Marshalls Launches Updated Compliance Courses

If your insurance brand staff need training on FCA compliance then it’s good to know that the latest Consumer Duty rules are part of the package. Here’s the word;

Marshall E-Learning (Marshalls), part of the Ciphr Group, is launching 20 new training courses for FCA-regulated banks, insurers, and other financial services providers to ensure their employees are up-to-speed with the latest legislative changes and regulatory requirements.

The first of Marshalls’ new FCA compliance training to debut this summer focuses on the Financial Conduct Authority’s new Consumer Duty rules, due to come into effect on 31 July. The course provides a timely introduction to the new duty, including how it applies and how it can be implemented so that different types of companies – and the staff working within them – meet their obligations to put consumers’ needs first and deliver fair value.

Importantly, the latest survey evidence from the FCA shows that most financial services firms say that they are on track to successfully implement these new consumer regulations, which will radically affect how businesses serve, communicate with, and support, new and existing retail customers.

A critical part of being Consumer Duty ready is ensuring that all employees – especially those that are front-line and customer-facing – have been trained in the intricacies of the new Consumer Duty requirements. Senior managers may also need additional, specialised training, as they will now be subject to a new (sixth) individual conduct rule under the Senior Managers and Certification Regime (SM&CR).

David Marshall, MD of Marshall E-Learning at Ciphr, says: “The FCA’s new Consumer Duty has implications for financial services providers across many markets. The new regulations place an increased emphasis on transparency, accountability, and fair treatment of consumers, and financial services staff will need up-to-date, regular training as part of that to fully understand and implement all these changes effectively. Failure to meet these new obligations could result in big fines from the FCA, so there’s a big incentive for organisations to get this right.