PIMFA Live Online Learning: Mastering Your Ongoing Compliance with Consumer Duty

The FCA review of Consumer Duty implementation within payment firms published in October 2024 found that just over half were satisfactory, while nearly half were categorised as needing “significant work” to meet the Duty’s requirements. In yet another reminder, the FCA expects your firm to identify gaps in your compliance with the Duty and “act immediately, putting plans in place to address shortcomings.”

In this live, tutor-led online training masterclass, led by consultancy firm Square 4, our tutors will help you demonstrate that the FCA’s latest guidance has been considered, identifying gaps, shortfalls, and actions required to evidence that your firm is meeting their ongoing obligations with the Duty.

By the end of this masterclass, you’ll be able to:

• Assess and prioritise the tasks your firm’s needs to undertake to ensure alignment with FCA’s ongoing Consumer Duty expectations.
• Rectify and remediate the gaps in your MI and data to ensure you meet the regulatory expectations.
• Enhance processes and controls to monitor customer outcomes across your customers, including those with vulnerability.
• Implement processes to amend and adapt products and communications where risks of potential harm are identified.
• Overcome common challenges, weaknesses and failings Square 4 has observed in firms’ approach to outcomes monitoring and testing.
• Assure your Consumer Duty champion and senior managers that your firms’ policies, process and people are in line with industry best practices.
• Ensure that your firm has effective Consumer Duty centric reporting and governance arrangements in place.
• Ensure that your firm is able to effectively identify and proactively remediate and crystallised or potential consumer harm.

In this masterclass you’ll cover:

• An effective 3LOD model to ensure Consumer Duty compliance
• The importance of clear roles, accountabilities and responsibilities
• Effective outcomes monitoring / testing frameworks
• Consumer Duty MI and data requirements
• Effective governance, reporting and remediation practices

Who should attend:

• C-level officers concerned about their firm’s ability to create and maintain the Consumer Duty cultural shift.
• Consumer Duty champions seeking to understand what good ongoing compliance practice looks like and benchmark their firm.
• Compliance leaders who are not content with standing still are looking to undertake a range of activities to address identified poor outcomes as well as improve the testing methodology and processes.
• Regulatory risk professionals and in-house auditors who want a better understanding of what processes, reporting, governance and controls should be in place.

Please use early bird coupon JDJNEGB5 at checkout for 50% off 2 Tickets

If you are a PIMFA Member- Please ensure you are logged in to your account first before adding a ticket to your basket to access the member discounts.