Duty gives you a starting point when creating your own and allows you to double check you have included all areas in your own plan.
Consumer Duty Policy
The FCA’s Consumer Duty comes into force in 2023. A clear Policy forms the basis of a firm's implementation. This is a template policy that can be amended as required.