Consumer duty  

Consumer duty: the path to compliance for closed products 

  • Explain the challenge with closed products
  • Descrive the importance of data
  • Identify the importance of annual board reports
CPD
Approx.30min

Overall, the challenges associated with the consumer duty have been well-documented, but the opportunities presented by this regulatory overhaul less so.

But with the first annual board reports due to be filed shortly, we hope that companies begin to recognise how they, as a business, have and will continue to benefit from the cultural and conduct changes that the consumer duty is encouraging them to make.

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Linda Gibson is head of regulatory change, Emea, at BNY Pershing

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. What factors complicate the collection and analysis of customer data for closed products?

  2. According to the FCA, what has the greatest potential to impact consumer service and outcomes?

  3. True or false, companies run the risk of invertedly demonstrating poor consumer outcomes if a product was closed due to inadequate design or inefficient technology?

  4. By leveraging the data that is primarily being collected to evidence consumer duty outcomes, how can this help companies? Which of the following is the odd one out?

  5. Which of the following is the odd one out? What does an internal “facilitator” of the consumer duty do? They help to ensure:

  6. Why is it important to use the annual board reports to evidence learning and continuous improvement?

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You should now know…

  • Explain the challenge with closed products
  • Descrive the importance of data
  • Identify the importance of annual board reports

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