Retail Conduct of Business

Regulators expect firms to put their retail consumers at the heart of their systems and controls andembed good consumer outcomes into their business plans and strategies. The new Consumer Duty reinforces the importance regulators place on consumer outcomes and it requires enhanced approaches by all firms operating in the retail markets.

Retail conduct covers all elements of the customer journey from the development and governance of products and services, to marketing arrangements, sales and advisory practices, account servicing and the handling of complaints and exits. It also covers all products manufactured and/or distributed to retail (and small business) customers.

Effective conduct with retail consumers maintains compliance and creates commercial opportunity through the effective targeting of products, improved customer perception and enhanced reputation.

Our Approach

We work with all firms operating in the retail markets, including banks, asset managers, private banks, insurers, brokers and payment services firms. We tailor our approach to the firm, its customers and services. Our solutions reflect the scale of the business, the regulatory, operational and reputational risks it faces and potential harm to its customers. Our team has worked in front and back office at financial services institutions, compliance and risk leadership roles and as regulatory consultants. We blend this practical experience with the relevant technical skills to deliver sustainable solutions.

Our Services

We offer a range of services including Skilled Person assignments, independent assurance, past business reviews, advisory mandates and project delivery support. We also provide training and resources to businesses to ensure that their business models align with regulator expectations.

We support firms with:

Product Reviews

Looking ‘end to end’ or at individual components of a product and its governance, including how the product is designed, developed, marketed, distributed and serviced.

Conduct of Business Regulatory Reviews

Including topics such as suitability and appropriateness, communications with customers, financial promotions, dealing and managing investments and the provision of customer reporting.

Training and Education for Management and Staff

Supporting staff develop and operate systems and controls that align with regulator expectations and supporting management to ensure that they are discharging their responsibilities in line with Senior Manager (SM&CR) requirements.