What does the FCA’s Consumer Duty mean for brokers?

with Kirk Ford and Steve Walton from RWA

Summary: The FCA is introducing a Consumer Duty to ensure that firms always foreground their customers’ needs, by equipping them with adequate information to make informed and effective decisions, and providing support throughout their relationship. By the end of July 2023, brokers will need to be operating in compliance with these new rules. In this episode, we discuss in detail the new requirements that the Duty will implement for brokers, and how you can begin to prepare for that transition now.

Quote: “The FCA wants to set a higher expectation for the standard of care that firms provide to consumers. For many firms, this will require a significant shift in both culture and behaviour so that they consistently focus on consumer outcomes and put customers in a position where they make effective decisions… The consumer duty aims to ensure a higher a more consistent standard of protection for consumers and to prevent harm before it occurs.”

Resources:

RWA compliance and regulation T&C

Fair Value webinar

The FCA’s Consumer Duty will lead to a major shift in financial services

RWA Launches Consumer Duty Gap Analysis

Kirk Ford LinkedIn profile

Steve Walton LinkedIn profile

Chris Withers LinkedIn profile

Run time: 14.43

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About the guests:

Kirk Ford, Deputy Head of Compliance at RWA Consultancy, has been supporting brokers with their compliance regulatory needs for the past seven years. Previously, he worked in retail banking and the general insurance sectors.

Steve Walton, Head of Compliance at RWA Consultancy, has been working at RWA Consultancy for the past five years. In this position, he leads the Regional Business Management team, which is focused on customer and broker support.

About the host:

Chris Withers, Schemes and Partnerships Director at Ecclesiastical, is responsible for developing Ecclesiastical’s growing schemes business, having held the role of broker distribution director with Ecclesiastical since 2016. Having joined the company in 2015, Chris has over 25 years of wide-ranging insurance industry experience, having worked at Covea and RSA before joining Ecclesiastical.

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