On 31^st 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. 

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.