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• iNED Forum - Conduct Duty : What iNEDs Need to Know Today

Consumer Duty – What iNEDs Need to Know Today

Join us for the first of our 2023 iNED Forums which will be held as a Webinar on 20 February 2023, 1600 -1730

The introduction of the Financial Conduct Authority (FCA)’s Consumer Duty and the regulatory expectations surrounding it presents a significant challenge for the insurance market. The FCA has been clear that a firm’s Board has a key role to play in ensuring that the Consumer Duty is successfully implemented by 31 July 2023.

In this session Sarah Ouarbya, David Blunt and Jessie Jones of Mazars will explore this topic from the iNED perspective and speak from their experience of helping insurance firms through the planning and implementation period. They will cover the following areas to assist iNEDs deliver on their responsibilities:

• Scope of the Consumer Duty and how it interacts with other regulatory focus areas
• Expectations of carriers versus intermediaries
• The role of the Board, iNEDs and Board Champion through the implementation period
• Communications and updates from the FCA since the final rules were published
• Lessons learnt on what a good implementation plan looks like
• Post-implementation governance and oversight, including the annual board report and ongoing assurance.

Learning objectives

Participants should be able to:

• Summarise the impact and importance of the Consumer Duty.

• Identify the roles and responsibilities that arise from the introduction of the Consumer Duty.

• Understand the FCA’s expectations of the Board during the implementation period and beyond.