PIMFA
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Your first deadline for Consumer Duty is fast approaching, and with 56% of regulated firms admitting that they have no plans ahead of the critical 31st October milestone, time is not on your side.
In less than three weeks, The FCA expects your Board (or equivalent management body) to have “agreed their implementation plans and be able to show they have scrutinised and challenged these plans to ensure they are deliverable and robust to meet the new standards.”
But that’s not all….
The FCA has clarified this week that “firms [by 31st October] should expect to be asked to share implementation plans, Board papers and minutes with [FCA] supervisors and be challenged on their contents.”
Help is at hand….
To support your firm sense check your implementation plan before it’s challenged by the Board or exposed to possibly FCA scrutiny, consultancy firm Bovill has developed this 2-hour interactive online training session on what you need to do, ought to do and what to do next to prepare your Board for end of October reporting deadline.
Ideal for legal, risk, compliance and Consumer Duty project leads, this training session will help you:
1. Clarify what the FCA expects you to produce by October deadline
2. Outline what an ideal implementation plan might look like, especially if you:
a. Are a small firm
b. Have a complex group of multiple stakeholders
3. Consider what level of detail is required for the Board to scrutinise and challenge the plan
4. Assure the board that your firms plan meets the regulators expectation
5. Confidently answer challenges the board will ask you about resourcing, MI and budget
6. Update and reposition your implementation plan following good practice guidelines
7. Demonstrate material direction
More about Matt Browne
With 18 years’ experience in financial regulation, Matt joins from PwC, where he was a Director in their Risk and Regulatory Practice, leading a team supporting clients across retail investment markets. He has worked on a broad range of conduct and culture issues, including governance reviews, Senior Managers Conduct Regime (SMCR) frameworks and digital advice platforms.
Prior to PwC, Matt worked at the Financial Conduct Authority (FCA), leading on regulatory initiatives including the RDR and investment platforms, and gaining a deep understanding of the regulator’s strategy and approach.
