Consumer Duty – a practical guide (pensions)

Published  28 June 2023
   60 min CPD

The deadline for adviser firms to adhere to the new Consumer Duty regulation is the 31st July, and so much has been written about it you may be feeling overwhelmed.

Join Senior Intermediary Development and Technical Managers Craig Muir and Justin Corliss, who will look to cut through the theory and focus on the practical aspects of the duty. 

In this session we’ll start by looking at what outcomes the FCA are looking to achieve, followed by a reminder of what’s changing, and just as importantly, what the duty doesn’t do.  We’ll cover some of the key questions you’ll need to consider, focusing on one of the four outcomes which is particularly pertinent to advisers, price and value.  We’ll also look at good practice and areas for improvement highlighted by the FCA from both their finalised guidance and the results of their reviews of implementation plans, and fair value frameworks will be included.  

As an integral part of the consumer duty is identifying and helping vulnerable customers, we’ll look at the four drivers of vulnerability, introduce a model which can be used to identify a vulnerable customer, and look at tactics to help vulnerable clients.   Throughout the presentation we’ll provide practical examples of how the duty will impact both you and your clients, helping you to avoid foreseeable harm and provide good outcomes for your clients, and finally we’ll explain which clients will be covered. 

CPD learning outcomes - 60 minutes

  • Summarise the key points of the Consumer Duty and what it’s trying to achieve
  • Understand how it impacts on your business and your clients
  • Know which of your clients will be affected and when
  • Identify vulnerable customers and introduce tactics to help them

What's covered

  • What the FCA are trying to achieve with the new Consumer Duty
  • Good practice and areas of improvements highlighted by the FCA
  • How you can identify and help vulnerable customers
  • Practical examples of how the duty will impact your business and your customers

CPD certificate of completion

Once you've reviewed the CPD content, simply complete the short quiz below and fill out your details to receive a CPD certificate of completion.

Check your knowledge

To gain your CPD certificate answer the following questions.

1. Which of the following is one of the FCA’s 4 outcomes?
2. Which of the following is not one of the FCA’s four key drivers of vulnerability?
3. Which of the following is correct about closed book clients?
4. What is the name of the model which can be used with vulnerable clients?
5. When do your consumer duties finish?

CPD certificate details

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