Paradigm, the mortgage, protection and compliance services proposition, has launched a new hub to house links to product manufacturers’ fair value assessment documentation.
From 30 April, as part of their new responsibilities under the FCA’s Consumer Duty measures, all product manufacturers of regulated products were required to provide a fair value assessment of their products.
The fair value assessment documents have to be accessed by advisers and assessed by each individual firm in order to review whether they believe the products offer fair value to their customers. Firms can then use these documents when assessing the fair value of their own service propositions.
The statements produced by the manufacturers should help advisers to: understand the characteristics of the products; understand the identified target market; consider the needs, characteristics and objectives of any customers who may potentially be vulnerable; identify the intended distribution strategy; and ensure the product will be distributed in accordance with the target market.
To aid advisers, Paradigm has housed all the fair value assessment documentation links made available to them from manufacturers in one place at: https://www.paradigm.co.uk/services/fair-value-target-market-assessments
Paradigm argues this will save advisers valuable time to be able to quickly access links to documents in one place, rather than visiting each individual manufacturer website, and Paradigm has also split the links by sector covering mortgages, equity release, protection, investments and pensions.
The collation of all the fair value assessment documentation sits within Paradigm’s Consumer Duty Support hub – www.paradigm.co.uk/services/consumer-duty-support – which provides a host of information and resources, including a Consumer Duty eBook guide for financial services firms.
Each face-to-face event Paradigm is holding ahead of the July deadline will also specifically cover the Consumer Duty with those who attend able to ask questions around their own individual plans as well as any other matters related to the implementation of the Consumer Duty.
Christine Newell, mortgage technical director at Paradigm, said: “Rather than having to visit every single product manufacturer’s website and search for their fair value assessment documentation, we have created this link hub which is split by sector, and should ease the process for advisers and firms, in what is a requirement under Consumer Duty.
“Product manufacturers are providing Paradigm with these links and advisory firms should now be making use of these documents in order to undertake the reviews which will help them meet their Consumer Duty obligations.
“It is another process step change for advisers but one that, we at Paradigm, are aiming to make as easy as possible, with all documentation accessible from one, rather than multiple, website pages.
“We are just a few months away from the official start of the Consumer Duty rules, but as firms can see, the requirements need to be met on an ongoing basis. At Paradigm we’re here to support advisory businesses and we would urge anyone looking for further help, advice or guidance to contact us.”
