How to Effectively Monitor and Evidence Consumer Outcomes

Under Consumer Duty, firms need to be able to monitor the quality of the outcomes their customers are receiving. However, it can be challenging to put in place a proportionate framework to test and review this for each of the Duty’s outcomes, as well as in other key areas like vulnerability.

This panel of industry experts (details below) from across key sectors produced an insightful discussion with a focus on practical actions including:

Monitoring and MI fundamentals.
Lessons from recent FCA supervision findings.

SPEAKER PROFILES

MICHAEL LAWRENCE

Principal Consultant, Bovill Newgate and Chair of Consumer Duty Champions' Forum

Michael worked at the Financial Conduct Authority (FCA) for 16 years, most recently as a Technical Specialist in Consumer Investments supervision.

He joined Bovill’s Wealth team in February 2023 to advise clients on the regulatory frameworks governing advised and non-advised pension/ investment models, product governance, as well as complaints and redress.

His vast knowledge and extensive background make him the ideal choice to lead the Consumer Duty Champions' Forum.
Julie Ampadu

Director, Chameleon Compliance Ltd

Julie is the current Chair of The Association of Association of Professional Compliance Consultants (APCC). She is also the owner and director of Chameleon Compliance Ltd, and owner of The Culture Space; a centre of excellence for SMFs under the SMCR.

Julie is an experienced financial services compliance consultant, trainer, facilitator, media commentator and professional speaker.

She works extensively with boards and senior managers of firms to embed a successful business culture into their firms within the UK regulatory framework.
James Borley

MD for Payment Services, Cosegic Ltd

James specialises in payment services regulation and new firm authorisations, and previously spent over 22 years at the FCA.

As a Director of the APCC, James chairs the FCA Authorisations Liaison Group, which meets with the FCA on a quarterly basis.
Richard Farr

Chief Executive, Telos Solutions

Richard advises firms on the interpretation and implementation of the policy intent of regulation such as The Consumer Duty, with a number of Annual Outcomes Reports under his belt and even a post-implementation review of the first year for one of his clients.

He is also the Consumer Duty Champion for a regulated Consumer Credit and Investment firm, a NED of Comentis, the Duty of Care firm which hosts the Vulnerability Support Framework, and the Chair of the Vulnerability Working Group for the APCC.