Consumer Duty and Financial Crime Compliance (1)

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5 Minute Silent Webinars
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Consumer Duty and Financial Crime Compliance in
the UK
Welcome! This presentation will discuss the UK's
Consumer Duty and Financial Crime Compliance,
providing insights for financial institutions.
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Overview of Consumer Duty Regulations
Focus on Customer Outcomes
Clear Standards and Expectations
Enhanced Consumer Protection
The UK's Consumer Duty emphasises fair treatment
of customers, promoting positive outcomes.
Firms must provide clear information and guidance
for customers to make informed decisions.
The Consumer Duty sets higher standards for
financial services firms, increasing customer
protection.
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Key Compliance Requirements for Financial
Services Firms
Product Governance
Pricing and Value
Firms must ensure products are designed and
distributed responsibly, meeting customer needs.
Firms should offer fair and transparent pricing,
providing value to customers.
Communication and Information
Customer Support
Firms must offer effective customer support,
addressing concerns and resolving issues promptly.
Firms need to communicate clearly and concisely,
providing accessible information for customers.
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Identifying and Mitigating Financial Crime Risks
Fraud and Scams
Money Laundering
Firms need to have robust systems to identify and
prevent fraudulent activities.
Firms must comply with anti-money laundering
regulations, conducting due diligence on
customers.
Terrorist Financing
Firms need to be vigilant against financing of
terrorism, implementing robust controls and
monitoring.
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Enhancing Customer Outcomes and Protection
Financial Wellbeing
Firms should promote financial literacy and
empower customers to make informed financial
decisions.
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Fair Treatment
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Firms need to treat customers fairly and
transparently, providing access to products and
services that meet their needs.
Customer Focus
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Firms must prioritise customer interests,
ensuring their needs are met throughout the
relationship.
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Regulatory Expectations and Enforcement
Strict Compliance
The regulator expects strict compliance with
Consumer Duty and Financial Crime rules.
Increased Scrutiny
Firms will face increased scrutiny and monitoring
from regulators, particularly for vulnerable
customers.
Potential Penalties
Non-compliance can result in significant
penalties, including fines and reputational
damage.
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Developing Robust Compliance Frameworks
Risk Assessment
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Conduct thorough risk assessments to identify and
prioritise potential financial crime risks.
Policies and Procedures
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Implement comprehensive policies and procedures
to address compliance requirements.
Training and Education
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Provide ongoing training and education for staff,
ensuring they understand compliance obligations.
Monitoring and Reporting
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Establish robust monitoring systems to track
compliance activities and report findings to
senior management.
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Next Steps and Implications for Your Business
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Review and Update
Implement Controls
Review existing policies and procedures to ensure
compliance with the Consumer Duty.
Put in place effective controls to mitigate
financial crime risks and enhance customer
protection.
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Train and Educate
Train staff on new compliance requirements and
reinforce a culture of compliance.
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Let's Discuss Your Needs
To learn more or to schedule a no-obligation
discovery call, please dont hesitate to get in
touch with us at https//complianceconsultant.org,
info_at_complianceconsultant.org or in the UK call
on 0800 689 0190. Alternatively, you can
schedule a call directly via this link
https//bit.ly/CCDiscovr.
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If you have any burning questions, please
contact us
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If you have any burning questions, please
contact us