FBC Digital Event: Consumer Duty – Fund Governance and the role of the CD Champion
21 September 2023
At this first FBC meeting focusing on the specific implications of Consumer Duty on fund board governance and the role of Consumer Duty (CD) champion, Frank Johnson, the iNED chair of the First Sentier fund board and its CD champion, and FBC senior adviser Simon Hynes, were joined for the discussion by senior members of the FCA asset management supervision team with cross sector experience: Aiden McEvoy, Anu Upadhaya and Michelle Dodd.
Some of the key themes explored were:
- Moving from ‘project’ to business as usual
- The Consumer Duty champion role
- Board packs & management information
- FCA supervision
Our FCA guests were particularly interested in the perspectives of our select independent non-exec director/chair and consumer duty champion audience. Some good practice examples and outstanding challenges were highlighted. The level of consumer insight brought to the boardroom and the FCA’s approach to supervision are clearly still ‘works in progress’.
Overall, a very good exploratory discussion, the first in a series of best practice engagements.
The recording of the session is now available exclusively for FBC corporate members in the member portal.
Over the next year, FBC plans to continue a programme of work on the implications of Consumer Duty. Further details will follow in the coming months.
