The new Consumer Duty is a significant extension of the FCA’s regulatory regime targeting retail firms and their supply chain. The extensive new rules recently consulted upon are likely to result in significant changes to financial services. They signal an important new direction for the FCA, with a strong consumer outcome focus.

The Duty will require significant changes to how firms communicate with their customers, what they need to consider before they do, and how they must track consumer understanding to ensure customers receive better outcomes. It is likely to require new and innovative processes and technologies to deliver the new rules, with the changes expected to cost the industry over £ 2 billion to implement.

 

The webinar summarises the key components of the new proposals:

· The scope of the new duty and principle

· The cross-cutting rules

· The four outcomes

 

Exploring the proposals relating to customer communications in greater depth and what this might mean for innovation in the sector.

 

 

Protecting the Consumer & Driving Innovation in Retail Financial Services: Impacts of the FCA’s Consumer Duty Regulations
02:00 pm – 02:05 pm	Opening remarks: Matt Hanmer
02:05 pm – 02:15 pm	Overview of the new proposals - Ewan Willars Regulatory Lead at Amplified Global
02:15 pm – 02:25 pm	The intended outcome for consumers - Faith Reynolds Consumer Lead at Amplified Global
02:25 pm – 02:35 pm	Driving innovation - Ewan Willars & Faith Reynolds
02:35 pm - 02.50 pm	Q&A
02:50 pm – 03.00 pm	Closing Remarks: Matt Hanmer

 

 

 

Speakers:

 

Faith Reynolds Faith Reynolds is Consumer Lead at Amplified Global. In addition to her role at Amplified Global, she is a non-executive at the Payment Systems Regulator, the Current Account Switch Service and Fair 4 All Finance - the organisation responsible for administering dormant assets to promote access to affordable credit and financial inclusion. Until she joined the PSR, Faith was the independent consumer representative at the Open Banking Implementation Entity. Faith previously served on the Financial Services Consumer Panel for almost nine years, during which time the Panel advocated continuously for the consumer duty the FCA has now proposed.

Ewan Willars Ewan has worked as a regulatory and policy expert in financial services and other heavily regulated and professional sectors for two decades. Having previously worked as a Director in the UK Finance Retail Banking team, he now leads the regulatory workstream for Amplified Global, engaging with a range of financial service and legal regulators, and leading Amplifier’s involvement in a number of sandboxes. He has a keen interest in the regulation of new and innovative technologies, reflected in his work as a digital identity consultant, is a futurist and a founding member of the Civil Aviation Authority’s horizon scanning group.

 

 

Amplifi's Artificial Intelligence and Machine Learning-based tool (patent pending) are able to assess legal and regulatory communications to determine how likely a customer is to understand the content, identify the words, sentences and clauses that are less intelligible, and suggest ways to improve intelligibility and aid simplification.

This helps firms to ensure that their documents are more widely understandable, in a highly efficient manner, and backed by the novel application of established language frameworks.

Our innovative approach allows clients to construct new customer journeys which present information to consumers in a simpler manner based on insights from behavioural science.

Amplifi Cognitive Risk Engine™ (patent pending) then assesses the level of comprehension risk based on the customer’s profile, interactions and multiple other data points, providing unique and actionable analytics to the client to mitigate risk, to provide targeted support and a better duty of care to their customers.

 

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