Written in collaboration with Gabriela Silion

The FCA’s Consumer Duty deadline is coming up at the end of July, so we’re exploring how this affects compliance professionals in Financial Services, and what they can do to embrace it.

Are you a professional on the brink of a career change? Perhaps compliance isn't the first thing that comes to mind when considering an exciting path…Consider this:

• RDR (Retail Distribution Review)
• SMCR (Senior Managers and Certification Regime)
• Consumer Credit
• Vulnerable Customers
• Pre-paid Funeral Plans

All of these changes occurred in the past 10 years. Compliance professionals played a vital role in each and every one of them. They helped their organisations navigate the new landscape, interpret regulations, monitor and recommend further improvements.

And with Consumer Duty, perhaps one of the most important changes in the financial services landscape in the past 10 years, compliance is emerging as a game-changer in our industry.

In this blog, we'll explore how the Consumer Duty will drive positive change in financial services and why we believe that compliance is a critical part of the industry's evolution.

At the core of the Consumer Duty lies a profound principle: understanding what truly benefits customers and placing their interests above all else, as well as preventing any harm towards them.

This is a crucial step in building trust between financial services firms and their customers. Compliance professionals can play a vital role in ensuring that their organisation is meeting this obligation and building a customer-centric culture. By placing the customer at the centre of everything they do, compliance professionals can help their organisation build stronger relationships with customers and differentiate themselves from competitors.

The Consumer Duty is not just about meeting regulatory requirements; it's about setting clearer and higher standards across the industry. Compliance professionals can play a vital role in supporting innovation, helping firms design products and services to meet consumer needs, and competing with other firms in a more consumer‑focused way. Compliance professionals can also help their organisation identify and address any regulatory barriers that may be preventing them from innovating. 

The FCA’s Occasional Paper in February 2015 on Consumer Vulnerability was the beginning of the process of change in the way vulnerability is understood and addressed by financial institutions. Consumer Duty is a natural step forward. It places a strong emphasis on identifying and managing customer vulnerability; their needs, characteristics and objectives. 

Compliance professionals can play a vital role in ensuring that their organisation is prioritising diversity and inclusion and taking steps to address any barriers that vulnerable customers may face. By working closely with other parts of the business, compliance professionals can help ensure that their organisation is serving all customers, regardless of their background or circumstances. 

Compliance professionals have the opportunity to make a real difference in the industry through their work on the Consumer Duty. They can ensure that the interests of their customers are central to their firm's culture and purpose, and embedded throughout the organisation. Senior managers will look to compliance teams to ensure the Duty is properly integrated in all activity and adhered to consistently.

The Consumer Duty is a significant development in financial services regulation, and The FCA has made it clear that they will take robust action against firms who fail to meet the impending 31st July deadline – including interventions and sanctions. Compliance professionals have a crucial role to play in ensuring that their organisations meet the obligations of the new framework.

A multitude of new compliance roles have been created as a result of changes in the regulatory landscape in the past 10 years. I was a paraplanner back in 2012 and was considering my next career move. I had no idea what was ahead, the amount of change and challenges that would occur in the industry. But I had a strong belief that I wanted to make a difference. I (still) find the world of compliance fascinating and I love listening to podcasts on financial crime and fraud! I’m sure that it’s a career path that will continue to evolve and change at a rapid pace in the years to come.

Overall, my journey of career change and adapting to a new world has taught me valuable lessons, which I shared through a TEDx Talk, as well as contributing to the development of school leavers by providing guidance in interview skills, techniques, and CV building.

Compliance is fascinating, and I would definitely recommend it as a career!

Gabriela Silion

Gabriela Silion is a Risk & Compliance specialist with over 25 years experience in the financial services sector in Industry and Big 4 (Deloitte).

She graduated Accounting in Romania and on moving to the UK in 2002 discovered the world of financial services, which took her into compliance in 2012. She holds qualifications in investments, pensions, mortgages and financial crime.