The FCA’s proposals for a new Consumer Duty hold far-reaching implications for financial services providers across the different markets. The Consumer Duty isn’t about ticking boxes on a checklist; it is about embedding the customer perspective at the heart of your business and business model.

This interactive workshop will focus on the practical actions that you can undertake to prepare your organisation and the board for the incoming Consumer Duty.

You can expect to develop the new skills and perspectives required to embed the customer perspective and demonstrate evidence of this to the regulator. For example, the focus on showing the distribution of customer outcomes in MI and demonstrating effective customer communications.

The practical training will focus on how to apply and embed the relevant tools in your organisation, such as behavioural economics, data analytics and science, and business model analysis.

We will discuss how the proposals might change in the Policy Statement, and the nuances of the handbook text versus the guidance.

Learning outcomes:

  • To be informed and knowledgeable about what the Consumer Duty requires of your organisation
  • To understand the context of the Consumer Duty and practical implications for your organisation
  • To be able to identify which tools are required in which circumstances
  • To be empowered to use these tools in your organisations
  • To be able to confidently evaluate how well your organisation does against each of the Four Outcomes
  • To be able to identify the practical actions required in order to meet the FCA’s new expectations
Reinder van Dijk

Reinder van Dijk

Head of Financial Services team, Oxera

Head of Oxera's Financial Services team. With more than 20 years of experience in the sector, Reinder has advised major retail and investment banks, l...

Head of Oxera's Financial Services team. With more than 20 years of experience in the sector, Reinder has advised major retail and investment banks, lenders, insurers and re-insurers, trading platforms, payment system companies, and asset managers and distributors on regulatory investigations, supervision/conduct risk, and competition and litigation cases. He has been involved in all major regulatory and market investigations in financial services, and he has provided written and oral evidence. Reinder has delivered bespoke behavioural economics and competition economics courses to staff members at the FCA, other regulatory authorities, financial services companies, and law firms.

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Peter Andrews

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.

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Tim Hogg

Tim Hogg

Senior Consultant, Oxera

Tim is a Senior Consultant in our Financial Services Regulation practice, specialising in behavioural economics. Tim has advised a number of financial...

Tim is a Senior Consultant in our Financial Services Regulation practice, specialising in behavioural economics. Tim has advised a number of financial services providers on the fairness of their pricing strategies and product design, providing practical assessments of fairness. He has experience across financial services, including insurance, consumer credit, retail banking, and pensions. Tim regularly delivers training on behavioural economics, and he has published articles on applying behavioural economics to regulation. Prior to joining Oxera, Tim worked at another consultancy where he specialised in regulation. He holds MSc Behavioural Economics

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Dr Minyoung Rho

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.

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Oxera Consulting

Oxera Consulting

We are Europe's leading economics consultancy in financial services, with a reputation for independence, integrity and analytical excellence. We combi...

We are Europe's leading economics consultancy in financial services, with a reputation for independence, integrity and analytical excellence. We combine economic and finance skills with extensive industry experience. We have more than 150 economists and finance experts, industry practitioners, and former regulators.

Oxera advises supervisory and market investigations, section 166 reviews, and authorisations.

Oxera has also advised regulators including the FCA and designed and delivered training programmes for regulators, public bodies, law firms, and corporates.

We have extensive experience in informing the design of regulation and thinking of regulatory authorities. We advised on all major European and UK regulatory and competition investigations in financial services and have extensive experience in preparing firms for supervision and authorisation.

We combine our core skills (competition economics, finance, modelling and behavioural economics) with creative thinking to advise on regulatory strategy and deliver innovative and practical solutions for clients.

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