It aims to help advisers demonstrate adequate GI product knowledge
To help prepare advisers for the upcoming implementation of the new Consumer Duty, directly authorised protection proposition Paradigm Protect has added a new general insurance (GI) test to its CPD Academy Test Zone.
In partnership with GI software platform, Source Insurance, Paradigm has developed the GI product test to allow advisers and all staff to demonstrate their knowledge in this area.
Paradigm Protect, part of Paradigm Mortgage Services, said Consumer Duty would inevitably drive the need for advisers to demonstrate adequate GI product knowledge and the requirement to conduct regular client reviews at renewal to ensure the product was fit for purpose on an ongoing basis.
“Consumer Duty is all about delivering positive outcomes for clients and we know many firms are currently reviewing how they do this and crucially, how they evidence this,” said Mike Allison (pictured), director of protection at Paradigm. “Firms will be looking at what levels of knowledge and understanding staff need to achieve to meet these responsibilities, and how they can best demonstrate their ongoing commitment to learning.
“This is why, in conjunction with Source Insurance, we have developed a specific GI product area test that will help all staff learn about GI, and importantly, be able to show a strong level of knowledge and expertise in this area.
“Our Test Zone covers this specific test but is also part of our wider academy, which has a wealth of resources and literature to help advisers continue learning, developing their sales techniques, as well as reaching and maintaining their CPD hours under the IDD rules. We believe the academy is more important than ever and would urge all advisers and their wider staff to register for free, in order to help them in this crucial area.”
With the new Consumer Duty rules due to be introduced from the end of July, Paradigm and Source Insurance believe the test will help firms currently working on delivering their implementation plans.
To help individuals prepare for the test, numerous GI-related learning material and resources are available via the Paradigm CPD Academy and Source Insurance’s own Learning Lab.
Depending on the existing knowledge of GI, individuals might wish to complete CPD-accredited modules from Source Insurance prior to taking the test, including home insurance fundamentals, buy-to-let, and the principles of insurance.
The wider CPD Academy covers a whole host of topics, details of events, the Test Zone itself, and a full literature library. It also allows users to record and track all of their completed CPD activities throughout the year.
Paradigm has also made a video series entitled ‘Consumer Duty on Film’ to provide information and guidance for intermediaries on preparing for the Financial Conduct Authority’s (FCA) Consumer Duty.
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