All of the videos, including the latest one, are available online
Mortgage, protection, and compliance services proposition Paradigm has launched its latest video, providing further information and guidance for intermediaries on preparing for the Financial Conduct Authority’s (FCA) Consumer Duty.
The eighth in its ‘Consumer Duty on Film’ series, the latest video – hosted by Graeme Stewart (pictured), head of consultancy at Paradigm, and also attended by director of mortgages Richard Howes and director of protection Mike Allison – discusses 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 looked in detail at each of the four outcomes and explained how firms could address these within their business and processes.
Paradigm said the video was 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.
Paradigm added that each face-to-face event it was holding ahead of the July deadline would specifically cover the Consumer Duty, and those who attended will be given the opportunity to ask questions around their own individual plans, as well as any other matters relating to the implementation of Consumer Duty.
“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,” Stewart commented.
“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.”
Stewart suggested that as there were now eight videos in Paradigm’s series on Consumer Duty, firms should be watching them in order because they would also learn more about the outcomes and what was required of firms as they worked 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,” he said.
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