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.
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:
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.