The Financial Conduct Authority (FCA) is introducing a new ‘Consumer Duty’ for retail financial services businesses. This will drive a fundamental shift in the financial services industry to promote a higher and more consistent standard of consumer protection.

Firms that embrace this, have an opportunity to drive genuine customer centricity and improve the trust and confidence of their customers and the wider public. However, there is a danger some firms haven’t fully grappled with both the full extent of change needed and its breadth – and while there’s just over a year until implementation, the FCA has said Boards must approve firm programme plans by the end of October 2022. So, how do you go about this correctly? What should firms be doing now to get ready for the new regulations?

In this live webinar, you’ll join former CEO of the Financial Ombudsmen Services and member of PA’s management group, Caroline Wayman as she shares her reflections of the Consumer Duty and sets out ways to:

  • Embrace the shift and get the whole organisation onboard
  • Think more ‘customer’ and less ‘compliance’
  • Explore the key areas of the duty how it will be applied in practice, and
  • Discuss how you can evidence implementation
Area of expertise:
Caroline Wayman

Caroline Wayman

Conduct and Consumer Duty expert, PA Consulting

Caroline is a partner in PA’s Risk and Regulation practice. Caroline works with leading clients across banking, insurance and asset management bringin...

Caroline is a partner in PA’s Risk and Regulation practice. Caroline works with leading clients across banking, insurance and asset management bringing to bear her considerable skills and experience to help our clients tackle their biggest conduct issues and to undertake transformational change, putting customers at the heart of their businesses and driving shareholder value.

Prior to joining PA, Caroline led the Financial Ombudsman Service as Chief Executive for nearly seven years. She led significant transformation and modernisation, responding to customer needs and unprecedented challenges during the pandemic. Having overseen the handling of hundreds of thousands of disputes, across the full spectrum of financial services, Caroline brings a unique perspective on customer and conduct issues in financial services in the UK. Before she was CEO, Caroline was Legal Director and Principal Ombudsman at the Financial Ombudsman Service and led the policy and operational response on many high-profile issues, including PPI and before that, Mortgage Endowment mis-selling.

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Eric Leenders

Eric Leenders

Managing Director, UK Finance

In his role as managing director of personal finance, Eric is responsible for all personal finance matters, including cards, complaints handling, cond...

In his role as managing director of personal finance, Eric is responsible for all personal finance matters, including cards, complaints handling, conduct regulation, consumer credit, payments, savings and supporting vulnerable customers across retail and private banking portfolios. Eric is accountable to retail, private and mid-tier bank CEOs for the development and delivery of sector specific strategies, maintaining active senior-level engagement with politicians, regulators, consumer advocates and policy makers on a range of issues to support the economy, serve customers better and earn trust in the sector.

Eric is a chartered banker and a non-executive director at the Buckinghamshire Building Society (chair of risk), Registry Trust Limited and also holds non-executive roles on the government's Credit Union Expansion Project and Regional Growth Fund.

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PA Consulting

PA Consulting

We believe in the power of ingenuity to build a positive human future in a technology-driven world. As strategies, technologies and innovation collide...

We believe in the power of ingenuity to build a positive human future in a technology-driven world.

As strategies, technologies and innovation collide, we create opportunity from complexity.

Our diverse teams of experts combine innovative thinking and breakthrough use of technologies to progress further, faster. Our clients adapt and transform, and together we achieve enduring results.

An innovation and transformation consultancy, we are 3,300 specialists in consumer and manufacturing, defence and security, energy and utilities, financial services, government and public services, health and life sciences, and transport. Our people are strategists, innovators, designers, consultants, digital experts, scientists, engineers and technologists. We operate globally from offices across the UK, US, Netherlands and Nordics.

Discover more at paconsulting.com and connect with PA on LinkedIn and Twitter.

PA. Bringing Ingenuity to Life.  

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  • Risk Director
  • Heads of Risk
  • Compliance Director
  • CRO
  • Strategy Directors
  • Customer onboarding
  • Complaints Director
  • Conduct
  • Regulatory Change

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