The eighth video in the series is hosted by Graeme Stewart, head of consultancy at Paradigm, and he is joined by Paradigm’s director of mortgages, Richard Howes and protection director Mike Allison.
Under the regulation, firms must deliver good outcomes for clients with four key outcomes that firms must comply with including products and services, price and value, consumer understanding and consumer support.
The four most recent Paradigm videos look at the four outcomes in detail and outline how firms can address them in their businesses.
For instance, within products and services this involves defining target market, and within price and value firms need to show that products and services are fair value for different groups of people such as vulnerable customers and those with protected characteristics.
On the consumer understanding side, firms need to test the effectiveness of their communication and how they are acting on results and within the consumer support outcome, companies need to deliver proper support to customers regardless or communication channel and ensure it is meeting customer need.
The videos are available at Paradigm’s Consumer Duty Support hub, which offers information and resources including an ebook featuring articles from Association of Mortgage Intermediaries and the Intermediary Mortgage Lenders’ Association.
Paradigm is also hosting a series of face-to-face events ahead of the Consumer Duty deadline in July, which can be found here.
Stewart said: “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.
“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.”
He added: “There are now eight videos in this series of ‘Consumer Duty on Film’ videos, and we would urge firms to watch them in order, because we are also learning more about the outcomes and what is required of firms as we work through them.
