Regulatory Discussion: Consumer Duty Board reporting

Regulatory Breakfast Club:

Consumer Duty Board reporting

Thursday | 13 June 2024 | 8am | The Shard

Please join us for a breakfast discussion at Protiviti’s offices in The Shard on Thursday 13th June 2024. With the first Consumer Duty Board Report due by the end of July 2024 at the latest our regulatory specialists will be hosting a discussion with your peers to share insights and understanding about, among other things:

What the board report should contain
What makes an effective Board report, and
How others have gone about the process.

Thought leadership

Consumer Duty Board Reporting

Consumer Duty Board Reporting

What should our Consumer Duty board report contain? How should it best summarise the customer outcomes being delivered and whether we are going in the right direction? These are some of the questions front of mind as firms prepare to produce their first Consumer Duty Board report. Getting the first one right and providing a clear view on progress is a significant challenge.

Consumer Duty ‘Day 2’ and Embedding

Consumer Duty ‘Day 2’ and Embedding

By the end of July 2023, the majority of Firms dealing with retail customers will have judged themselves to be substantively compliant with Consumer Duty. However, the real task of embedding the Consumer Duty across the organisation, completing any outstanding activity, considering Closed Book issues and evidencing the delivery of good customer outcomes on an ongoing basis now begins.

Consumer Duty Assurance

Consumer Duty Assurance

Consumer Duty implementation has required significant effort and resource to deliver but the hard work has only really just begun. Now firms need to deliver the substantive requirements, evidence good customer outcomes and embed the Duty into the business operating model and mindset of the organisation.

Consumer Duty Data Strategy

Consumer Duty Data Strategy

The FCA has not prescribed the format of the evidence, or the data required. This is because it will vary based on factors including the size of an organisation, its client base and the types of products and services offered. Firms need to use judgement to identify the correct data sources as evidence against the outcomes of the Duty.

Conducting Consumer Duty Price and Value Assessments

Conducting Consumer Duty Price and Value Assessments

Under the new Consumer Duty Principle firms must provide fair value within their products and services, and test and demonstrate value on an ongoing basis. This is a significant regulatory change and a complex undertaking. Protiviti has distilled the complex requirements into an effective end-to-end assessment tool.

Contacts