The introduction of the Consumer Duty code has sparked a major shift in the UK financial sector, urging organisations to pivot from merely ticking boxes to embedding consumer-centric practices into their core operations.
This guide shines a light on this transition, offering a path from fast-paced implementation to deep-rooted integration. By aligning Consumer Duty with strategic business values, the guide not only enables compliance but also opens up the potential for enhancing returns through ethical financial practices.
Going on this journey requires a detailed understanding of what Consumer Duty involves and how it can be woven into your organisation's operations. This guide is designed to dismantle the complexities surrounding Consumer Duty, presenting a clear, actionable framework that you can adopt to ensure compliance while driving business value.
About this white paper
"Acting to deliver fair outcomes for consumers is not just a regulatory requirement but a strategic imperative for financial firms under the Consumer Duty code."
Following a fast-paced implementation, organisations must now embed Consumer Duty into their operating models. This guide sets out how you can achieve this efficiently and effectively.
The route to embedding Consumer Duty within your operating model can seem daunting. This guide takes you through the landscape of regulatory compliance, towards a future where Consumer Duty is not just an obligation but a strategic advantage. Through detailed analysis and actionable insights, we dissect the implications of Consumer Duty, illuminating how it is driving a transformation in consumer protection and ethical practices across the sector.
This guide explores the links between Consumer Duty and operational excellence. It offers a blueprint for firms looking to ensure regulatory mandates match with their strategic objectives, keeping consumer welfare at the heart of business decisions. Your organisation will be equipped to navigate the intricacies of the Consumer Duty code, turning regulatory challenges into opportunities for growth and differentiation.
What you will learn
This white paper will show you:
- The foundational principles of the Consumer Duty code and its transformative potential for the UK financial sector
- Strategies for integrating Consumer Duty into your operational framework, ensuring compliance is seamlessly woven into everyday business practices
- Practical steps for enhancing product governance, from design through to distribution, with consumer interests at the forefront
- The importance of developing robust testing and assurance programs as pillars for demonstrating ongoing compliance and protecting consumer interests
- Metrics and monitoring techniques to track compliance, enhance consumer protection, and derive actionable insights for continuous improvement
Who will benefit?
This white paper is aimed at:
- Senior executives and management teams steering their organisations through the complex terrain of UK financial regulations
- Risk management professionals seeking to deepen their understanding of Consumer Duty and its practical application
- Compliance officers dedicated to ensuring their firms not only meet but exceed regulatory standards
- Product managers and development teams focused on creating financial products that truly serve consumer needs
Bringing it together with Protecht ERM
Protecht ERM streamlines the task of integrating Consumer Duty into your operational model:
- Visualise the consumer journey, identifying and addressing potential gaps in product governance and compliance.
- Implement and track metrics monitoring programs, leveraging real-time data to ensure adherence to Consumer Duty requirements.
- Facilitate comprehensive testing and assurance processes, underpinning your compliance strategy with solid evidence and accountability.
- Enhance board and senior management reporting, offering clear, actionable insights into your firm's alignment with Consumer Duty outcomes.
