Consumer Duty training

Our Consumer Duty training teaches the fundamentals of the Financial Conduct Authority’s (FCA) Consumer Duty. Empower and protect consumers whilst maintaining regulatory knowledge through an engaging video miniseries and learning activities.

What is the new Consumer Duty Principle?

The new Consumer Duty is a direct result of the FCA’s review of its regulatory framework and how it applies its Principles. It provides clear standards of consumer protection across financial services and requires firms to empower and protect consumers to achieve good customer outcomes.

About this Consumer Duty training

In these activities you’ll cover the three key elements of the Consumer Duty with practical examples of how to apply them in your firm.

You’ll get the information you need to drive cultural change and put the consumer at the heart of what you do. You'll also be able to test and validate your knowledge through the pathway assessment.

Who is this course for?

This eLearning is targeted at all FCA regulated firms and their employees working in the financial services sector within the UK.

Why is the training important?

The new Consumer Duty is a direct result of the FCA’s review of its regulatory framework and how it applies its Principles.

All employees in all sectors of Financial Services and their supply chains must be aware of the updated Financial Conduct Authority (FCA) Consumer Duty. Is it essential they know how to adhere to the Consumer Duty to ensure regulatory compliance.

Learning objectives

After completing this Consumer Duty training you’ll be able to:

Identify and demonstrate the expected standards of behaviour outlined within the Consumer Duty rules and guidance.
Support consumers to make good financial decisions that promote financial well-being and consumer trust.
Influence and implement changes to behaviours, policies and products.

Course content

The Consumer Duty training course covers the following topics:

The Consumer Principle
The Consumer Duty Outcomes
Vulnerable Customers and SM&CR
Monitoring and Governance

Once the training has been completed, you will need to complete a short assessment which requires a minimum of 70% to pass the course.

Course style

This Consumer Duty training consists of our five-part fictional miniseries called THE SHIFT and accompanying e-learning.

Follow our main character, Jack Napier, through his financial services career and the challenges that arise as a result of his conduct and decisions. Each episode corresponds to a learning activity within the learning pathway.

How is this course delivered?

The course is delivered through eLearning meaning it can be undertaken at a time most suitable to the learner. It is fully accessible on desktop, tablet and mobile.

Our learning management system promotes a culture of learning and allows training to be tracked and assigned effortlessly.

The three key elements:

The Consumer Principle - outlining the standards of behaviour the FCA expects from firms. The Consumer Principle extends to firms that are involved in the manufacture or supply of products and services to retail clients, even if they do not have a direct relationship with the end customer.

Cross-cutting Rules - setting out the key behaviours demanded by the Consumer Duty and makes it clear the Consumer Principle requires firms to take all reasonable steps to:

Avoid causing foreseeable harm to customers
Enable customers to pursue their financial objectives
Act in good faith

The Four Outcomes – representing what the FCA believe to be the key elements of the firm-customer relationship. These include how a firm designs and sells its products and services and manage key touch points along the customer journey.

The four outcomes

These build on the Consumer Principal and Cross-cutting Rules and represent the key elements of a firms relationship with its customers.

Communications Outcome – ‘equip consumers to make effective, timely and properly informed decisions about financial products and services.’
Products and Services Outcome – ‘designed to meet the needs of consumers, and sold to those whose needs they meet.’
Customer Service Outcome – ‘enabling customers to realise the benefits of products and services and act in their interests without undue hindrance.’
Price and value Outcome – ‘the price of products and services represents fair value for consumers.’

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Why use Access Learning?

Credible content – our courses are accredited, endorsed and designed in partnership with subject matter experts.
Multi-platform learning - optimised for mobile and tablet, meaning less text and more engaging, easily accessible content.
True ‘bitesize’ microlearning – making your learning experience more manageable, efficient and relevant.
Learning pathways - split courses up into digestible topics to make it quicker and easier to find training in the flow of work.
Accessible to all – our courses are compliant with the WACG.2 standards and screen reader optimised.
Updated and refreshed – Access Learning courses are regularly updated ensuring the most up to date and compliant content.

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