Podcasts about consumer duty

When a policyholder's vehicle is written off or in for repairs, the claims process becomes a defining decisive moment. Yet, one critical element—replacement vehicle provision—has long suffered from outdated systems, slow response times, and poor customer satisfaction. As expectations evolve and Consumer Duty demands higher standards, insurers must rethink this crucial touchpoint. It's time to make replacement mobility seamless, sustainable, and stress-free. In this episode of IB Talk, we speak with Leigh Broomhead, Strategic Account Director at Europcar, to explore how a traditionally overlooked part of the claims process is being revolutionised. With over 15 years' experience in the insurance sector, Leigh shares how Europcar is leveraging automation, electric vehicle infrastructure, and real-time integration to enhance the customer journey—delivering true like-for-like vehicle replacement when it matters most. Key takeaways from this episode: • Why replacement vehicle provision has historically been a major source of claims friction • How customer expectations around convenience and vehicle type have evolved • The game-changing impact of Europcar's integrated API solution for insurers • The role of real-time communication and digital apps in reducing call centre volume • How Europcar's electrification strategy supports sustainability goals and Consumer Duty compliance • Concrete results from a major UK insurer: reduced manual processing, faster turnaround times, and improved customer satisfaction scores Ready to learn how modern vehicle replacement can be a brand asset rather than a liability? Listen now to discover how insurers can deliver a faster, smarter, and greener claims experience.

Kimberley Dondo speaks to Ricky McKinney, UK Risk & Compliance Director at Royal London, about how outcomes-based regulation and the Consumer Duty are reshaping financial advice. They explore key findings from the Meaning of Value research, insights from the FCA's AGBR Policy Sprint, and the practical steps advice firms can take to embed value, demonstrate good outcomes, and use compliance as a competitive edge.   Discover more tools, research, and resources to support your Consumer Duty journey from Royal London today! Listen to the previous episodes in the series here.

Send us a textWhat happens after the case completes? For most mortgage brokers and protection advisors, client engagement often drops dramatically post-sale. Yet that's precisely when the real opportunity begins.Joanne Cole returns to the podcast to discuss how BrokerIQ (soon rebranding to Your Advisor Here) has evolved over 18 months into a comprehensive client engagement platform that's transforming how advisors maintain relationships with clients long after the initial sale.The catalyst for creating this technology came from Joanne's own experience as an advisor, when she realised she was handing clients lever arch folders filled with policy documents and expecting them to remember all the benefits they were paying for each month. "Is this really what I'm presenting to my client in this digital age?" she wondered.This platform helps advisors meet Consumer Duty requirements by documenting ongoing client communication and ensuring products remain suitable throughout their lifecycle. Unlike CRMs that focus on the sales process, this solution specializes in the post-sale journey – sending automated reminders about policy benefits, simplifying annual reviews, and creating a single digital location where clients can access all their financial information.The impact extends beyond compliance. By providing clients with a branded app experience where they can access all their policies (including valuable add-on benefits like 24/7 GP services), advisors enhance retention while ensuring clients get full value from products they've purchased. This proves especially effective with younger clients who expect digital-first experiences but might otherwise overlook protection products.As Joanne explains, "The client relationship does not stop when you complete your mortgage process or protection policies. It continues very much after that." By embracing technology that automates regular touchpoints without sacrificing the personal connection, advisors can build deeper relationships while freeing time to focus on what they do best – solving problems and providing expert guidance.Connect with Joanne on LinkedIn or visit their website to discover how enhanced client engagement can transform your practice and ensure your clients receive ongoing value from Looking for one to one mentoring, visit my website to see how it works craigskelton.co.uk #mortgagebroker #mortgagebrokers #mortgagebrokeruk #mortgagebrokercoaching #coaching #mortgagebrokerage #mortgagebrokerbusiness #mortgagebrokermarketing #mortgagebrokertips #mortgageadvisor #mortgageadviser #mortgagecoach #businesscoaching #successmentoring #selfemployed ...

In this special bonus episode, host Tessa Norman is joined by PwC Partner Sajedah Karim and Director Conor MacManus to unpack the FCA's newly released five-year strategy — and what it means for financial services firms.Our expert guests explore how the FCA aims to open up the debate around rebalancing risk, and drive a greater focus on enabling economic growth and embracing emerging technologies. The conversation dives into the regulator's shift towards a more outcomes-focused approach, and how the FCA is taking this forward through its feedback statement on reviewing rules in light of the Consumer Duty.Our guests also share practical insights on what this evolving regulatory environment means for firms — from shaping business models and strategy, to rethinking compliance in a more dynamic, tech-forward landscape.You can contact our PwC speakers if you'd like to discuss any of the topics covered at tessa.norman@pwc.com, sajedah.karim@pwc.com and conor.macmanus@pwc.com To find out more about the FCA's strategy, you can read our At a glance publication here: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments/fca-sets-out-growth-focused-strategy.html. You can also access our insights risk and regulation on our website: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html

In this episode of Just Covered, we meet Robin Melley, a founder and director of the Consumer Duty Alliance and co-founder of the Financial Vulnerability Taskforce. As the only person to win UK Chartered Financial Planner of the Year twice, Robin is a force to be reckoned with. We were lucky enough to get his insight into the evolution of the Financial Vulnerability Taskforce. And hear about his more recent work with us on the Thematic Review checklist, which has already proven a transformative tool for helping advisers with Consumer Duty. Don't miss this one… This episode also covers:· Common misconceptions around vulnerability, and the importance of building awareness of it into every financial plan.· The five key questions Robin recommends you ask every client seeking financial advice. · The need to build trust and engagement as an industry to bridge the advice gap and further enhance client outcomes.

How effective have new Consumer Duty protections been since being introduced by the Financial Conduct Authority (FCA) in 2023? How have financial services firms responded? And what kind of enforcement risks should firms be concerned about? Now that the dust has somewhat settled, this podcast looks at the impact of new consumer protections introduced by the FCA in 2023. For many financial services firms this has been a huge shift; requiring a fresh approach to regulation, governance, management information, and more. In this episode, Ashurst colleagues Nathan Willmott, Jake Green and Adam Jamieson offer a balanced view of the relative highs and lows of the Consumer Duty so far. They discuss the FCA’s focus on vulnerable customers, analyse the regulator's communications explaining its expectations to firms, and reflect on the FCA’s broadly positive view of how firms have responded. While acknowledging the administrative burden on firms, Adam and Jake agree that the Duty has had a positive cultural impact. And Nathan points out that the Duty is one way in which the FCA is using a broader toolkit to get firms to do what it wants them to do. Our expert panel also point out some areas of concern (including hidden costs and the unpredictability of where enforcement may occur), and they highlight some of the FCA’s learning experiences to date. The trio discuss what “doing the right thing” means in practice and how much risk this carries for regulated firms. And finally, they suggest some modifications that the FCA could make to its approach, which would ensure the Consumer Duty has the most effective impact going forward. To hear this (and to subscribe to future episodes in season two of our enforcement mini-series) search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify, or your preferred podcast player. And to find out more about the full range of Ashurst podcasts, visit ashurst.com/podcasts. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.See omnystudio.com/listener for privacy information.

In this episode, we explore the complex challenges and opportunities that organisations face in delivering greater transparency, fairness, and accountability. As the industry evolves, both fintechs and established financial institutions must navigate these demands to not only meet regulatory requirements but also to exceed them through innovation, ethical practices, and customer-centric strategies. With Sajedah Karim - Partner at PwC. Sajedah Joseph Twigg - CEO at Scottish fintech Aveni John Finch – Professor of Marketing (B2B) at the University of Glasgow's Adam Smith Business School, and Associate Dean (East Asia) at the University of Glasgow's College of Social Sciences.

In this episode of Connected with Latham, the second of three episodes complementing Latham's “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025” report, London partners Rob Moulton and Nicola Higgs and counsel Becky Critchley discuss the upcoming reform agenda for retail markets in 2025. They break down the difficult challenge of balancing risk-taking and growth with consumer protection, what is next for the Consumer Duty, and the progress on reforms to the consumer credit and consumer investment regimes.   This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York's Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York's Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

Season 2 of our regulatory enforcement mini-series kicks off by considering what the 2025 priorities are (and should be) for the UK's Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). With a busy year ahead for the PRA and FCA, this episode highlights some of the issues and trends that financial services firms should watch out for. For this episode, host Nathan Willmott is joined by his Ashurst colleague Adam Jamieson and special guest Saima Hanif KC, a barrister at 3 Verulam Buildings (3VB). Together, they discuss the Upper Tribunal’s packed caseload and the challenges for barristers and individuals seeking to argue these cases, including the impact of certain judges and the FCA's new strategy on disclosure. They also reflect on the FCA’s focus on speeding up investigations and streamlining its portfolio, consider how investigations are prioritised, and question whether or not it’s appropriate for the FCA to have a target for the proportion of investigations closed with no action. The conversation also tackles the vexed issue of the FCA’s penality-setting framework and what might be learned from the PRA’s approach. And finally, our expert panel flags up other issues that will shape 2025, such as the FCA’s revised proposals for naming and shaming (to be revisited in detail in a future episode), the rules around non-financial misconduct, and the prospect of a first Consumer Duty case. To listen to this and subscribe to future episodes in our enforcement mini-series, search for ‘Ashurst Legal Outlook’ on Apple Podcasts, Spotify or your favourite podcast player. And to find out more about the full range of Ashurst podcasts, visit ashurst.com/podcasts. The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.See omnystudio.com/listener for privacy information.

In this episode of ‘In Conversation With…', editor Tom Browne discusses the implications of the Consumer Duty with Vanessa Riboloni of the Chartered Insurance Institute (CII), Natalie Holt of The Lang Cat, Tracy Vegro of the Chartered Institute for Securities & Investment (CISI) and Keith Richards of the Consumer Duty Alliance.   Among the topics explored are industry reactions, shifts in culture, client expectations, fair value, unintended consequences and what might happen in the future.

Welcome to FinTalk, the leading podcast in the financial services industry that addresses the most pressing topics in the finance and regulatory technology sectors.In this episode, our host Jawad Akhtar is joined by renowned industry expert Karishma Galaiya, Senior Manager at Thistle Initiatives. Together, they delve into the evolving regulatory landscape for investment firms, covering key areas such as the Senior Managers Certification Regime (SMCR), Consumer Duty, sustainability regulations, and diversity & inclusion expectations.This episode of FinTalk covers:- The positive impact of the SMCR on accountability and culture within the finance industry - The significant challenges posed by the Consumer Duty, particularly for firms unaccustomed to regulatory change- The complexities surrounding sustainability regulations, including anti-greenwashing rules, ESG fund labelling, and data availability challenges- The forthcoming diversity and inclusion expectations, proposed targets, and potential links to the SMCR

In this episode of In Conversation With…, Kimberley Dondo speaks with Kate Rainbow, Head of Key Accounts at Hymans Robertson Investment Services. They discuss how Consumer Duty is reshaping the advice industry, from the rise of outsourcing to ensure sustainable income to understanding the manufacturer versus distributor distinction. Kate also explains the importance of scenario testing, evidencing value for money, and ongoing compliance strategies. Listen now to discover how firms can adapt and thrive under the new regulations.

In this episode we're diving into the Consumer Duty Regulation and the opportunities that outcomes-based regulation opens for innovative solutions that can enable financial services to maximise positive outcomes for all customers and in turn create economic and social growth. The Financial Regulation Innovation Lab has launched its third innovation challenge focusing on that topic with 14 financial services partners ranging from banks, building societies and credit unions. NatWest have been a keen supporter of this challenge seeing to harness the brightest ideas in fintech and to bring industry together on this key topic. Today, we'll explore what this means for financial services organisations, for the millions of people across the country who are customers of Financial Services firms and how innovation and ambitious fintechs are already making a difference. With: Will Kerr, Head of Customer Outcomes Samantha Brand Customer Lead Innovation & Partnerships

In this episode of the podcast, we are looking back at the first year of implementation of the FCA's Consumer Duty, which came into force in the summer of 2023. We are joined by Laura Hancock, Managing Director at Yutree Insurance, and Chair of the CII's Broking Community Board, and Mandy Hunt, Managing Director MGA's at the Clear Group, and Chair of the CII's Underwriting Community Board.

In our latest edition of Regulation Around the World, we consider the UK Financial Conduct Authority's Consumer Duty and see if the United States and Australia have already got similar concepts in their frameworks.

It has been more than 15 months since the UK Financial Conduct Authority (FCA) introduced the Consumer Duty for current products and over three months since its introduction for closed products. During that time, the FCA has gone from helping firms prepare for the duty's impact to scrutinising how they have implemented it.The FCA's approach to supporting firms prior to implementation won praise from many quarters. With "dipstick" progress surveys to reviews that explored good and bad practices, the FCA issued extensive documentation to help firms prepare, understand and implement its expectations.But as Sheldon Mills, executive director for consumers and competition at the FCA, said in a speech on the deadline date for duty implementation for closed products in July 2024, "this is not the beginning of the end…but the end of the beginning."In that speech, Mills highlighted FCA planning, including thematic work across sectors and targeting specific sectors, products or services and a focus on pricing and value outcomes.In this episode, Alex Robson, managing editor at Regulatory Intelligence, talks to Mike Cowan, senior regulatory intelligence expert, about the progress being made to embed the Consumer Duty in financial services firms, what recent enforcement activity means as the FCA looks to assess how firms are implementing the duty and what firms can do in future.LinksCOLUMN: TSB fine for mistreating financially distressed customers cites value of relationships over procedure: http://go-ri.tr.com/xte3nfIMPACT ANALYSIS: Volkswagen's FCA fine in drives a lesson in customer outcomes: http://go-ri.tr.com/jLXAR7IMPACT ANALYSIS: FCA fines PwC over not reporting London Capital & Finance suspicions: http://go-ri.tr.com/yKHVnC Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode of In Conversation With..., Kimberley Dondo talks with William Marshall, CIO and Head of Wealth Investment at Hymans Robertson Investment Services. They dive into key topics like sequencing risk, debunking longevity myths, and how Hymans Robertson's holistic approach supports clients in retirement. William also addresses how the Consumer Duty has shaped the focus on value for money, the balance between passive and active investing, and the role of factor investing in portfolio design. Tune in for essential insights on navigating the current market and regulatory landscape.

In this episode of the Data Malarkey podcast, master data storyteller Sam Knowles is joined by Mike Ellicock, Founder and Chief Executive of The Plain Numbers Project. Plain Numbers says of its purpose: “We enable clear communication of numbers everywhere so that people can better understand the choices they face in life.” This matters, because about half the adults in the UK have the numeracy skills expected of a primary school child. And one in five suffers from “maths anxiety”.   Plain Numbers works with all sorts of organisations to help them communicate the numbers that matter in ways that are clear, fair, and never misleading. Organisations like banks and building societies, insurers and utility companies, national and local government. Plain Numbers trains, assesses, and accredits individuals, teams, and whole organisations to communicate their data more effectively and transparently.   The company's approach is both deeply practical – developing the skills that businesses need for clear and simple communication of numbers – and deeply strategic, going and gaining access to the most senior decision-makers (often Government ministers) to effect meaningful, systemic change.   The progress Plain Numbers has made in just a few years has been accelerated by the introduction of the Financial Conduct Authority's rules and guidance on Consumer Duty which “sets high standards of consumer protection across financial services and requires firms to put their customers' needs first”.   Before founding Plain Numbers, Mike was the Founder and Chief Executive of the charity National Numeracy, which he ran throughout the twenty-teens. Prior to that he ran Numicon, an innovative, multi-sensory approach to teaching maths at primary school level, up to the time when Numicon was acquired by Oxford University Press.   For seven years either side of the millennium, Mike was a Captain in the Parachute Regiment. Outside of the day job, he still takes fitness and the realisation of what's possible physically to new heights – and always through a data-driven, evidence-based lens.   In 2015, Mike broke the world record for running a marathon wearing a 20lb back-pack, shaving ten minutes off the previous best by clocking a time of just 2h 56m 39s, a record that stands to this day. Next year he's aiming to row around the British Isles in under 40 days.   EXTERNAL LINKS   Plain Numbers home page – https://plainnumbers.org.uk   The Plain Numbers in Practice report from June 2024 – https://bit.ly/4c2e0Bv   Mike's LinkedIn profile – https://www.linkedin.com/in/mike-ellicock/   FCA Consumer Duty – https://www.fca.org.uk/firms/consumer-duty     To find out what kind of data storyteller you are, complete our data storytelling scorecard at https://data-storytelling.scoreapp.com. It takes just two minutes, and we'll send you your own personalised scorecard which tells you what kind of data storyteller you are.  

**One year into Consumer Duty—are we truly putting customers first?** In our latest podcast episode, I had the pleasure of diving deep with Helen Manahan and Pete Dunn from BPA Quality about the impact of the UK's Consumer Duty regulation, one year on. We unpacked how this regulation is driving a critical shift towards customer-centricity in the financial sector, highlighting both the successes and the ongoing challenges. Key takeaways: - The importance of designing processes that truly serve *all* customers, especially the vulnerable. - How the FCA is evolving from a punitive regulator to a supportive partner in driving better customer outcomes. - The vital role of technology and human empathy in navigating the complexities of customer service today. Whether you're in financial services or another industry, these insights are crucial as we all strive to better serve our customers in an increasingly complex world. Listen to the full episode for more actionable insights!

The extremely wide remit of Consumer Duty has meant that firms across financial services have had their hands full over the last couple of years – but what's next? After the July 2023 deadline, what do firms need to focus on? identifying vulnerable consumers, assessing price and value, and ensuring that robust data is available to monitor and prove good outcomes, are just a few of the things that firms will need to continue work on. In this episode of Regulated Radio, host Isha Gupta interviews experts Kareline Daguer, Director of Insurance at the EMEA Centre for Regulatory Strategy, Charlotte Wightwick Head of Conduct at the ABI and Paul Fraser, Director, and Consumer Duty lead for investment management at Deloitte on this issue.

In this episode, Lindsey Rogerson, senior editor and Mike Cowan senior regulatory intelligence expert discuss the UK Finance Conduct Authority's actions in the first year of its flagship Consumer Duty initiative. The FCA has hit the ground running with the Consumer Duty since its launch on July 31, 2023. No sector has been left untouched as the regulator has run its rule over how firms are delivering the Duty's requirement for firms to evidence and deliver fair outcomes to their customers. The conversation is split into two parts, a review of the first 11 months of the duty applying to open book products followed by a discussion as to how firms should be preparing for the arrival of the duty to closed product books from July 31. Links: FCA research into trading apps: https://www.fca.org.uk/publication/research-notes/research-note-digital-engagement-practices-trading-apps-experiment.pdfConsumer Duty: spotting and handling financial abuse of vulnerable customers: http://go-ri.tr.com/zv2gGfCustomer vulnerability: an extra layer to the UK FCA Customer Duty: http://go-ri.tr.com/zAurSHUK FCA's motor finance complaints pause hands: http://go-ri.tr.com/WlImYgANALYSIS: Motor finance: UK firms face months of uncertainty, say experts: http://go-ri.tr.com/wLpB5IINSIGHT: FCA finds deficiencies in insurance claims handling when valuing written-off or stolen vehicles: http://go-ri.tr.com/RHfs7hOPINION: FCA fines HSBC £6.2 million for arrears handling failures: http://go-ri.tr.com/2WEPxuOPINION: 10 things UK compliance officers must consider when dealing with customer's deposit accounts: http://go-ri.tr.com/9Bf43IOPINION: FCA to review firms' approach to dealing with vulnerable customers in 2024: http://go-ri.tr.com/1aAjZQUK FCA allows four firms to resume selling GAP insurance: http://go-ri.tr.com/ZYv1yLFor more information about Regulatory Intelligence please search for Thomson Reuters Regulatory Intelligence or check the show notes for a link https://legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode of (Re)thinking Insurance, Jenelle Cherrie is joined by Donna Cowell and Jonathan Richards to discuss the implementation of Consumer Duty and the obligations that insurance companies have to ensure good customer outcomes. They explore the changes they've seen in the market so far, some of the challenges insurers are facing complying with the Duty as well as the benefits that instilling a customer centric culture can bring to organizations.  

In the first episode of a new series, host Tessa Norman is joined by David Kenmir, PwC Partner in Financial Services Risk and Regulation, and Amrita Sawhney, a Director in PwC's Technology, Data and Analytics team, to take an in-depth look at the evolving redress and remediation landscape in the UK. Our expert guests discuss the changing regulatory focus on redress and remediation, spotlighting the impact of the FCA's ongoing motor finance discretionary commission review, and heightened expectations set by the Consumer Duty. Our guests also share perspectives on the increasing data demands of the regulator and how firms can better utilise their data by shifting from a ‘data-defensive' to a more proactive ‘data-offensive' approach. Finally, we exchange views on what a good remediation programme looks like, and the opportunities to harness technology to drive efficiency and effectiveness in this process. You can contact our PwC speakers if you'd like to discuss any of the topics covered, at tessa.norman@pwc.com, david.kenmir@pwc.com, amrita.k.sawhney@pwc.com  To hear more from us on Risk & Regulation, you can access our regular publications at this site: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments.html, including our recent article on complaints and redress: https://www.pwc.co.uk/industries/financial-services/understanding-regulatory-developments/complaints-and-redress-meeting-a-higher-bar.html 

In this episode, Claire Carroll and Simon Collins discuss a recent update by the FCA regarding firms' implementation of the Consumer Duty, which includes examples of good practice and areas for improvement. They discuss what the FCA is doing to raise visibility of the Consumer Duty, what good practice looks like and what firms are doing well and what they could be doing better

In this episode, Claire Carroll and Sumitra Subramanian look at the Financial Conduct Authority's (FCA) focus on fair value in the context of the Consumer Duty. They discuss the FCA's latest commentary about fair value, why fair value is receiving more attention than the other Consumer Duty outcomes and what firms should be doing to ensure they're meeting the FCA's expectations around fair value

In this episode, Claire Carroll and Naomi Seward discuss the findings of the FCA's retail banking Consumer Duty multi-firm work, which were published last month. They discuss what the review looked at, what the FCA found in terms of frameworks and methodologies used by firms and what's next for firms implementing the Consumer Duty 

As many as two million of the poorest households have seen the amount they owe their energy suppliers double over the past year. This new analysis of debt figures has been given to Money Box by the consultancy firm Baringa. It says people who've fallen behind on their payments are now £1,100 in the red, an amount that has doubled in a year. Energy UK, which represents suppliers, say they're doing all they can - and we'll hear more about Ofgem's plans to help tackle debt in the industry.Twenty financial advice firms have been told that they must provide the regulator with details of the services they provide customers when they charge them for what is called “ongoing advice”. The Financial Conduct Authority has written to the companies as part of its enforcement of the new Consumer Duty. What will this mean for consumers?And, an annuity is a contract with an insurance provider which converts your savings or pension pot into a guaranteed income for your retirement. As annuity sales rise, we'll discuss what they are and how they work.Presenter: Paul Lewis Reporter: Sarah Rogers Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle(First broadcast 12pm Saturday 24th Feb 2024)

Dozens of Citizens Advice centres are at risk of closing because local councils which support them are running out of money. That warning came this week by the senior Labour MP Clive Betts in an exclusive interview with Money Box. He is also the Chair of Parliament's select committee on Levelling Up, Housing and Communities. Dan Whitworth visits one of those citizens advice services at risk in Mansfield. The government says up to £64 billion has been made available to local authorities in England, an increase of 7.5% on the previous year which will allow local authorities to support communities and reform services to help them prepare for the future.The cost of a comfortable retirement in Britain has jumped by nearly £6,000 to just over £43,000 a year for a single person and £59,000 for a couple. Every year the Pensions and Lifetime Savings Association publishes figures worked out by Loughborough University for the amount of money you'd need to afford certain lifestyles in retirement. How is it calculated and how can you prepare for your retirement?And, investment platforms and providers of personal pensions, have just a few weeks left to make sure the way they treat customers' cash balances fits in with new rules called their Consumer Duty. In December the Financial Conduct Authority wrote to 42 firms after concerns that some of them were keeping some or all of the interest they earn on customers' cash balances. And with rates of 4% or more that's meant big returns. If you invest, what might that mean for you?Presenter: Paul Lewis Reporters: Dan Whitworth and Sandra Hardial Researcher: Jo Krasner Editor: Jess Quayle(First broadcast 12pm Saturday 10th February 2024)

Jo Owens and Alexandra Byard provide the recent industry updates from January, including an overview of Consumer Credit, Conduct, and Consumer Duty.

What's in store for 2024? What are the emerging risks and structural trends that are shaping the regulatory and supervisory agenda, and how should financial services firms respond? In this episode of Regulated Radio, Alex Spooner is joined by Suchitra Nair and David Strachan to explore these questions and a range of topics, including geopolitical risks, tech and innovation, sustainable finance, prudential reform and the Consumer Duty.

As part of the FCA's continued focus on retail markets, updates to several key regimes are due to progress over the next year. In addition to further implementation of the FCA's Consumer Duty, the government plans to present detailed proposals on modernising the consumer credit regime, develop proposals to address the “advice gap”, and bring in a new UK retail disclosure framework to replace the PRIIPs regime. In this episode of Connected With Latham, the latest in a 10-part series complementing Latham's “10 Key Focus Areas for UK-Regulated Financial Services Firms in 2024” report, partner Rob Moulton and counsel Becky Critchley discuss the FCA's recent work in relation to the Consumer Duty, including what is expected of boards, the proposed new UK Consumer Composite Investment regime, and work to modernise the UK consumer credit framework.   This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York's Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York's Disciplinary Rules to Latham & Watkins LLP, 1271 Avenue of the Americas, New York, NY 10020, Phone: 1.212.906.1200

The UK's Financial Conduct Authority last year put into place the Consumer Duty. In this episode, Gerald Perez of Interactive Brokers' UK explains the who, what, why and when of the new duty.

Jo Owens and Alexandra Byard provide a weekly wrap of current awareness across the UK consumer finance area. They discuss the Financial Conduct Authority's approach to Buy Now Pay Later (BNPL) and the Consumer Duty, the EU Consumer Credit Directive (CCDII), and more.

In this episode Claire Carroll and Naomi Seward talk about the impacts of the Consumer Duty on closed products and services. They discuss  what closed products and services are, the issues with categorizing closed products, how firms may find achieving compliance with the closed book and practical actions firms can take.

In this episode Claire Carroll and Jen Green talk about closed-book Consumer Duty implications for pensions. They discuss what type of pension schemes fall in to the closed-product remit, the challenges you may face in relation to closed pension products and the FCA's expectations regarding closed pension products.

In this episode Claire Carroll and Tom Black talk about Consumer Duty implications for closed-book mortgages. They discuss what a closed product is in a mortgage context, the four outcomes firms should look at when considering what obligations Consumer Duty will impose in relation to closed products and ask, will Consumer Duty require mortgage lenders to conduct retrospective assessments for consumer duty compliance?

Care home leaders are the latest group criticising the Government for failing to get £400 of winter fuel help to the people entitled to it. The Energy Bill Support Scheme Alternative Fund was supposed to help nearly one million households who don't pay an energy supplier directly. 20,000 households in care homes got this money, but according to new BBC Verify analysis for this programme that suggests 1 in 7 who were eligible, didn't. The government says it spent billions of pounds helping millions of households last winter with their energy bills, covering nearly half the cost of a typical household's bill. On Monday major changes begin in the way we are sold financial products and services by regulated firms like banks, insurers, advisers. Not only will they have to stick to the 20 year old rules about treating customers fairly. They will be subject to a new Consumer Duty. What is it and what does it mean? A scheme which offers debt advice and help with money problems through doctors' surgeries, is being extended thanks to some new funding. We first reported on the trial two years ago. Since then the Centre for Responsible Credit which runs the scheme says hundreds of people have been helped to access hundreds of thousands of pounds in support. Plus, from 1st August most old first and second class stamps without barcodes are no longer valid. What should you do if you still have any old stamps? Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle (First broadcast, 12pm Saturday 29th July, 2023)

In the latest episode of the pod I'm talking about: Why the Bank of England increased the base rate of interest Whether it'll go up again and how long it'll stay there What it means for inflation What it means for savings, especially with the new Consumer Duty rules What it means for mortgages For links and further reading head to becleverwithyourcash.com/cashchats ABOUT CASH CHATS Cash Chats is presented by money blogger and broadcaster Andy Webb. The podcast was "Show of the Week" in the Radio Times, and it has been featured as one of the top money podcasts by publications including Apple, Good Housekeeping and the Independent. In 2021 and 2019 it was awarded Best Money Podcast at the SHOMOS - the UK Money Bloggers community annual awards, and runner-up in 2020. On each Cash Chats episode you can hear Andy share ways to get the most from your money.  Andy also runs the award-winning website Be Clever With Your Cash, presented Channel 5's Shop Smart Save Money and founded the community ukmoneybloggers.com. To contact Andy email Andy@Becleverwithyourcash.com ANDY ON SOCIAL Andy's handle is @AndyCleverCash and you can follow him over at: twitter.com/AndyCleverCash instagram.com/andyclevercash   youtube.com/andyclevercash   GET ANDY'S WEEKLY NEWSLETTER You'll also get a free Quidco bonus for signing up https://becleverwithyourcash.com/newsletter/ MUSIC The music is Easter Island by Lonely Punk and provided on a creative commons licence       

Call of Consumer Duty. The biggest shake-up in rules for the finance industry in decades.

The Financial Conduct Authority's much-trumpeted Consumer Duty comes into effect on July 31. An amendment to the Financial Services Act in 2021 in the House of Lords gave the regulator a year to bring in rules concerning the level of care firms provide to consumers. This turned into the Consumer Duty and last July the FCA set out its rules. The FCA has issued an unprecedented set of guidance on the duty.In this episode of Compliance Clarified, managing editor Alex Robson talks to senior editor Lindsey Rogerson and Mike Cowan, senior regulatory intelligence expert, about what the duty is, what it means for firms and whether the industry is ready and what is next. The critical question is whether the lives of consumers will be improved and how quickly will the regulator move to enforcement where it finds failings.The Compliance Clarified podcast series covers a wide range of topics which affect compliance officers at financial institutions and aims to help them navigate the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging best practices.Programme notesFrom behind Regulatory Intelligence paywall: Open banking tech helping financial firms with Consumer Duty compliance -vendors: http://go-ri.tr.com/g6jPrPDecades' high interest rates, Consumer Duty put focus on vulnerability assessments: http://go-ri.tr.com/g1vU0DFCA publishes 10 key questions for firms to test Consumer Duty readiness: http://go-ri.tr.com/k3RqIiNo paywallOne month to go for the Consumer Duty: https://www.fca.org.uk/news/news-stories/one-month-go-consumer-duty Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In the latest episode of our Consumer Duty podcast series Claire Carroll is joined by Principal Associate Jen Green to talk about the FCA's latest Dear CEO letter to SIPP operators. They discuss: duties for SIPP operators and further guidance for them from the FCA, key messages from the latest letter and how a SIPP operator is categorised under the Consumer Duty.

In this episode Claire Carroll is joined by Partner Naomi Seward to talk about the FCA's findings from their review of fair value assessments. They discuss the outcomes of the assessment, issues our clients are facing relating to Consumer Duty and key takeaways from the findings.

In this episode Simon Collins, Managing Director of the FS Regulatory Compliance team at Konexo and Claire Carroll, Partner at Eversheds Sutherland discuss the role of the Consumer Duty Champion. They explore who the Consumer Duty Champion should be, what regulators are expecting from this role and some of the challenges firms face in appointing the Consumer Duty Champion.

In this episode Legal Director Lorna Doggett who is a data specialist in the financial services sector and Partner Naomi Seward talk about the impacts of the Consumer Duty on data privacy. They discuss what to think about when processing personal data in order to comply with Consumer Duty requirement, third-party down-stream contracts, and understanding how third parties will use data and what firms need to tell their customers regarding data processing as part of Consumer Duty.

In the latest episode of our Consumer Duty podcast, Claire Carroll is joined by Julian Brown to deliberate recent pronouncements from the FCA on Consumer Duty, specifically in relation to asset management. They discuss the most recent messaging from the FCA highlighting the “Dear CEO” letters, the role of the Consumer Duty champion, plus deadlines and pronouncements firms will need to consider going forward.

In the latest episode of our Consumer Duty podcast series, Martin Ward and Claire Carroll, both partners in our Financial Services Disputes Investigations team discuss the impact of Consumer Duty on claims management companies (CMCs). They discuss the impact that the Consumer Duty will continue to have on CMCs, the FCA's residual concerns regarding misleading consumers including; unfair advertising, poor disclosure, CMCs providing unregulated services and the FCA's future strategy for CMCs.

In the latest Consumer Duty podcast episode, Principal Associate Ruth Fairhurst and Partner Claire Carroll discuss an update on payments and e-money including the diversity of the sector, distribution chains and contractual relationships and specific issues which firms in the payments and e-money sector are likely to encounter.

Claire Carroll speaks with Naomi Seward, Partner and Head of Retail Finance, about how the Consumer Duty will impact mortgage providers. They discuss the issues and priorities at front of mind for mortgage providers, focusing on distribution V.s Manufacturer and the impact of this on delivering the four new outcomes and customer understanding outcome and how this impacts communication, including Terms and Conditions

An update on how the Consumer Duty impacts personal pension schemes, including SIPPs. In this episode Jen Green, Principal Associate in our pensions team joins Claire Carroll to discuss further guidance from the FCA on pensions and investments, additional considerations for schemes with Non Standard Investments (NSIs) and future developments (expected over the next 12-18 months) to look out for.

The UK's Financial Conduct Authority has crafted a brand new regulation called Consumer Duty. This aims to improve communications among financial services companies to address banking scandals and irregularities in recent years. Chris Willis sits down with Anne Godbold, a non-financial risk specialist at Accenture, to discuss how this regulation will change the entire marketplace. She explains how businesses can and must adhere to Consumer Duty while providing better services to clients and achieving higher employee retention. Anne also discusses how other countries can adopt this regulation and the dangers of running a company that leverages lack of clarity.Love the show? Subscribe, rate, review & share! https://www.acrolinx.com/wordbirds