Consumer Duty Resources.
Understand the breadth of your requirements under Consumer Duty with our latest resources and guides.
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Our training equips your team to spot red flags early, triggering timely interventions that reduce the risk of financial crime escalation.
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How we can support you
Cosegic have developed templates of the key documentation and policies that will assist firms to ensure they are compliant with the new Consumer Duty. The templates are appropriate for all types of firms and act as a good basis from which they can create their own personalised, firm-specific Consumer Duty documentation.
Our pack includes the following documents:
Product Governance Policy
Product Governance Approval Template
Conflicts of Interest Policy
Vulnerable Customer Policy
Consumer Duty and Treating Customers Fairly Policy
Price: £1,750
Our CPD accredited Consumer Duty Online Training course is 45 minutes long and is designed to give all staff a good overview and understanding of what the new Consumer Duty is and why it has been introduced. It explains what the Consumer Duty cross-cutting rules and Four Outcomes are, including examples which will help staff recognise how they and their firm can provide good outcomes, or could cause potential harm to customers.
The course also highlights the FCA’s expectations in relation to how firms handle vulnerable customers and explores the link between Treating Customers Fairly (TCF) and Consumer Duty. At the end of the course there is an assessment which will allow staff to test their knowledge and CPD hours will also be earned along with a completion certificate.
Price: £40 per person. Discounts are offered for group bookings.
Following the implementation deadline, firms must continue to identify any gaps or weaknesses in their adherence to Consumer Duty obligations on an ongoing basis, by assessing, testing, understanding and evidencing the outcomes their customers are receiving.
To help our clients achieve this, we have developed an Outcomes Testing Policy that enables firms to assess their adherence to Consumer Duty and explore areas of improvement with an appropriate methodology. The Policy is designed to provide a framework for firms to help establish the most effective approach for every finance sector and business model across the financial services industry.
Equally, if firms have already established testing programmes, our policy will help them to review it. We can provide support and valuable insights to help make improvements to align with best practice and regulatory expectations.
Cosegic’s Consumer Duty assessment provides firms with an in-depth evaluation of their adherence to all of the Duty’s requirements. It will pinpoint areas where enhancements are required and provide insights relative to the operation of a firm’s business that can be used to streamline processes for better consumer outcomes.
Firms will benefit from an assessment as it will enable them to identify and rectify potential areas of non-compliance
and establish a baseline for continual improvement of customer-centric practices, with a view to ultimately
avoiding regulatory censure or penalties. In addition, it can provide a board with a clear picture of a firm’s alignment with Consumer Duty, helping them to make better strategic decisions. It will also support the board and senior management in demonstrating that they are taking “reasonable steps” to oversee the business and are committed to ensuring that customers come first.
If you are interested in finding out more about our Consumer Duty assessment, what it entails and how it could support your business, contact us to speak with one of our consultants who are on hand to answer any questions you may have.
The deadline for firms to complete the Consumer Duty board report has now passed. To support firms in meeting this requirement, Cosegic produced a board report template, which was downloaded by hundreds of firms. The template was designed to help firms demonstrate that they are delivering good customer outcomes or to identify areas needing improvement and outline their plans to address them.
The FCA made it clear that they would be reviewing firms’ board reports after the deadline and likely won’t delay in doing so. It was therefore crucial for firms to have started their board reports well in advance if they hadn’t already.
Now that the deadline has passed, our experts would be delighted to review your completed board report to ensure nothing was overlooked. If you have any questions about the board report or would like to discuss your compliance with the new Consumer Duty, fill in the form below.
