the consumer duty advanced online learning web

Consumer Duty Advanced – Online Learning

This online course aims to provide learners with an advanced understanding of the Consumer Duty regulations to ensure compliance with the FCA regulations. With this e-learning course, learners will:

  • Explain Consumer Duty and the requirements and responsibilities of everyone involved in the provision of financial products and services
  • Describe the Consumer Principle and what it means for firms
  • Clarify how firms should act to deliver good outcomes for retail customers using the cross-cutting rules
  • Demonstrate how your firm’s business models, culture, and actions taken are all focused on delivering good outcomes for retail customers

Course Introduction

The Consumer Duty is a standard introduced by the Financial Conduct Authority (FCA), which is designed to improve the protection given to consumers of financial services products. Organisations are expected to fully integrate these responsibilities into their operations and ensure measures are in place to safeguard customers.

The Consumer Duty encompasses fundamental principles, fresh regulations, and outcomes, all with the objective of elevating the quality of care provided to customers in financial sectors. It mandates that firms prioritise their customers’ requirements at all phases of product or service development and delivery.

The aim of this advanced online learning course is to provide a comprehensive exploration of the Consumer Duty and detailed actions and activities that should be taken to ensure compliance with this important regulation.

Course Content

Module 1 – The Consumer Duty
  • Describe the components that make up Consumer Duty
  • Explain the scope of the duty and who it applies to
  • Establish when Consumer Duty must be considered
  • Identify financial activities that are within the scope of Consumer Duty
  • Describe what Consumer Duty means for firms, their employees and customers
  • Clarify what good ‘outcomes’ the FCA expects firms to focus on for customers
  • Review scenarios to determine where Consumer Duty applies
  • Deliver good outcomes for customers and groups of customers by following the guidelines
  • Explore what the FCA expects from firms and their employees under the Consumer Duty
  • Establish the responsibilities and obligations of firms, board members, third parties, management and staff under the Duty
  • Recognise the responsibilities that consumers have
  • Explain the concept of reasonableness and how this applies to Consumer Duty
  • Identify key questions firms should ask to help ensure they provide a standard of care under the Duty
  • Test your knowledge and understanding of the Consumer Duty
  • Complete knowledge checks throughout to help embed learning
Module 2 – The Consumer Principle
  • Explain the Consumer Principle and other components of the Duty and what they mean for firms
  • Explore the principles for business and how they are applied
  • Recognise the other laws and obligations firms have
  • Identify what ‘act to get good outcomes for customers’ means
  • Establish the questions firms should ask to help ensure they are acting to get good outcomes for customers
  • Rate your current understanding of the consumer principle to identify skill gaps
Module 3 – Cross-Cutting Rules
  • Explain the cross-cutting rules and other components of the Duty and how they can help firms ensure good outcomes for customers
  • Establish when the cross-cutting rules apply by reviewing examples
  • Determine what acting in good faith means when dealing with customers
  • Identify actions within your organisation that may hinder ‘acting in good faith’ and what actions you can take to resolve them
  • Avoid causing foreseeable harm by implementing corrective actions
  • Enabling and supporting retail customers to pursue their financial objectives
  • Rate your firm’s current compliance with the cost-cutting rules
  • Identify how the cross-cutting rules work together
  • Test your knowledge of the cost-cutting rules
Module 4 – The Outcomes
  • Explain the outcomes of the Duty and their more detailed expectations in key areas
  • Improve outcomes in the firm-customer relationship
  • Establish what the outcomes mean for firms
  • Explore the different questions firms should ask to help improve customer outcomes
  • Meet the products and services outcome for customers
  • Meet the price and value outcome for customers
  • Meet the consumer understanding outcome
  • Meet the consumer support outcome
  • Explore what actions to take when you are failing to meet expectations
  • Rate your firm’s current compliance with the four outcomes
  • Establish how achieving the outcomes will likely mean you are meeting the cross-cutting rules
  • Test your knowledge and understanding of the outcomes as outlined in the Consumer Duty
  • Complete knowledge checks throughout to help embed learning
Module 5 – Assessment and CPD certificate
  • A chance to test your knowledge of the topic with scoring
  • The e-learning course comes with free CPD certificates for the learners

Customisable

All content can be adapted and altered to suit your needs. Courses are white-label as standard, but can include logos and branding where required. We can also provide AI generated language translations on demand.

Updates

All content is regularly reviewed and updated to ensure technical accuracy, best practice and legal compliance for your learners. Updates are all automatically made to content.

Certification

Your employees will receive personalised and dated certificates upon successful completion of our CPD certified e-learning courses. All courses have relevant accreditations.

Integration

Deliver e-learning courses via your own branded learning portal provided by us or upload our regularly updated courses to your own LMS if you would prefer.

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