Consumer Duty Conversations: The impact on senior managers and how to have a good Board conversation

Join us as we discuss what the Consumer Duty means for senior managers, what they can expect the FCA to examine and be concerned with and what they should be thinking about.

The FCA has repeatedly said that the Consumer Duty involves a cultural shift to focus on customer outcomes. It permeates every aspect of doing business with (or for) retail customers. Senior management and the Board are expected to understand and be involved in ensuring good outcomes are delivered. To help ensure this the Duty requires that by 31 July this year, firms’ governing bodies must have approved the first annual report on the delivery of good outcomes for retail customers. We will also discuss what a good outcome for the Board conversation and report looks like, always remembering that the Duty is not ‘once and done’.