Paradigm Mortgages has announced that it is introducing a new support hub that is aimed at mortgage advisors and that will contain useful links to documents needed under the new Consumer Duty rules.
These rules have been brought in by the Financial Conduct Authority (FCA) and all advisors are set to be affected by them. They will require advisors to submit fair value assessment documentation from both insurance and mortgage providers and the Paradigm hub will feature links to those documents.
The new Consumer Duty rules implemented at the end of last month mean that anyone who provides regulated financial products must submit pension, insurance, investment or mortgage fair value assessments. The hub that Paradigm has launched to help with those processes will be a part of its wider online Consumer Duty support centre.
Under further changes that will be coming into effect by the end of July, advisors will need to study the documentation and determine whether the products in question offer the public good value.
Speaking to Mortgage Solutions, Christine Newell from Paradigm stated that advisors should take advantage of the quick links to these documents on offer, before adding:
“It is another process step change for advisors but one that we at Paradigm are aiming to make as easy as possible, with all documentation accessible from one, rather than multiple, website pages.”
Mortgage advisors with the CeMAP qualification should find that this at least eases the amount of work that they have to do to collect the documents needed for assessment.