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Consumer Duty Regulation – S3EP4

Consumer Duty Regulation – S3EP4

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Hosted By Jawad Akhtar

Episode Show Notes

Welcome to FinTalk, the the go-to podcast for financial services that tackles the biggest issues in finance.

In this episode, our host Jawad Akhtar welcomes Michael Lawrence from Bovill, a top expert in the field. They talk about the nitty-gritty of Consumer Duty and what it means after the July 2023 deadline. They’ll also look at how the FCA’s changing rules and how technology can help with following the rules.

This episode of FinTalk by VERMEG covers: 

    • Where we are with putting Consumer Duty into action in the wealth management world.
    • How the FCA’s steps are helping companies understand what ‘fair value’ means.
    • The struggles companies have with Consumer Duty’s broad rules.
    • Why technology and new ideas are key to meeting Consumer Duty needs.

Links & References

VERMEG:

https://www.vermeg.com

https://www.linkedin.com/company/vermeg

Jawad Akhtar:

https://www.linkedin.com/in/jawad-akhtar-fintalk

Bovill:

https://www.linkedin.com/company/bovill-limited/

Michael Lawrence:

https://www.linkedin.com/in/michael-lawrence

Stay tuned for more insightful conversations on the FinTalk podcast.

Episode Highlights

Michael Lawrence discusses how firms have approached the implementation of Consumer Duty, saying, “Many firms did really good work to implement the duty. It’s a big ask for people to reappraise all of your products and services.”

Reflecting on the FCA’s role, he adds, “We’ve seen over the last six months the FCA taking action in certain areas. And people say, ahh, so that’s what fair value means.”

On the topic of technology’s role, Lawrence notes, “Tech must be a kind of underpinning of all of the key duty outcomes… You can use tech to carry a lot of the burden here.”

Tune in to the complete episode on your favorite streaming platform to keep up-to-date with the newest trends and rules that impact your business.

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