Consumer duty refresher training

Under Consumer Duty a firm must act to deliver good what for retail customers?

• a)       Investment performance

• b)       Outcomes

• c) Behaviours

• d)   Money

Which one of the following is not a cross cutting rule under Consumer Duty?

• a)       Avoid causing foreseeable harm to retail customers

• b)      Enable and support retail customers to pursue their financial objectives

• c)       Provide retail customers with suitable advice

• d)      Act in good faith towards retail customers

Which two of the four outcomes are most applicable to UKTA?

• a)       Products and services

• b)      Price and value

• c)       Consumer understanding

• d)      Consumer support

Which of the following practices are not compliant with Consumer Duty? (choose all that are applicable)

• a) Sludge

• b) Processes that support behavioural bias

• c) Appropriate friction

• d) Unreasonable barriers

Outcome 3 (Consumer Understanding) requires us to…. (choose all that are applicable)

• a) Meet the information needs of retail customers in a way that is fair, clear and not misleading

• b) Provide information on a timely basis

• c) Tailor communications to take account of customer vulnerabilities / additional needs

• d) Where appropriate, test communications before issuing them and monitor impact after they’ve been issued.

Outcome 4 (Consumer Support) requires us to…. (choose all that are applicable)

• a) Design and deliver support to retail customers to ensure they can use their product as reasonably anticipated

• b) Only fix errors when the retail customer has complained

• c) Provide the same level of support to a person authorised to act on behalf of a retail customer as we would to the customer themselves

• d) Obtain evidence of customer’s additional needs and vulnerabilities

Which of the following are vulnerable customers?

• a) A person aged over 70

• b) Person contacting us regarding death of an investor

• c) A customer requesting documentation in large print

• d) The agent of a person with Alzheimer’s