What are the practical challenges of complying with the new Consumer Duty on digital channels – and how to overcome them?

The second and final consultation on the new Consumer Duty closed on 15 February and the new Consumer Principle is due to come into effect along with the 3 cross cutting rules and 4 Consumer Outcomes on 1 July. Whilst there is an implementation window of 9 months to make all the required changes to products, pricing and processes, work needs to start now if the deadline is to be met.

Once all the decisions have been made about products and pricing, attention will focus on the delivery processes. Digital will be the major channel. But the new Consumer Duty is raising the expectations how firms ensure that customers achieve good outcomes, how they monitor what is happening , what sources of information are available to them, and how do they evidence to the FCA that the firm has achieved the four consumer outcomes.

This webinar is designed to give attendees some practical insights into the way that technology can equip firms with the tools and the data to achieve the new Consumer Duty as it relates to digital channels.

The format of the webinar will be:

• An overview of the current situation of the Consumer Duty as it relates to digital channels
• Some thoughts about how firms can modify their digital processes to meet the new Consumer Duty requirements
• An outline of how CX capabilities and data can be viewed through a different lens to meet the conduct requirements of the Consumer Duty
• ·A panel discussion/Q&A