1 / 12

Consumer Duty and Financial Crime Compliance

This document reviews key themes and takeaways from recent Financial Conduct Authority (FCA) publications and industry reports regarding the implementation and impact of the Consumer Duty, especially in relation to financial crime compliance.<br><br>Provided by Compliance Consultant, home of the Compliance Doctor. For inquiries, contact us at info@complianceconsultant.org or call 0800 689 0190. You can also schedule a call directly via this link: https://bit.ly/CCDiscovr.

leewerrell
Télécharger la présentation

Consumer Duty and Financial Crime Compliance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 5 Minute Silent Webinars

  2. Consumer Duty and Financial Crime Compliance in the UK Welcome! This presentation will discuss the UK's Consumer Duty and Financial Crime Compliance, providing insights for financial institutions.

  3. Overview of Consumer Duty Regulations Focus on Customer Outcomes Clear Standards and Expectations Enhanced Consumer Protection The UK's Consumer Duty emphasises fair treatment of customers, promoting positive outcomes. Firms must provide clear information and guidance for customers to make informed decisions. The Consumer Duty sets higher standards for financial services firms, increasing customer protection.

  4. Key Compliance Requirements for Financial Services Firms Product Governance Pricing and Value Firms must ensure products are designed and distributed responsibly, meeting customer needs. Firms should offer fair and transparent pricing, providing value to customers. Communication and Information Customer Support Firms must offer effective customer support, addressing concerns and resolving issues promptly. Firms need to communicate clearly and concisely, providing accessible information for customers.

  5. Identifying and Mitigating Financial Crime Risks Fraud and Scams Money Laundering Firms need to have robust systems to identify and prevent fraudulent activities. Firms must comply with anti-money laundering regulations, conducting due diligence on customers. Terrorist Financing Firms need to be vigilant against financing of terrorism, implementing robust controls and monitoring.

  6. Enhancing Customer Outcomes and Protection Financial Wellbeing Firms should promote financial literacy and empower customers to make informed financial decisions. 1 Fair Treatment 2 Firms need to treat customers fairly and transparently, providing access to products and services that meet their needs. Customer Focus 3 Firms must prioritise customer interests, ensuring their needs are met throughout the relationship.

  7. Regulatory Expectations and Enforcement Strict Compliance The regulator expects strict compliance with Consumer Duty and Financial Crime rules. Increased Scrutiny Firms will face increased scrutiny and monitoring from regulators, particularly for vulnerable customers. Potential Penalties Non-compliance can result in significant penalties, including fines and reputational damage.

  8. Developing Robust Compliance Frameworks Risk Assessment 1 Conduct thorough risk assessments to identify and prioritise potential financial crime risks. Policies and Procedures 2 Implement comprehensive policies and procedures to address compliance requirements. Training and Education 3 Provide ongoing training and education for staff, ensuring they understand compliance obligations. Monitoring and Reporting 4 Establish robust monitoring systems to track compliance activities and report findings to senior management.

  9. Next Steps and Implications for Your Business 1 2 Review and Update Implement Controls Review existing policies and procedures to ensure compliance with the Consumer Duty. Put in place effective controls to mitigate financial crime risks and enhance customer protection. 3 Train and Educate Train staff on new compliance requirements and reinforce a culture of compliance.

  10. Let's Discuss Your Needs To learn more or to schedule a no-obligation discovery call, please don’t hesitate to get in touch with us at https://complianceconsultant.org, info@complianceconsultant.org or in the UK call on0800 689 0190. Alternatively, you can schedule a call directly via this link https://bit.ly/CCDiscovr.

  11. If you have any burning questions, please contact us

  12. If you have any burning questions, please contact us

More Related