PIMFA Learning: Consumer Duty Series – Session 1: Practical Strategies & Approaches For Testing Consumer Outcomes

With fundamental regulatory change like the introduction of the Consumer Duty, the problem for firms both large and small often isn’t with planning – many strategies are well developed – but with execution. The Consumer Duty series tackles the implementation of Consumer Duty head-on to provide PIMFA member firms with a well-structured approach for Project Leads, Compliance & Risk Heads alongside Senior Managers to confidently meet the July deadline.

You will return from each of the three sessions with a set of tools and approaches you can use to:

• • Improve your ability to organise, manage, and prioritise the key requirements of the Duty
  • Anticipate and avoid pitfalls that could derail your project plan.
  • Respond to FCA’s latest announcements and instructions.
  • Address your firm’s most critical Consumer Duty issues.
  • Feedback and answers to your Consumer Duty execution challenges

Session one: Practical Strategies & Approaches For Testing Consumer Outcomes 

The Duty requires firms to help customers achieve good outcomes, and to report on this annually. Consequently, firms must be able to measure if they are achieving good outcomes for their customers.

In part one of this three-part session series, The Consumer Duty team at PwC will support you:

• • Assess design considerations for testing each of the four outcomes;
  • Decide what data will be required for monitoring and testing outcomes;
  • Direct what actions may be required to remediate poor outcomes.

By the end of this session, you will be able to:

• • Ensure that your definition of what a good outcome against the expectations set out in the Consumer Duty stands up to regulatory scrutiny.
  • Evidence that your firm can achieve good outcomes across each client touchpoint and to the standards set out in the cross-cutting rules.
  • Develop a proven approach to review and improve your existing outcome testing arrangements.
  • Compare your firm’s approach to outcomes testing with your peers.
  • Grasp how your firm can use outcome testing to reveal causality and highlight areas for improvement.
  • Learn how to overcome the challenges of demonstrating compliance with the ‘consumer understanding’ outcome.
  • Interpret the data you’ve gathered and recorded from your tests to evaluate performance and to inform recommendations.

Format and approach

This two-hour online session is an interactive learning experience that brings the research and experience of the PwC Wealth Management team together with senior managers who want to strengthen their firms’ approach to Consumer Duty implementation. In this online workshop, you will be broken into smaller discussion groups to work through exercises, discuss scenarios and collaborate with your peers on solutions to overcome even your most challenging execution obstacles.