How Cognexo increases awareness and readiness for new Consumer Duty regulations

‍Three main areas of Consumer Duty:

• The Consumer Principle — firms must deliver good outcomes for retail customers; higher standards on how firms conduct themselves
• Cross-Cutting Rules — act in good faith towards retail customers; avoid causing foreseeable harm; enable and support retail customers to pursue their financial objectives
• Four outcomes relating to: (1) products and services, (2) price and value, (3) consumer understanding, (4) consumer support

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How Cognexo helps prepare employees

Cognexo Learning helps organisations make sound, evidence-based decisions as they train and develop teams to ensure compliance. Their approach includes:

• Undertaking a GAP analysis of products
• Identifying and engaging all relevant internal stakeholders
• Preparing and fostering a culture to effectively implement Consumer Duty
• Developing channels of communication across all external stakeholders
• Creating and implementing robust project governance
• Allocating responsibility to a board champion for Consumer Duty
• Developing policies and processes around data gathering and MI
• Developing a robust monitoring, governance and oversight regime

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Cognexo provides timely and accurate evidence of how well employees understand what is expected of them. Bite-size, unobtrusive and structured to quickly embed learning, it constantly adapts to the needs of individual learners, ensuring knowledge gaps are filled across a diverse group of learners.

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Building an inclusive culture of learning

Cognexo makes learning personal — training on Consumer Duty is relevant to how employees learn but also meaningful in terms of their individual roles. Rather than one-size-fits-all, it recognises that inclusive, personalised learning reflecting the diversity of teams is the path to engagement and ultimately successful compliance.

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