PIMFA
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To ensure your people are prepared to meet the ‘biggest regulatory overhaul in a decade’ PIMFA member firms would be advised to dust off and stress test their approach to Training and Competency (T&C) before the new Consumer Duty comes into force in July 2023.
Why is T&C so critical under the new Consumer Duty?
Taking centre stage of your approach to Consumer Duty is your firm’s ability to practice and demonstrate to the FCA that all your people are aligned and focused on delivering and evidencing good customer outcomes against new and more stringent regulatory expectations. Your firm’s approach to T&C plays a critical role in showing, not just telling the regulator that your advisor population is acting in good faith, proactively avoiding foreseeable harm, and supporting customers to pursue their financial objectives.
In this live, interactive, and practical training session, delivered by a senior T&C practitioner we take HR, L&D, Operations, Compliance, and T&C professionals’ who are looking to:
- Get to grips with what good T&C looks like under the new Consumer Duty
Adapt their approach to T&C against the expectations of the new Consumer Duty - Identify and close any T&C gaps or blind spots that might hamper their firm from achieving the outcomes that the FCA will be looking for under the new Consumer Duty
- Assure the board and senior executives that your firm’s approach to T&C meets the cross-cutting rules and the four outcomes before the July 2023 deadline
- For additional guidance on how to conduct supervised T&C assessments under the new Consumer Duty
By the end of the session, you’ll be able to:
- Update and reposition your approach to T&C appropriate to the new Consumer Duty
- Analyse the changes that are needed to support a consumer outcome approach rather than one that is compliance driven
- Confidently answer challenges on how your T&C framework supports clients pursue their financial objectives
- Demonstrate to stakeholders including the board, internal audit, and the regulator how your approach to people competence and capability management achieves ‘good customer outcomes’.
