Consumer Duty and Financial Crime Compliance

Consumer Duty Implementation and Oversight# A. Ongoing Advice Standards: Firms must ensure ongoing advice is valuable by: Clearly defining services and fees. Demonstrating client-specific value, particularly for new clients. Providing timely, proactive advice. Maintaining transparent documentation. B. Customer Outcome Monitoring: Effective monitoring is crucial for compliance. Firms should: Assess real-world impacts across diverse customer groups. Use data analysis and set clear outcome thresholds. C. Board Responsibility: Board reports should analyse outcomes for different customer groups and ensure a culture focused on positive outcomes. Provided by Compliance Consultant, home of the Compliance Doctor. Contact us at [email protected] or call 0800 689 0190. Schedule a call here: https://bit.ly/CCDiscovr.