New Consumer Duty

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Consumer Duty Countdown

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The FCA has proposed the new Consumer Duty rules as a means of ensuring “a higher level of consumer protection in retail financial markets”. The new rules will place higher expectations on firms with regards to the standard of care that is being provided to consumers. This builds significantly upon Treating Customers Fairly, the Senior Managers and Certification Regime (SM&CR), PROD rules and also vulnerable clients. The FCA have said they expect the new rules to “require a significant shift in culture and behaviour, where they consistently focus on consumer outcomes, and put customers in a position where they can act and make decisions in their interests”.

The final rules and guidance are expected by 31 July 2022, and firms will need to be fully compliant with the changes by April 2023. Although we are awaiting the final rules, there are many steps that a firm can get started on to prepare for the changes. Paradigm’s team of experts can support firms with these changes and we would be more than happy to discuss this in more detail, where we will look to understand your specific requirements and outline the ways in which we can assist.

In our brand new video, we address the new rules and how they are likely to impact Mortgage and Protection firms, and discuss what preparations firms may wish to consider. This video will count as 30 minutes unstructured CPD.

Paradigm have also created two additional videos on this topic:

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Compliance Consultancy Support

Paradigm Consulting offer a wide range of compliance support services to financial advisory firms, our team of expert Consultants are all vastly experienced and are adept at helping firms prepare for regulatory change, including the new Consumer Duty rules. Paradigm now supports over 400 financial advisory firms and deliver hundreds of audit, training and compliance support days every year. Our Consultants will take the time to get to know your business, and deliver relevant guidance and training according to your firms’ specific requirements.

To help firms start to prepare for the changes, we have developed a number of resources and have already run a number of CPD events with important Consumer Duty updates. This includes our Essential Skills Workshops which are focussed on the cornerstones of Consumer Duty and are available to all firms, including non-members. Find out more and register for these here. https://www.paradigm.co.uk/CPD/events

In addition to bespoke training and support, when you buy compliance services from Paradigm you will also gain access to our dedicated Consumer Duty hub, regular email updates and our Technical Helpdesk who are available to answer any questions that you might have.

Packages start from £125+VAT per month and can be tailored to the services that you need. We charge on a flat fee basis, not a percentage of turnover.

Find out more and get a quote, here or use the contact details at the bottom of this page.

FCA Documents

CP21/13: ‘A new Consumer Duty – Consultation Paper’

READ IN FULL

CP21/36: ‘A new Consumer Duty – Feedback to CP21/13 and further consultation’

READ IN FULL

Vulnerable Clients

A key cornerstone of Consumer Duty is Vulnerable Clients and this is an area which, more than ever, needs to be at the forefront of every firms thinking. Paradigm provide firms with a great deal of guidance on Vulnerable Clients, including:

  • Vulnerability eBook
  • Blog articles
  • NEW chapter of our Compliance Manual dedicated specifically to Vulnerable Clients (available to those buying compliance support)
  • Template Vulnerable Client policy (available to those buying compliance support)
  • Vulnerable Clients test available within our CPD Test Zone which can be used as part of a firm’s annual training on this topic. Find out more here.

 

Vulnerable Clients

Senior Managers and Certification Regime (SM&CR)

The Consumer Duty builds upon the FCA requirements and expectations under the SM&CR, and forms another cornerstone of the new rules. The SM&CR is an area we can provide extensive support to firms with, including but not limited to:

Blog Articles

Paradigm have written the below articles relating to Consumer Duty.

WE’RE HERE TO HELP YOU PREPARE

Contact our team of experts today

We understand that preparing for and meeting the FCA’s expectations under the new Consumer Duty rules will not be a ‘one size fits all approach’, as such we’d be happy to discuss how we may be able to support your firm and the specific requirements you might have in order to prepare for these changes.

Paradigm

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Paradigm Consulting is a Member of the Association of Professional Compliance Consultants

Paradigm Consulting is a trading name of Paradigm Partners Ltd
Office address: Paradigm Partners Ltd, Paradigm House, Brooke Court, Wilmslow, Cheshire, SK9 3ND
Paradigm Partners Ltd is registered in England and Wales. No.09902499. Registered Office: As above

Paradigm Mortgage Services LLP
Office address: 1310 Solihull Parkway, Birmingham Business Park, Birmingham B37 7YB
Registered in England and Wales. Company No: OC323403. Registered Office: Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND
Paradigm Mortgage Services LLP is a Limited Liability Partnership.

Paradigm Protect is a trading name of Paradigm Mortgage Services LLP
Office address: 1310 Solihull Parkway, Birmingham Business Park, Birmingham B37 7YB
Paradigm Mortgage Services LLP is registered in England and Wales. Company No: OC323403. Registered Office: Paradigm House, Brooke Court, Lower Meadow Road, Wilmslow, SK9 3ND
Paradigm Mortgage Services LLP is a Limited Liability Partnership.