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. The Overview of Consumer Duty Regulations online learning course provides a concise summary of the main elements of the Consumer Duty.
To evaluate the effectiveness of your Consumer Duty implementation, we would recommend starting off with the Consumer Duty Practice Diagnostic Tool. To see real-life examples of how firms have handled these changes, take your learning a step further and consider purchasing the Spotlight: Consumer Duty Good Practice Examples module. For further support on planning how to mitigate those areas of weakness, consider purchasing the Spotlight: Consumer Duty Action Planning Process module or the Consumer Duty - Action Planning Workshop.
You can also purchase all four of the digital learning products together as the Consumer Duty Digital Learning Suite, representing a cost saving of 20%. Please visit the CII Shop for further details.
To help you understand what products to purchase for your team, take a look at the Consumer Duty purchasing scenario under 'Useful links & downloads'.
Who is the Overview of Consumer Duty Regulations course for?
This online learning course is designed for all Personal Finance professionals who need to gain an overview of the new Consumer Duty and understand the requirements this places on firms and their employees. It is an ideal way to introduce new team members to Consumer Duty or to refresh knowledge of the key topics.
What will I learn?
By the end of this course, you will be able to:
- discuss the route to Consumer Duty and the implementation timeline;
- explain the new FCA Consumer Principle, cross-cutting rules and the four new outcomes; and
- understand the additional requirements which fall under culture, governance and accountability, for both firms and employees.
How does the course work?
The course comprises of an e-Learning module with a 30-minute study time.
How long will I have access to my course materials?
You will have a period of 12 months in which to complete this module in RevisionMate.
How will I access my course?
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 is this course assessed?
There is no assessment for this course.
How can I show I have completed the course?
On successful completion of this course, you will be able to download a completion certificate.
Can I claim CPD for this course?
Students participating in the Overview of Consumer Duty Regulations course can claim up to 30 CPD minutes towards the CII/Personal Finance Society member CPD scheme.
