It is available, not only to Paradigm members, but to all advisory firms
Paradigm Mortgage Services has launched a new Consumer Duty support hub which also includes a new video on how to prepare for the forthcoming rules.
The FCA proposed the new Consumer Duty rules as part of its Consultation Paper 21/13 as a means of ensuring ‘a higher level of consumer protection in retail financial markets.’
These new rules and the final guidance – expected to be released before July 31 – will place higher expectations on firms with regards to the standard of care they provide to consumers.
Read more: FCA raises bar with ‘new consumer duty’.
To support advisory firms with the new rules, which will need to be implemented by April 2023, Paradigm has created a new Consumer Duty support hub on its website.
It is available to all advisory firms, not just Paradigm members, and currently contains a series of videos from Paradigm’s team of experts.
Paradigm’s team of relationship managers also offer bespoke consultancy support and guidance on the Consumer Duty tailored to individual firms’ requirements, with this support bolstered by Paradigm’s compliance function.
Paradigm said it will continue to offer support on this topic, and another film covering the Consumer Duty rules will be produced once they are published. Advisory firms can access Paradigm’s team of experts who can support them with these changes and can discuss specific requirements and outline the ways in which this can be achieved.
Read more: FCA’s Consumer Duty seems like a costly exercise for advisers.
Following the summer break, Paradigm will be running a series of face-to-face CPD events, at which Consumer Duty will be the core focus. Details of these sessions will be announced in the coming weeks, and these will be open to all DA firms to attend.
“We expect to see the final Consumer Duty rules and guidance in just over a month’s time, and we know this issue is going to be on the agenda for all advisory firms for some time to come,” Richard Howes, director of mortgages at Paradigm Mortgage Services, commented.
“With the FCA currently only leaving firms with nine months to implement these changes, we have a very short window to achieve compliance in this area. As always, Paradigm is looking to be at the forefront of providing DA firms with comprehensive support as they prepare their business for these regulatory changes.”
Howes added that they want to ensure advisory firms get a head start on what is coming over the horizon, and provide them with as much guidance and support in order to begin preparing right now.
“As more detail becomes available, we will continue to update the support hub regularly as we receive information on the new rules and the expectations and responsibilities firms will need to meet,” he said.
