New Consumer Duty

How can Paradigm support you?

On 31st July 2023, the Consumer Duty rules came into effect, brought in by the FCA as a means of ensuring “a higher level of consumer protection in retail financial markets”. The rules place higher expectations on firms with regards to the standard of care that is being provided to consumers, building significantly upon Treating Customers Fairly, the Senior Managers and Certification Regime (SM&CR), PROD rules and also vulnerable clients.

The final rules and guidance were confirmed by the FCA on 27 July 2022, and these can be found below. As we work together under the new rules and expectations created by the Consumer Duty, we can help you protect your business against these new regulatory risks. Paradigm can offer a wide range of support, including through our CPD events, regulatory updates, videos and blogs, and as part of our compliance packages.

  • Our Technical Services Helpdesk is on-hand to take your day-to-day compliance questions
  • Our File Review Team can review the outcomes of your compliance files and provide training and coaching where required
  • Our Consultancy team are able to review the completion of your Implementation plan, fair value assessments and ensure you are ready to comply with all aspects of the Duty as the new requirements introduced become business as usual.
  • We can also provide guidance on the new reporting requirements under Consumer Duty.

We are proud to be members of the Consumer Duty Alliance as an Affiliate Member. The Consumer Duty Alliance positions itself as an independent leader for all aspects of Consumer Duty and is keen to collaborate with all stakeholders across the personal finance sector. 

CDA Affiliate


Paradigm’s team of experts can support firms with these changes, and we would be more than happy to discuss this with you in more detail. We will look to understand your specific requirements and outline the ways in which we can assist. We have provided extensive assistance to our member firms leading up to Consumer Duty implementation, and continue to do so now; we have been digging down into the main issues facing firms and assisting them in weaving their implementation plans into their day to day business activities. This year, we will be accelerating this support by assisting and guiding firms with ‘Living under The Consumer Duty’. Paradigm have also devised a framework for the implementation plan, together with a guide to completion. This is available to all firms who subscribe to our Consultancy services, however, we can also support firms who do not buy compliance services from us on an ad-hoc basis. Click here to find out more.

Paradigm have also created these additional videos on this topic:

Fair Value Assessments

FAIR VALUE ASSESSMENTS

View the product fair value assessments that have been produced by our Lender and Provider panel and Strategic Partners.

CPD Events

CPD EVENTS

Join us at our upcoming events, many of which feature Consumer Duty presentations or will provide updates that will help to support and evidence your efforts to improve customer outcomes

Consumer Duty

CONSUMER DUTY EBOOK

Download our latest eBook on Consumer Duty - a guide for Financial Services Firms

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 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 firm's specific requirements.

The Consumer Duty built upon the FCA requirements and expectations under the SM&CR, and this is another area we can provide extensive support to firms with.

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

Packages start from £135+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.

Testimonials

Cirencester Friendly recently engaged Paradigm Consultancy to better understand the distributor approach to the new Consumer Duty rules. We believe our leadership team are now better prepared as a result to understand how we can collaborate with our distribution partners to enhance customer experience and outcomes. It was clear that Paradigm have a genuine passion to support not only Directly Authorised firms but Providers such as ourselves through this process.

Andy Peters

Interim Director of Distribution and Sales, Cirencester Friendly Society Limited

FCA Documents

Finalised Guidance: FG22/5 Final non-Handbook Guidance for firms on the Consumer Duty

READ IN FULL

A new Consumer Duty Feedback to CP21/36 and final rules

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

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

THIS SITE IS FOR PROFESSIONAL INTERMEDIARY USE ONLY AND NOT FOR USE BY THE GENERAL PUBLIC.

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Office address: Paradigm Partners Ltd, Paradigm House, Brooke Court, Wilmslow, Cheshire, SK9 3ND
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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.