Paradigm has launched a one-stop hub to house links to fair value assessment documents of lender’s products as the industry moves to comply with Consumer Duty guidance.
The distributor has housed all the fair value document links made available to it from manufacturers in its Consumer Duty support hub, which also provide a range resources, including an eBook guide to the new rules.
It says the move will allow advisers to quickly access links to documents in one place, rather than visiting each individual manufacturer’s website.
The firm has split the links by sector covering mortgages, equity release, protection, investments and pensions.
All product regulated lenders are required to provide a fair value assessment of their products from 30 April under the new rules.
These documents should be accessed by advisers to review whether they believe the products offer fair value to their customers. Firms can then use these documents when assessing the fair value of their own services.
Consumer Duty guidance says these statements by manufacturers should help brokers understand the characteristics of the products and the target market.
They should also identify the intended distribution strategy and ensure the product will be distributed in accordance with the target market.
The documents should also allow advisers to consider the needs, characteristics and objectives of customers who may potentially be vulnerable.
The business is also holding live events ahead of the 31 July deadline, which will cover implementing the new Consumer Duty rules.
Paradigm mortgage technical director Christine Newell: “Product manufacturers are providing Paradigm with these links and advisory firms should now be making use of these documents in order to undertake the reviews which will help them meet their Consumer Duty obligations.
“We are just a few months away from the official start of the Consumer Duty rules, but as firms can see, the requirements need to be met on an ongoing basis.”
