Paradigm has launched a new video providing an update for intermediaries on preparing for the FCA’s Consumer Duty.
The fifth in the series, this video – hosted by Paradigm’s head of consultancy, Graeme Stewart – sees him joined by Paradigm’s director of mortgages, Richard Howes, and director of protection, Mike Allison, to discuss the ‘Price and Value’ outcome of Consumer Duty.
The webinar looks in look in detail at ‘Price and Value’ covering off the key questions the FCA has suggested firms ask themselves such as:
- Is the firm satisfied that it is considering all the relevant factors and available data as part of its fair value assessments? Has it gathered relevant information from other firms in the distribution chain?
- Can the firm demonstrate that its products and services are fair value for different groups of consumers, including those in vulnerable circumstances or with protected characteristics?
- If the firm is charging different prices to separate groups of consumers for the same product or service, is the firm satisfied that the pricing is fair for each group?
The session is aimed at the entire advisory community, including both mortgage and protection firms as well as investment and pension professionals.
The webinar is available to view at 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 this year will 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. The full list of 2023 events are available to view, and individuals can register to attend, by visiting: https://www.paradigm.co.uk/mortgages/events
Paradigm’s team of consultants offer bespoke consultancy support and guidance on the Consumer Duty tailored to individual firms’ requirements and are preparing firms for regulatory changes.
Graeme Stewart, head of consultancy at Paradigm, said: “I think it’s fair to say that the ‘Price and Value’ outcome of the FCA’s Consumer Duty rules is one of the more challenging aspects for advisory firms, and the feedback we have received is that they would like further information and guidance in this area. This is why we have specifically dedicated this ‘Paradigm on Film’ webinar to this topic, covering off potential answers and solutions to the key questions the regulator has asked firms to ask themselves.
“This is all part of a package of Consumer Duty resource and support, not just available to our member firms, but accessible to all businesses active in our market and who will need to meet the rules. The countdown towards the implementation data, at the tail end of July, continues and Paradigm will continue to help firms put in place what they need to meet these new rules.”