This eLearning course provides comprehensive training on the FCA's Consumer Duty, which represents a significant shift in the regulatory expectations for firms serving retail customers. The Consumer Duty requires firms to act to deliver good outcomes for customers, setting a higher and more prescriptive standard than the previous Treating Customers Fairly principles.
The course begins by explaining the Consumer Principle — that firms must act in good faith towards retail customers, avoid causing foreseeable harm, and enable and support customers to pursue their financial objectives. It then examines the four outcome areas in detail: products and services (ensuring products are fit for purpose and distributed appropriately), price and value (ensuring the total price is reasonable relative to the benefits), consumer understanding (ensuring communications support customer understanding), and consumer support (ensuring customers can access the support they need throughout the product life).
The training covers the cross-cutting rules that apply across all four outcomes, including the requirement to act in good faith, avoid foreseeable harm, and enable and support customers. It addresses the governance and accountability arrangements that firms must put in place, including the role of the board and senior management in overseeing consumer outcomes, and the requirement to monitor and evidence the outcomes customers are actually experiencing.
The course also addresses the specific requirements around vulnerable customers, recognising that the characteristics of vulnerability can affect a customer's ability to engage with financial services and that firms must take extra care to ensure these customers receive fair outcomes. Upon completion, learners will understand their obligations under the Consumer Duty and be equipped to implement the requirements in their day-to-day roles.
