PFS and CII launch Consumer Duty digital learning suite

The Personal Finance Society (PFS) and Chartered Insurance Institute (CII) have launched a Consumer Duty digital learning suite for members.

A statement released today (4 October 2023) said the suite, which was developed with financial service experts, should further help firms comply with the new FCA regulations.

It will include new courses and a diagnostic tool that provide practical insights and development strategies that can be tailored to individual business’ needs.

Don MacIntyre, interim chief executive for the PFS, said: “We are proud to introduce the Consumer Duty digital learning suite, which builds on the significant resources already developed by the PFS to meet business needs.”

Courses

The Consumer Duty regulation was implemented by the FCA earlier this year (31 July 2023) and requires insurance firms to review their products and services against a new standard of fairness.

The first course on the new training programme provides firms with an introduction to regulatory requirements for firms and employees.

The second – entitled Spotlight: Consumer Duty Good Practice Examples – is aimed at senior staff and leaders and is designed to help finance professionals embed and optimise practical and cultural changes using real-world examples.

And the third course – entitled Spotlight: Consumer Duty Action Planning Process – offers a framework for prioritising consumer-centricity, compiling evidence, and driving cultural shifts within teams and firms.

Meanwhile, the dianostic tool is designed to identify weaknesses in implementation of the Consumer Duty regulation.

MacIntyre added: ”I would encourage all finance professionals to identify and take the steps needed to drive our sector forward, embracing the positive shift in culture intended by the FCA with the introduction of its Consumer Duty regulations.”