The Consumer Duty Alliance has appointed Michael Lawrence, who worked at the FCA for 16 years, to lead one of its forums to help people get to grips with the consumer duty.
Today (August 8) the Consumer Duty Alliance announced the appointment of Lawrence as the chair of its new Consumer Duty Champions’ forum.
Lawrence spent 16 years at the Financial Conduct Authority (FCA) before he joined the wealth team at Bovill as principal consultant in February of this year.
He said: “It’s clear from the extensive and positive reaction to the launch of the Consumer Duty Alliance that there is a real need and demand for an independent body focusing on this significant piece of regulation through a collaborative alliance.”
Back in March, FTAdviser exclusively revealed the creation of the Alliance, which is a not for profit professional membership body.
The new consumer duty regulations from the FCA came into effect on July 31 which include stricter rules on customer satisfaction applied to the financial services industry.
Johnny Timpson, who was behind the creation of the new forum, said all firms need their own consumer duty champion.
He said: “This new forum offers practical support through the sharing of good practice more widely, and aims to help members’ through shared experiences, new ideas and shared innovations.”
The forum will allow nominated champions and alliance members to discuss issues and challenges they have faced with the consumer duty implementation.
Keith Richards, chief executive of the Consumer Duty Alliance, added: “We’re delighted that Michael has agreed to chair this key Alliance forum.
"His first-hand regulatory knowledge and hands-on experience since leaving the FCA in his current role at Bovill, engaging with firms of all sizes and helping them meet their consumer duty obligations, means that there are few better placed to chair the forum.”
The first online event with the forum is expected to take place in September.
tara.o'connor@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
