Paradigm has launched its latest video providing further information and guidance for intermediaries on preparing for the FCA’s Consumer Duty.
The eighth in its ‘Consumer Duty On Film’ series, the latest 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 four outcomes of Consumer Duty.
Under the Consumer Duty’s overarching Principle that, ‘A firm must act to deliver good outcomes for retail clients’ are four key outcomes which firms must comply with: Products and Services, Price and Value, Consumer Understanding and Consumer Support.
The four most recent ‘Paradigm on Film’ videos look in detail at each of the four outcomes and explain how firms can address these within their business and processes. The videos also cover off the key questions the FCA has suggested firms ask themselves such as:
- Has the firm specified the target market of its products and services to the level of granularity necessary?
- How can firms deliver proper support to customers, no matter what communication channel they are using, to ensure their support is effective in meeting the customer’s needs?
- Can the firm demonstrate its products and services are fair value for different groups of consumers, including those in vulnerable circumstances or with protected characteristics?
- How is the firm testing the effectiveness of its communications, and how is it acting on the results?
Paradigm says the video is relevant to the entire advisory community, including both mortgage and protection firms as well as investment and pension professionals.
All of the videos are now available to view at Paradigm’s Consumer Duty Support hub which provides a host of information and resources, including a Consumer Duty eBook guide for financial services firms featuring articles from the Association of Mortgage Intermediaries and the Intermediary Mortgage Lenders’ Association.
Each face-to-face event Paradigm is holding ahead of the July deadline 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 adept at preparing firms for regulatory changes.
Stewart said: “The four outcomes of the FCA’s Consumer Duty rules are all hugely important for advisory firms given that is what they are advising upon and delivering to their clients, so this video session should be of interest to all stakeholders.
“Again, we look at the specific questions the FCA asks firms to ask of themselves and our aim here is to help them work through what they already have in place, and also what else they need to do, or change, in order to satisfy the regulator in this area.
“There are now eight videos in this series of ‘Consumer Duty on Film’ videos, and we would urge firms to watch them in order, because we are also learning more about the outcomes and what is required of firms as we work through them. Our understanding, and therefore our support and guidance, is evolving with each one and that will continue to shape the information and support we put out to firms in the lead up to the July deadline.”
