Webinar: FCA Consumer Duty – what’s that all about?

The FCA want to see a higher level of consumer protection in retail financial markets, where firms compete vigorously in the interests of consumers and they wish to drive a healthy and successful financial services system in which firms can thrive and consumers can make informed choices about financial products and services.

They consider that firms are not consistently and sufficiently prioritising good consumer outcomes and this causes consumer harm and erodes consumer trust. They set out high-level proposals in their first consultation and have now revised those in light of feedback and are setting out their proposals in more detail with final rules due to be published by 31 July 2022.

The new Consumer Duty aims to bring about a fairer, more consumer-focused and level playing field in which:-

• firms are consistently placing consumers’ interests at the centre of their businesses and extending their focus beyond ensuring narrow compliance with specific rules, to focus on delivering good outcomes for consumers;
• competition is effective in driving market-wide benefits, with firms competing to attract and retain customers based on high standards and innovate in pursuit of good consumer outcomes, and,
• consumers get products and services which are fit for purpose, provide fair value, that they understand how to use and are supported in doing so.

Learning objectives
By the end of this GI focused update you will gain an overview of:-

• What is the new Consumer Duty and what will you have to do;
• A reminder as to current issues when it comes to general insurance - key aspects of the product governance and pricing rules and what it means to brokers and how these link with Consumer Duty;
• Coverage of the current survey as to firms’ compliance with these rules and the Dear CEO letter on multi-occupancy insurances.

Speaker bio

Branko Bjelobaba FCII started his insurance career in 1987 and has worked across the sector including stints at PwC and GISC and has led his own consultancy practice since 2004. He works closely with AMII, BIBA and the CII and has provided hundreds of well-received (even entertaining!) training events throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the CII Public Trust Awards 2021.