Parkwell Market Insights: Consumer Duty – An Update

Consumer Duty – An Update

Wednesday 12th July 2023

Parkwell Offices, 8 Laurence Pountney Hill, London EC4R 0BE

The new FCA Consumer Duty has attracted significant attention over the past few months, and the pace of change within the industry has increased rapidly to ensure firms meet the next implementation deadline on 31st July 2023. For anyone still not aware of this major regulatory change, the FCA Consumer Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first. The July 2023 date is just the next milestone in an ongoing programme of work for many firms.

At Parkwell’s previous Consumer Duty seminar in March 2023 we highlighted how firms now need to prioritise effectively over the remaining implementation period and focus on the areas that will make the biggest impact on outcomes for consumers. One of the hot topics also debated during our panel session was the FCA requirement to provide sufficient evidence. Many firms are in the process of implementing various system, process, and reporting changes to be able to evidence the actions and the decisions they take in delivering good outcomes for consumers. But what if these changes are not delivered by the implementation deadline of 31st July 2023?

At Parkwell’s next Consumer Duty seminar on Wednesday 12th July 2023 we will give an update on the current FCA position, look again at what to focus on within the remaining timescales and recommend practical steps firms can take to ensure they are as ready as they can be for the next implementation date. We will also facilitate another of our popular panel discussions where representatives from both the wealth management and legal sectors will share their thoughts and insights on how to best implement the new Consumer Duty regulation.

If Consumer Duty impacts your business, please join us for our next invitation only Parkwell Insights seminar on Wednesday 12th July 2023.

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15:00 – Registration & Networking

16:00 – Jason Raikes, Parkwell – Welcome & Introduction

16:05 – Ian Whyte, Parkwell

16:15 – Sara Cody, Linklaters

16:30 – Panel Discussion

James Saddington – Tideway, Sara Cody – Linklaters, David Ogden – Sparrows Capital

17:00 – 18:00 – Networking

	Jason Raikes, Master of Ceremonies – Parkwell Jason is a senior consultant with 25 years’ experience of the financial services industry. Jason has detailed knowledge of business process re-engineering and the appropriate use of technology to improve front office productivity. Jason’s areas of expertise also include project management, regulatory projects and management information. Jason is a Chartered Accountant having trained with one of the big four firms.
	Ian Whyte – Parkwell Ian is a senior consultant and has over 20 years’ experience of successfully delivering change in financial services, specialising in Wealth Management. Ian’s experience of regulatory and business change includes successful delivery of major change programmes including MiFID I, MiFID II, and GDPR. He is currently responsible for an ESG programme at a global Wealth Management firm.
	Sara Cody – Linklaters Sara is a Knowledge Counsel specialising in UK contentious regulatory work. She has experience of all aspects of regulatory enforcement and has written extensively on both FCA/PRA enforcement decisions and UK, EU and global enforcement trends. Her technical expertise means she is frequently called upon by clients to design and deliver bespoke training on the FCA and PRA enforcement process and investigations skills, providing innovative solutions to enable them to navigate regulatory and legal change. She also regularly works with trade bodies and firms responding to FCA and government consultations concerning proposed changes to regulatory policy. Sara has developed a particular expertise in the FCA’s new Consumer Duty. She is advising a number of firms on their implementation projects and supporting industry bodies with their response to this new regulatory regime. She leads Linklaters podcasts and webinar series analysing the proposals across a broad range of perspectives and has spoken at several industry conferences on this topic.
	David Ogden – Sparrows Capital David joined Sparrows Capital in 2020 and is responsible for the firm’s compliance function. He was previously head of compliance at Seven Investment Management LLP since 2007. Prior to that he headed compliance at ABN Amro Private Bank and AXA Investment Managers UK. David is a Chartered Fellow (by Diploma) of the Chartered Institute for Securities and Investment.
	James Saddington – Tideway James has worked in the financial services industry since 1997 and has over 19 years’ compliance experience in advice, pension and wealth management businesses. Working with national IFAs, SIPP operators and high net worth advisory and discretionary wealth managers over his long career, James was more recently Head of Compliance at Suanderson House based in the City, a role which focussed on individual HNW wealth advice and management.

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