Paradigm Mortgage Services is offering a free basic mortgage and protection compliance package to any directly authorised (DA) firms that commits to using the distributor as their exclusive payment route for mortgages and align their protection provider agencies.
Eligible firms are able to receive Paradigm’s new mortgage and protection compliance package – priced at £900+VAT per year – free of charge. At the end of the year, the firm will have accrued money via Paradigm’s unique profit share scheme and the compliance costs will be deducted from this amount.
As an example, if the firm accrued £2,200 in the annual profit share scheme, the compliance package would cost a total of £1,080 and the firm would still receive the remaining £1,120.
Paradigm believes that, in today’s regulatory environment, it is imperative for DA firms to have “top-quality” compliance support, plus access to a range of information and help in order that they maintain their performance in this area.
The following compliance services are included in the basic package:
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- Access to Paradigm’s compliance support website and compliance manuals that relate directly to mortgages including buy-to-let, protection, general insurance and equity release – all are tailored specifically to the firm’s permissions
- Access to Paradigm’s staff on its Mortgage Placement Helpdesk and access to the Technical Helpdesk for compliance queries.
- Monthly compliance bulletins, including specialist mortgage-related regulatory updates.
- All firms will also benefit from the mortgage and protection propositions offered by Paradigm.
Paradigm can also offer a wide range of compliance and technical support services on top of this basic package including on-site and remote file checking, and full compliance audits.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “Given that both Paradigm’s Mortgage Services and Protection propositions are market-leading, DA firms can be confident that committing to using Paradigm means that the firm’s net position will not be worse off; if anything, they are actually highly likely to better off as a result. Our innovative new proposition means that firms can cover off their compliance needs and costs, whilst securing any remaining income generated over the course of the year.
“We believe this is a win-win position for all DA firms and alongside use of our compliance services, members also benefit from our full proposition including our comprehensive lender and provider panels, our high-quality mortgage helpdesk, top procuration fees, commercial terms and market-leading support.
“Interested firms should contact the Paradigm team to see how we can provide them with compliance peace of mind and a range of opportunities to boost volume and income.”