Following the Consumer Duty rules coming into effect on 31 July 2023, all financial services firms have been required to review and update their products and services to ensure they are putting consumers at the heart of their business. The Consumer Duty Practice Diagnostic Tool* has been designed to enable Personal Finance practitioners to assess how effectively they and their teams have implemented the new Consumer Duty rules.
This tool will help you identify those areas of weakness in your or your team’s implementation of Consumer Duty. To gain further support on understanding the fundamentals of the Consumer Duty, consider purchasing the Overview of Consumer Duty Regulations. To see real-life examples and case studies of how other firms have handled these changes, consider purchasing the Spotlight: Consumer Duty Good Practice Examples module. For further support on planning how to mitigate any areas of weakness, consider purchasing the Spotlight: Consumer Duty Action Planning Process module or the Consumer Duty Action Planning Workshop.
You can also purchase all four of the digital learning products together as the Consumer Duty Digital Learning Suite, representing a cost saving of 20%. Please visit the CII shop for further details.
To help you understand what products to purchase for your team, take a look at the diagram below:
You can find more information and a specific example in our Consumer Duty purchasing scenario.
Who is the Consumer Duty Practice Diagnostic tool for?
This tool is ideal for those practitioners working in small firms, and those practitioners who are team or department leaders in medium-sized firms.
Learning objectives
By using the self-assessment diagnostic tool, you will be able to:
- identify areas of potential weakness in your or your teams’ implementation of the Consumer Duty; and
- prioritise those areas of potential weakness in your or your teams’ implementation of the Consumer Duty.
Study
- 12-month access to the tool – starts within 48 hours of purchase.
- Delivered on RevisionMate using quizzes, allowing you to assess your readiness against a set of suggested actions – you will receive an email with details of how to access the tool following purchase.
Assessment, completion certificate and CPD
As this a tool used for guidance, and therefore cannot be ‘completed’, there is no assessment, certificate of completion or CPD.
Price
£1 for PFS members or £64 for non-members (incl. VAT).
Visit the shop to enrol on the course
Register your details for more information
Download our flyer for the full course details
*This tool is intended to enable small firms and teams within medium sized firms to consider how well they have met the new Consumer Duty requirements. If they determine actions are required, there are other products to support them in developing suitable action plans. These products are not designed to provide learners with definitive actions they must take as each firm and its consumers, products and services are unique.
