"Cognisco gives us actionable information on capability and confidence, so we really understand our risks and strengths."

Senior Risk Director, Leading Utilities Organisation
What you need to know

Why you need to be ready

The Consumer Duty came into force on 31 July 2023 for new and existing products and services.

The four outcomes the FCA wants to see are:

  • the governance of products and services
  • price and value
  • consumer understanding
  • consumer support

Our Consumer Duty diagnostic has been developed in conjunction with The Chartered Insurance Institute. The diagnostic will ensure you and your people are competent and able to deliver good customer outcomes, and also help you evidence you are investing in the right training.

Evidencing compliance

Drive action, evidence competence and minimise risk

The FCA is clear that it expects firms to ensure their board or equivalent governing body takes full responsibility for ensuring that the Consumer Duty is properly embedded within the firm. Firms must also consider their record keeping obligations. The ability to evidence compliance with the Consumer Duty to the FCA is going to be crucial, which is where Cognisco can help.

Our platform MyKnow 365 optimises your understanding of the capability and confidence of your people, enabling you to manage, maintain and evidence competency and compliance, while also effectively reducing risk.

Identifying competence and risk scenarios can help prevent serious breaches with complying with the new act, ensure consumers are having improved outcomes and avoid legal action
Cognisco benchmarks show that in excess of 30% of any workforce has been misinformed, misunderstands or misinterprets information, guidelines or codes of conduct while being 100% confident they are acting correctly.
Identifying where competence gaps exist enabling appropriate, relevant targeted interventions at an individual and organisational level

Cognisco Competency Management

Gain visibility of competence across your workforce

With MyKnow 365 you can gain a comprehensive view of your workforce competency across various locations, including individual, team, and business lines. This valuable insight enables you to identify, target, and schedule suitable learning strategies and training interventions.

Training alone is not enough to evidence a competent and confident workforce. We work with organisations to identify and articulate what every employee needs to know, do, and understand to do their job well and mitigate risk.

Working with Enterprise Organisations

25 Years of Evidencing Competence

Cognisco are global leaders in business-critical competency management with 25 years of experience helping organisations who work in highly complex and regulated environments.

Since 1998 Cognisco has worked with some of the world's leading financial services organisations including HSBC, Barclays, Lloyds and Natwest Banking Group.

Learn about Cognisco

Schedule a discussion

Talk to us about how we can help you be prepared for the Consumer Duty act

We are confident that utilising our assessment and the MyKnow 365 platform will transform the way your organisation manages workforce competency and complies with the new Consumer Duty act.

Tell us about your current challenges so we can help you to minimise risk and be ready.

We are trusted by some of the world’s largest brands, government bodies and senior leaders.

  • John Lewis
  • CBRE
  • The University of Sheffield
  • NHS
  • Eurostar
  • Chartered Management Institute
  • Anglian Water
  • Network Rail
  • Transport for London
  • National Grid
  • Gov UK
  • KPMG