"There is an expectation that all regulated entities continue to assess, evolve and implement changes that help to ensure they continue to meet their responsibilities in this area."
- David Ryder, head of proposition at Paradigm
Paradigm has launched its latest Consumer Duty eBook and a new video providing information and guidance to all advisory firms on the FCA’s requirements.
As part of its ‘Consumer Duty On Film’ series, the latest video, entitled ‘Living under the Consumer Duty’, sees Paradigm’s head of consultancy, Graeme Stewart joined by director of mortgages, Richard Howes, director of protection, Mike Allison, and policy supervisor, Carmen Bews.
This is part 10 of its Consumer Duty series and sees the panel discuss a variety of practical support, help and guidance on how firms can continue to develop in a Consumer Duty environment.
One of the key considerations discussed is firms’ annual Consumer Duty reporting requirements, how to prepare for it, what to include in the reports, the level of granular detail and management information needed, how to access it, and how to present this in order to satisfy the FCA.
Paradigm’s latest eBook, entitled ‘Life Under The Duty’, is designed to help firms and advisers understand how their Consumer Duty implementation plans can evolve into becoming part of the fabric of their firm.
The eBook provides an appreciation of the new Consumer Duty rules and requirements and covers key tasks to complete now the Consumer Duty is ‘live’. The eBook also discusses Consumer Duty reporting, a manufacturer’s perspective on closed products, dealing with vulnerable clients and further next steps for firms to consider.
David Ryder, head of proposition at Paradigm, commented: “The FCA itself pointed out last year that Consumer Duty was not a ‘once and done’ exercise for firms, and there is an expectation that all regulated entities continue to assess, evolve and implement changes that help to ensure they continue to meet their responsibilities in this area.
“We might be nine months on from the implementation date but there remains a real need to keep focused on what Consumer Duty means to firms themselves, especially in terms of delivering ongoing, positive outcomes for customers.
“This video and eBook are designed to look at life under the Consumer Duty and highlight those areas which will require continual review and action, for example, firm culture and, in particular, the annual Consumer Duty reporting requirements.
“We would encourage everyone to download the eBook and watch the video in order to gain an insight into the areas that firms should be focusing on now we have the Consumer Duty as part of our everyday lives.”
