Deloitte Insights

Episode 34: The New Consumer Duty – raising consumer standards of care

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The Financial Conduct Authority has published its final rules for its new Consumer Duty. The Duty raises the standards of consumer protection in retail financial markets. With the introduction of a new Consumer Principle, and a set of cross-cutting rules and outcomes that support it, firms now face a significant task to meet these raised standards of consumer care. In this episode, Deloitte's regulatory, financial services and legal experts David Strachan, David Clements and Jake Ghanty share their quick take on the Duty and how they think it will shape the UK financial services sector, with guest host Joy Kershaw.

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Key questions:

  • What is the New Consumer Duty and what does it mean for financial services firms?
  • What has changed since the FCA’s last consultation?
  • When will the Duty be implemented and what should firms do now?
  • What are the key priority areas for firms to implement the Duty successfully?
  • To learn more about the Consumer Duty and the impact for firms, register for our upcoming webinar here.
  • You can also find our blog post about the FCA’s finalised rules here.

Speakers

David Strachan
Head of EMEA Centre for Regulatory Strategy

David is Head of Deloitte’s EMEA Centre for Regulatory Strategy. He focuses on the impact of regulatory changes - both individual and in aggregate - on the strategies and business/ operating models of financial services firms. David joined Deloitte after 12 years at the FSA, where in his last role, Director of Financial Stability, he worked on the division of the FSA into the PRA and the FCA.

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David Clements
Partner

David has 25 years’ experience in the financial services industry and has significant experience across Retail Banking, Wealth Management and Insurance markets. David leads our National Retail Conduct and Governance team. David specialises in advising on compliance and conduct risk issues, ranging from SMCR, the design and development of conduct risk strategy and frameworks, leading our conduct assurance activity, including skilled person review and leading many of our large scale complex regulatory transformation projects.

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Jake Ghanty
Partner

Jake leads the financial regulation legal advisory practice within the Deloitte Legal team and advises clients including payment institutions, e-money issuers, benchmark administrators, banks, insurers, broker-dealers, asset managers, crowdfunding platforms and technology companies.
Jake advises on matters of non-contentious regulation for businesses regulated by the FCA and/or PRA as well as individual members of senior management. He has particular specialisms in the regulation of fintech businesses and payments and e-money firms.
He has undertaken secondments previously with a fund manager and a life insurance company.

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Joy Kershawy
Senior Manager

Joy is a Senior Manager in the EMEA Centre for Regulatory Strategy with a focus on investment management. Before joining Deloitte, Joy worked at the FSA and the FCA focussing on investment management and capital markets, and at the European Commission focussing on financial stability. Joy holds an Economics degree from the University of Cambridge.

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Transcript

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