Paradigm launches consumer duty support hub for advisers

Paradigm has announced the launch of a new consumer duty support hub for adviser firms.

The hub includes a new video on how to prepare for the forthcoming rules.

The FCA proposed the new consumer duty rules as a means of ensuring “a higher level of consumer protection in retail financial markets”. These new rules and the final guidance, which is expected before 31 July, will place higher expectations on firms in terms of the standard of care they provide to consumers.

Paradigm’s support hub will be available to all advisory firms, not just Paradigm members, and currently contains a series of videos with the latest online video episode aimed specifically at mortgage and protection firms.

“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,” said Paradigm director of mortgages, Richard Howes.

“The FCA has already said it expects the new rules to ‘require a significant shift in culture and behaviour’ and therefore we 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 for this right now.

“Our new consumer duty support hub includes our brand new video focused on mortgage and protection firms specifically, and goes into the finer detail about what firms will need to do in order to comply. I would strongly encourage any firms that have not yet taken steps to prepare for the consumer duty to take just half an hour to watch this and start to consider the information conveyed.

“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.”

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