The NACFB is partnering with all Members on a journey to help better understand, implement, and embrace the FCA’s Consumer Duty.
Your Consumer Duty journey
Regardless of the size and scope of your firm, this hub will provide you with the practical working knowledge, the materials and documents needed, and any support required to ensure all regulatory expectations are met.
Below you’ll find a Consumer Duty timeline; we are at the beginning of the journey and encourage all Members to become enthusiastic early adopters to help bolster and maintain the NACFB’s kitemark of quality.
What is the FCA’s Consumer Duty?
The Consumer Duty is an over-arching consumer principle and set of rules which not only requires firms to act to deliver good outcomes for retail clients, but also requires firms to understand and evidence whether those outcomes are being met.
It will mean that consumers should receive communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need, when they need it.
NACFB Consumer Duty timeline
The Consumer Duty timeline has key milestones, both from the FCA and the NACFB. By partnering with your trade body from the start we’ll ensure you don’t miss any key deadlines.
Download key documentation
There are four key documents: Member Guidance, a Consumer Duty Gap Analysis, Consumer Duty Implementation Introduction & Considerations, and a Consumer Duty Project Plan & Activity Tracker. All
can be downloaded from the NACFB document store. They can also be requested by contacting the compliance team.
Complete online training
A Consumer Duty introductory training module is now available for all Members to complete in the FCA Training section of the NACFB learning portal. This free course enables finance professionals to understand the FCA Consumer Duty principle and its rules, apply it to day-to-day activities as well as articulate the desired outcomes for consumers.
Access bespoke support
In addition to a full scope webinar, the NACFB is hosting a series of Consumer Duty Clinics, designed to offer guidance and steering through the initial implementation stages. The Teams-based open sessions will provide regular and direct access to the Association’s team of in-house compliance professionals, available to Members only.