Spotlight: Consumer Duty Action Planning Process

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 Spotlight: Consumer Duty Action Planning Process* is designed to provide a practical approach to identifying and planning actions needed for businesses to:

  • put the consumer at the heart of all of their products and services;
  • collate sufficient evidence to demonstrate that they have reviewed existing products and services to ensure they meet the new Consumer Duty requirements;
  • review and take action where needed to change the culture of their team and firm to ensure continued adherence to the new Consumer Duty requirements.

To evaluate the effectiveness of your Consumer Duty implementation, we would recommend starting off with the Consumer Duty Practice Diagnostic Tool. To gain further support on understanding the fundamentals of the Consumer Duty, consider purchasing the Overview of Consumer Duty Regulations. 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.

If additional support is required, you may wish to enrol on the Consumer Duty - Action Planning Workshop. The workshop is a face-to-face session which follows a similar learning path to the Spotlight: Consumer Duty Action Planning Process, but provides the opportunity for delegates to discuss examples and assess early implementation of their plans with other delegates, supported by an expert facilitator.

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. Please note that the face-to-face planning workshop is not included within the Consumer Duty Digital Learning Suite.

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 Consumer Duty Action Planning Process for?

This online planning process is designed to provide a practical approach to action planning for leaders and senior staff in your team or department, and Personal Finance professionals in small firms.

What will the course help me to do?

This course is designed to:

  • provide the learner with a structured approach and tools to identify areas requiring attention for their firm to meet the Consumer Duty requirements; and
  • support the learner in planning actions to implement changes.

How does the course work?

This course is designed to lead the learner through a series of self-paced processes, presented using e-learning and videos.

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.

Is there an assessment, certificate of completion or CPD accreditation for using the process?

As this a process course used for guidance, and therefore cannot be ‘completed’, there is no assessment, certificate of completion or CPD. 

*This product is intended to provide support for small firms and teams within larger firms to developing a suitable action plan for meeting the requirements of Consumer Duty. The product is not designed to provide learners with definitive actions they must take as each firm and its consumers, products and services are unique.