Delivering on our Duty
Since July 2023, a significant proportion of those working in financial services have needed to operate within the scope of the Financial Conduct Authority’s (FCA) new Consumer Duty. Whilst the regulator published the final policy that outlines the structure and expectations of the Duty last Summer, a great deal of work has been done during the ensuing implementation period. However, with the exception of those specially tasked with the implementation, many practitioners still seem be at arm’s length to the process, if not completely unclear on what the Duty means for them.
Implementation plans had to be approved by firms’ Boards by the end of October 2022. Products and services must be reviewed before the end of April.
However, given the focus of the Duty is on the end-to-end process (from initial design to after-sales care) and the product or service lifecycle (how is the product being used and by whom), how ready is the sector to deliver on this new duty? What should individual professionals be doing right now to make sure they understand exactly how far reaching this new Duty is, and to ensure that they meet the new individual conduct rule - to act to deliver good outcomes for retail customers?
This event is held in collaboration with CISI.
Chair
Joanne Murphy began her career in the early 1990s in London, working in television before transitioning into finance. She spent a decade at General Electric, becoming qualified in training and Six Sigma, and a further 10 years at RBS (now known as NatWest) in various roles.
Joining the Chartered Banker Institute post-financial crisis, Joanne developed and led the implementation of the CB:PSB Foundation Standard, helping over 340,000 individuals globally achieve a common standard of knowledge and behaviours. She also collaborated with Nottingham University to create a professionalism index for banking resilience and with YouGov to produce detailed research on perceptions of UK banking.
In 2014, Joanne became the Institute’s first Operations Director and the first female member of the Leadership team. She introduced the Core Values—Collaboration, Integrity, Innovation, and Excellence—and established the Member One Forum, leading to ISO (International Organisation for Standardisation) recognition for the Institute. Joanne also heads their global membership forum, aligning member views with the Institute’s strategy.
After earning her MBA in Banking and Finance in 2016, Joanne pursued studies in Artificial Intelligence impact on Business Strategy with MIT Sloan School of Management. Her leadership and inclusive personality were pivotal during her tenure as COO and as Deputy CEO, especially during the global pandemic in 2020.
Joanne recently won the Accomplished Leader, Women in Leadership Award at the CCA Global Excellence Awards. This prestigious honour recognises her exceptional leadership skills, visionary impact on business and people, and unwavering dedication during her tenure as COO.
Joanne was appointed as Interim CEO of the Institute in May 2024.
Panellists
Steve has worked in banking for over 40 years and is currently a Non Executive Director at Bank of Ireland where he chairs the Remuneration Committee. He sits on the Advisory Board of The Arora Group and Kingsley Healthcare and was previously on the Financial Capability Board of the Money Advice Service.
During Steve’s banking career he was CEO of The Hodge banking and life assurance businesses and Shawbrook Bank.
Prior to joining Shawbrook in 2008, he led the UK banking businesses of Santander UK sitting on the UK Board of the Holding company and various UK subsidiaries. He also represented Santander on the Board of its US businesses.
Prior to joining Santander in 2008, Steve spent eight years at RBS, where he was CEO of Business Banking, Retail Markets and Managing Director of Commercial Banking and Corporate Banking, Corporate Markets.
Steve was presented with an Honorary Degree of Doctor of the University of Kent in 2016 for his contribution to Banking and the University. He has a young family and in his “spare time” likes to follow Everton football club and Sussex county cricket team.
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