Embedding the Consumer Duty

Course overview:

The Financial Conduct Authority’s (FCA) Consumer Duty has been in force for almost a year. Already the regulator has acted in relation to ‘fair value’ and effective communications.

This interactive workshop will focus on these two key areas of attention and cover practical ways of how to bring together evidence of embedding the Consumer Duty in your organisation.

The FCA expects firms to be able to demonstrate compliance with the Duty through robust evidence (including reports to the Board).

What is fair value?

In this workshop we will take you through practical concepts and tools to assess fairness of pricing and customer outcomes and explain how to evidence this using behavioural economics, data analytics and business model analysis the importance of having a robust ‘fair value framework’, and practical suggestions for how you can implement your own.

How to design effective

Customer communications?

During the session, we’ll use practical examples, and insights from good industry practice to explore the dos and don’ts of effective customer communications when and how to test how to optimise customer communication using the latest insights from behavioural economics.

Learning outcomes:

To be informed and knowledgeable about how to embed the Consumer Duty in your organisation
To understand the practical implications of the Consumer Duty for your organisation
To be able to identify what evidence is required to assess ‘fair value’
To be able to identify the right practical actions required in order to meet the FCA’s expectations in relation to customer communications
To be confident to use the tools of behavioural economics and business model analysis in your organisations

Interested in taking any of our workshops in-house?

Whether you are seeking to upskill your team, enhance productivity or foster a culture of continuous learning, we can deliver customised training programmes designed to meet your specific needs. If you have an enquiry, you can complete the in-house form and our training team will be in touch with next steps.

In-house training

Area of expertise:

Unsecured Consumer Credit Mortgages Personal banking Prudential risk, reporting and tax

Reinder Van Dijk

Partner and Head of Financial Services, Oxera

Reinder has more than 20 years of professional experience in applying economics in the context of regulatory and supervisory investigations, competiti...

Reinder has more than 20 years of professional experience in applying economics in the context of regulatory and supervisory investigations, competition and market investigations, mergers and acquisitions, and litigation cases.

He leads Oxera’s work in financial services and has advised major retail and investment banks, lenders, insurers and re-insurers, securities exchanges and other FMIs, payment system companies, fund managers, and distributors.

Reinder has been involved in competition, regulatory, supervisory and market investigations, and has provided written and oral evidence. He is listed in The International Who’s Who of Competition Lawyers & Economists and has delivered training courses to the various regulatory authorities, including the FCA, government departments, financial services companies and law firms.

Peter Andrews

Senior Advisor, Oxera

Peter was the Chief Economist of the FCA until early 2017, leading a substantial economics practice at the regulator for over twenty years. Peter led...

Peter was the Chief Economist of the FCA until early 2017, leading a substantial economics practice at the regulator for over twenty years.

Peter led many original research projects in such as competition, capital, wholesale risk issues (e.g. shadow banking) and retail conduct, including behavioural economics. Many of the projects were important contributions to the FCA's programme of Competition Market Studies and to the wider debate on financial services, both in the UK and around the world.

Peter is the author of books, chapters and papers on regulation, economics and banking. He is Member of Institute of Chartered Accountants in England and Wales, and the Chartered Institute of Securities and Investment.

Tom Davies

Consultant, Oxera

Tom is part of Oxera’s Regulation and Market Design team, with a particular focus on the economics of the financial services sector. He specialis...

Tom is part of Oxera’s Regulation and Market Design team, with a particular focus on the economics of the financial services sector. He specialises in applying behavioural economics to regulation and conduct risk in financial services and has advised payments services companies, banks, building societies, brokers and insurance companies across a range of issues.

Tom has delivered training to multiple firms on behavioural economics, value for money assessments and on implementing the FCA’s new Consumer Duty. He has advised financial services firms on questions of market design, and assessing fair value of products and services.

Dr Minyoung Rho

Consultant, Oxera

Minyoung is a data scientist, specialising in using advanced data analytics to unlock new insights into customer outcomes and behaviour. Her work in t...

Minyoung is a data scientist, specialising in using advanced data analytics to unlock new insights into customer outcomes and behaviour. Her work in the financial services sector centres on quantifying the consumer impact of changes in distribution channels, product design, regulation, and competitive conditions.

Prior to joining Oxera from academia, she was a research fellow and lectured at Barcelona School of Economics, where she received grants on her research projects estimating impact of financial policy in Spanish housing market during the Global Financial Crisis of 2008.

Jessie Davidson

Financial Services team member, Oxera

Jessie is a member of Oxera’s Financial Services team. She uses economics and analytical tools to provide solutions to a range of issues, and has work...

Jessie is a member of Oxera’s Financial Services team. She uses economics and analytical tools to provide solutions to a range of issues, and has worked on projects spanning impact assessments, commercial disputes and commercial strategy. She has undertaken analysis estimating the impact of policies, assessing fair value and assisting firms with regulatory compliance. Jessie regularly delivers training for financial services firms, including on the implementation of the FCA’s Consumer Duty and behavioural economics.

This workshop is aimed at senior managers from all three lines of defence.

For example:

Product owner
Head of pricing
Head of risk
Head of compliance
Head of marketing
Head of digital
Head of internal audit
Head of strategy

Really enjoyed the session. First truly practical application of what the Consumer Duty means

One of the best workshops on Consumer Duty; very good use of finance skills and data analytics combined with behavioural economics

One of the best Consumer Duty sessions I've attended. Will help enormously with our implementation! Thank you!

Really enjoyed it and found it insightful’