Compliance Expert Panel – Consumer Duty and Prioritising Outcomes
The AFB is delighted to partner with Shoosmiths who will examine the new Consumer Duty proposed by the Financial Conduct Authority (‘FCA’) and the likely expectations on foreign banks who undertake retail business.
The session will consider:
- The scope of the Consumer Duty
- The consultation process and timetable for implementation
- The Consumer Principle, the Four Outcomes and the Cross-cutting Rules
- The importance of Governance and Accountability
- The application of the Consumer Duty to existing products and services
- The application of the Consumer Duty to firms that design products for retail distribution
- The likely expectations on foreign banks to ensure compliance and the steps your firm will need to take to be prepared for Handbook changes
- The pitfalls which might lead to regulatory action
- Monitoring compliance
There is no question, the regulator will focus on the new Consumer Duty when supervising firms who offer retail products or design products for retail distribution. It is the most important initiative introduced by the FCA to regulate the retail market since the introduction of the obligation to treat customers fairly. It is explicitly intended to set higher standards of behaviour than those which currently exist. Although firms will have time to implement changes, the extent of the work required should not be underestimated. Firms will need to demonstrate how they have complied with the Consumer Duty and will need to evidence the methodology and process followed. All firms should be making plans now to avoid problems emerging at a later stage.
A firm without the ability to demonstrate proactively that its policies, procedures, programmes, and culture are at least equal to the FCA’s challenging requirements can expect to find a regulator more willing than ever before to exercise its supervisory and enforcement powers.
At this Expert Panel, Shoosmiths will offer thoughts on how you can meet the challenges posed by the proposed Consumer Duty so as to mitigate the risk of regulatory sanctions.
What will participants implement Back@Bank after the panel session?
- A good understanding of key current regulatory requirements and current practice
- An awareness of the practical steps to take Back@Bank to ensure participants can manage the upcoming challenges their firm will face
Daren Allen – Partner – Daren has over 30 years’ experience of acting for firms in the financial services sector. He regularly advises on compliance with regulatory obligations, has been appointed as a Section 166 skilled person on a number of occasions and frequently acts for firms and senior managers in FCA/PRA investigations and enforcement cases.
Jonathon Crook – Partner – Jonathon has specialist expertise in handling a wide range of disputes within the banking, finance and financial services sector and regulatory investigations and enforcement proceedings by the FCA and other bodies. He advises on associated issues, including internal investigations, compliance and past business reviews. He has particular expertise in the regulation of retail financial and investment products.
Cost: Included in AFB membership
Format: If permitted by the Government guidelines on Covid-19, this session is intended to be an in-person event at Shoosmiths, 1 Bow Churchyard, London. This will be confirmed one week before the event. Alternatively, it will be a Virtual Panel meeting hosted on Teams.
Date: Wednesday 9 February 2022
Time: 14:00 – 15:00
There will be ample opportunity for questions throughout the session, however, if you would like to submit a question before or have any specific questions or areas that you would like the virtual session to address, please send them to the AFB at email@example.com as soon as practicable. You will receive details on how to join the virtual session a few days before the event.