PIMFA Learning: Consumer Duty Series – Session 3: MI, Reporting and Governance

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 Three: MI, Reporting and Governance

The Consumer Duty expects firms to monitor and regularly review the outcomes that customers are experiencing, identify sources of poor outcomes and harm, and make necessary changes to products and services.  Boards are expected to oversee the implementation of the Duty, and to annually confirm their firm’s adherence to the rules.  Firms must develop their own reporting and governance structures to achieve this.

This session (that you can attend in person or online) will focus on:

• • How firms can develop Consumer Duty MI, reporting and governance that covers the appropriate products, services, touch points and customer types for their unique activities.
  • How the Board can demonstrate that making good outcomes for consumers is central to their firm’s culture, strategy and business objectives.

By the end of this session, you will:

• • Get clarity on the different data to be collected across each of the key Consumer Duty outcomes
  • Identify and bridge gaps in your MI
  • Develop actionable and understandable MI, that meets regulator expectations
  • Consumer Duty obligations will require different data to be collected across each of the key Consumer Duty outcomes
  • Learn, from our own research, how firms intend to use MI to evidence good consumer outcomes
  • Know how to join the data dots up between different areas of your business to form a coherent Board report

Format and approach

You can attend this two-hour in-person session at the PwC London office or online. However you choose to participate, this session is run as 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.