088: Preparing for the New Consumer Duty with Tim Chadwick - PIB Group

<p>What is the FCA’s Consumer Duty and how will it affect you and your business?</p> <p>How much work will it take to meet the requirements of the duty?</p> <p>When do these changes need to be implemented, and how should you prepare for them?</p> <p>In this episode of the Insurance Broker Podcast, we are thrilled to be speaking with Tim Chadwick Group Chief Risk Officer at the PIB Group. In conversation with Boston Tullis’ Sarah Myerscough, he discusses the wide-reaching nature of the new duty, which could necessitate a substantial revision of various aspects of financial services firms’ operations.</p> <p>Having determined that, broadly speaking, client satisfaction and protection within the industry is inadequate, the FCA’s new regulation demands a new approach to the consumer journey which protects clients at every stage of their interaction with a financial services firm, including after the purchase of a product. As such, it is essential that brokers understand what the new Duty requires of them.</p> <p> </p> <p>Quote of the Episode</p> <p>“In a nutshell, what the regulator is really looking for firms to do is to put themselves in the customer’s shoes and to make sure that they're focused on good customer outcomes, and really importantly, that it's part of their firm's culture. So, this isn't some box-ticking exercise. There are very clear expectations around culture and, importantly, around the role of the board in all of this.”</p> <p>Throughout the episode, Tim asserts that the Consumer Duty is not merely a superficial administrative exercise. Rather, it reflects a concerted effort on behalf of the FCA to transition from a consideration of customer satisfaction within financial services as a matter of box-ticking to a responsibility embedded in the culture and practices of a given firm. A protection of the customer at all levels must therefore be interwoven through the fabric of the organisation. For some businesses this may require a few tweaks, while for others it may necessitate a systematic restructur