WIBF supports The Consumer Duty Leadership Awards 2024
news published date 30 May 2024These Awards recognise and celebrate firms that demonstrate exceptional leadership, innovation, and commitment to delivering good outcomes for their customers. The Awards are organised by an Innovate UK-supported consortium comprising representatives from industry, academia, and charities in the financial services sector.
Judged by an independent panel of experts, the Awards shine a spotlight on leading firm’s efforts and accomplishments in embedding the Consumer Duty and driving positive change within the industry.
The Consumer Duty: The Financial Conduct Authority’s (FCA) Consumer Duty represents a fundamental shift in financial services regulation; a rule-based to a customer-centric regulation. It sets higher and clearer standards of consumer protection across financial services, and requires firms to put their customers’ needs first.
Eligibility to Apply: These awards are open to all firms to which the Consumer Duty applies. This would include those who play a key role in delivering retail customer outcomes, as well as those who have a material influence over customer outcomes. Examples of such firms may include retail banks, investment firms, asset and wealth managers, mortgage lenders, insurance firms, and consumer credit firms.
Purpose: Our mission is to champion excellence and innovation in how firms approach the Consumer Duty. Through recognition, we aim to incentivise firms to implement the consumer duty well, thereby strengthening the UK financial services market.
Who we are: We are an innovative UK-backed consortium comprising leaders from the industry, academia and non-profit organisations in financial services. The Judging Panel primarily comprises our team members.
Why Apply: Winning the awards allows your organisation to demonstrate to all stakeholders your commitment and efforts in implementing the Consumer Duty. Furthermore, it is an excellent opportunity to demonstrate your professionalism in complying with regulatory requirements not only to regulators, but to your customers, shareholders, and potential investors as well.
Application Cost: Free
Application Deadline: 10 June 2024
Award Categories
Consumer Duty Leadership in Consumer Finance
Consumer Duty Leadership in Consumer Investments
Consumer Duty Leadership in Retail Banking
Consumer Duty Leadership in Insurance
Fintech Consumer Duty Leadership
Leadership in the Use of Technology for Consumer Duty
Leadership in Addressing Vulnerable Customers’ Needs
Consumer Duty Champion of the Year (Individual)
The Ceremony
The Awards Ceremony will be held on June 26 2024, 6.00pm, at the Oxford and Cambridge Club in Pall Mall.
The Awards Ceremony is invite-only, and will be attended by award applicants, senior industry leaders, and our media friends from Bloomberg and the Financial Times.
Attending the Ceremony will cost £99. These costs will cover the organisation of the event, including the champagne and canapés reception. With WIBF being a supporting organisation, we are pleased to offer all WIBF members and team a discounted rate of £65.
Please click here for the Consumer Duty Leadership Awards website.