On 31 July 2023, new rules came into force for financial services firms. The new rules, known as the Consumer Duty, set a higher standard of consumer protection in financial services.
All financial services firms are now required to review and update their products and services to ensure they are putting consumers at the heart of their business. Ensuring they are providing consumers with the support they need, when they need it, producing communications consumers understand and providing products and services that meet consumers’ needs and offer fair value.
The PFS, in collaboration with CII, has produced the Consumer Duty Digital Learning Suite*, four digital courses. These are designed to provide you with learning content for all your team or employees, and tools to support you in ensuring you and your team or employees can evidence how you are meeting the new requirements.
The following products are included in the suite (select the links for more details on each product).
Consumer Duty Practice Diagnostic Tool: tailored for Personal Finance practitioners in small firms and leaders of teams or departments in medium-sized firms, this diagnostic tool helps evaluate the effectiveness of your Consumer Duty implementation so you can focus ongoing improvements on the areas of greatest need.
Overview of Consumer Duty Regulations: a 30-minute introductory online learning course providing a comprehensive overview of the regulatory requirements for firms and employees, suitable for all Personal Finance professionals.
Spotlight: Consumer Duty Good Practice Examples: a 1-hour online learning course providing greater depth and practical application of the regulations within a financial advisory context. Using real-world examples of firms that have successfully aligned their processes with Consumer Duty standards it will help you and your firm to embed and optimise the practical and cultural changes necessary. Ideal for leaders and senior staff in your team or department, and Personal Finance professionals in small firms.
Spotlight: Consumer Duty Action Planning Process: an online process course designed to provide a pragmatic framework for prioritising consumer-centricity, compiling evidence and driving cultural shifts within your team and firm. Tailored for Personal Finance Practitioners in small firms and leaders of teams or departments in medium-sized firms.
To help you understand what products to purchase for your team, take a look at the Consumer Duty purchasing scenario under 'Useful links & downloads'.
Can I buy each product in the Suite individually?
Although these courses can be purchased individually, by choosing the Consumer Duty Digital Learning Suite you will make a cost saving of 20%.
Are there any other Consumer Duty products available?
For those wanting further support, the Consumer Duty Action Planning Workshop is also available. The workshop is a face-to-face session which follows a similar learning path to the Spotlight: Consumer Duty Action Planning Process. However, it provides the opportunity for delegates to discuss examples and assess early implementation of their plans with other delegates, supported by an expert facilitator. Please note that this workshop is not included within the Consumer Duty Digital Learning Suite.
How will I access my courses?
You will receive an email with details of how to access the course materials within RevisionMate following purchase. This is typically within two working days of your order being placed, but may be longer, particularly if payment is not made by credit/debit card.
How long will I have access to my course materials?
You will have a period of 12 months to access your courses in RevisionMate.
*This package is intended to provide a series of learning products and practical tools to enable small firms and teams within larger firms to consider how well they have met the new Consumer Duty requirements. If they determine actions are required, there are tools to support them in developing suitable action plans. The products are not designed to provide learners with definitive actions they must take as each firm and its consumers, products and services are unique.