WINTER 2025 www.paradigm.co.uk/protection PARADIGM PROTECTION NEWSLETTER
CONTENTS 4 Protection Market Update Paradigm Protect Mike Allison 8 UnderwriteMe Weight Loss Treatments and Underwriting: What You Need to Know… 10 Guardian Young People Need Protection Too — We Just Need to Talk About it Differently 12 Zurich Underwriting in the Age of Weight-loss Medication 14 Paradigm Strengthening Security with Multi-Factor Authentication 16 Paradigm As BBC Scam Safe Week Shines a Spotlight on Fraud, Trustees are Urged to Step up and Make the Pledge Graeme Stewart
Everyday Risk The The MetLife Everyday Risk Report has just been updated and there is plenty of fresh insights to explore. This is the only risk report which includes independent data from the NHS, ONS and MetLife’s own commissioned research, giving you a clearer picture of the trends shaping protection needs in the UK. Download now COMP3245.1.Oct25 Products and services are oered by MetLife Europe d.a.c. which is an aliate of MetLife, Inc. and operates under the “MetLife” brand. MetLife Europe d.a.c. is a private company limited by shares, registered in Ireland under company number 415123. Registered oce at 20 on Hatch, Lower Hatch Street, Dublin 2, Ireland. UK branch oce at Invicta House, Trafalgar Place, Brighton BN1 4FR. Branch establishment number: BR008866. MetLife Europe d.a.c. (trading as MetLife) is authorised and regulated by Central Bank of Ireland. Authorised by the Prudential Regulation Authority in the UK. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the UK. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
to customers had little or no bearing on interest rates and more focus was on Market Share from the Big 6. As lenders continue to battle for Market Share, often the consumer wins. Sales of Product transfers again seemed to have outstripped “New Business” for many firms and calls to increase PT Proc Fees have fallen on deaf ears – indeed the opposite has happened at Lloyds Banking Group. So whilst many clients will have appreciated the work of their Adviser during 2025 when it came to their Mortgage, there are signs ahead that change is in the offing. Mortgage and Protection Outlook for 2026 What we do know is that the mortgage market will continue to be different in 2026. The bigger Lenders have been lobbying the FCA to allow them to deal with customers on their books of business wherever they have come from, and the removal of the advice interaction trigger for existing borrowers is proof they have been successful. The rule to signpost consumers to advisers has now gone. The FCA’s recent Discussion Paper also talks at length about more direct contact with consumers. It gives the impression that AIdriven mortgage journeys are acceptable, as long as the outcome looks reasonable. Emails, letters and texts are going out to existing borrowers well ahead of renewal dates. These messages do not mention advice. They do not mention the Adviser who placed the original loan, and so it is incumbent on firms to reinforce as much as possible the value of independent whole of market advice. Clearly any trigger to “cut out” the intermediary in the mortgage advice process will have “knock on” effects with other ancillary sales, namely Protection and General Insurance. Mike Allison Director of Protection Paradigm Protect Protection Market Update 04 WINTER PROTECT NEWSLETTER Welcome to the latest edition of the Paradigm Protect Newsletter! As we approach the end of the year, whilst looking forward to a well-earned break for most of us we inevitably turn our thoughts to what next year will bring...but to dwell on 2025 for a few seconds, it has been a great year for Paradigm Protect, thanks to all of you! We believe our proposition remains marketleading because we avoid loaded Premium Panels and do not restrict consumer choice through multi-ties, both of which positively impact recruitment numbers. With the FCA shining a spotlight on the protection market, we believe that limiting choice (and therefore not achieving the best possible outcome for consumers) is contrary to the principles of fairness. Clearly many of you agree which is one reason we believe why our network of supporting firms continues to grow. Multi – ties offer little gain in commercial terms and often higher “up front” commission comes at the expense of renewal commission making some deals better for Insurers and distributors but not customers. Our volumes are linked by many firms we work with to the performance of the mortgage market and it has been an interesting year in that world! At times it seemed that rates offered
05 WINTER PROTECT NEWSLETTER Continued on next page... Previously the trigger for Protection and GI reviews has been the time leading up to the end of the Mortgage “fix” period. - perhaps the opposite should now be the case where annual Protection and GI reviews should be the driver to discuss any contact from Lenders and taking the opportunity to remind clients how important independent advice is. With the “Protection Gap” getting wider and wider, opportunities to speak to clients about all things Protection are invaluable. The regulator isn’t helping by removing the advice trigger here (a point we have made via AMI and at every chance we have with the FCA) but clearly the answer is to “front foot” the contact with clients as this is something advisers can control themselves. We can all talk about Artificial Intelligence and what it means at a Macro level but anything that supports more regular ability to communicate with clients cannot be ignored – the Big 6 Lenders with unlimited resources will be vying to do this in all product areas they operate in (and potentially in some they do not yet!) so the “personal service” that Advisers offer to firms should be brought to the fore and any AI service that helps to do this should be at least considered and form part of future communications strategies. Protection Market Overview The reality is that despite considerable efforts from AMI, IPTF and other bodies promoting Protection Sales we are still seeing growth in sub 5% p.a. numbers in the Protection space Product development is limited by Insurers and is confined to “tweaking” features in all three mainstream Product areas namely Term, Critical Illness and Income Protection. In the past 5 Years we only saw the pandemic years focus people’s attention on mortality and morbidity and even then only slight rises were evident and considered to be a “spike”. There can be lots of reasons why this has been the case, from Insurers seeing that they are “doing enough” to maintain market share in a shrinking provider landscape to distributors not giving it the focus it perhaps merits, the latter not being down to anything other than being too busy with Mortgage and Conveyancing timescales and not “trusting” signposting as a viable alternative. The market needs innovation and it perhaps doesn’t lie in the product areas but the process and ease of access to some if not all products. Underwriting has created barriers – again not necessarily the “fault” of Insurers, perhaps more so Reinsurers who are demanding more and more comfort that they aren’t going to see Claims go through the roof and are forcing more post samples, which in turn ties up New Business underwriters in many Insurer firms and guess what? – That slows down new business underwriting and service which causes clients to abandon the process The recent AMI Protection Viewpoint told us that nearly 50% of Customers who abandoned the Protection journey staggeringly did so after quotation stage, which may point to alternatives not being offered and the price frightened them. One can only surmise that the risks hadn’t been fully explained in each of the three product areas OR that the need for all three at outset was not the only solution to supporting them when they needed it. From a Paradigm Protect point of view I am delighted to say that we are “bucking the trend” for Protection sales this year being significantly ahead of last year in a flat marketplace– so again as ever a big thanks go to all who have supported u. In terms of Life and associated covers, of course commercially it makes sense to review a client’s needs every time the opportunity arises whether it be Remortgage or Product Transfer. This very much includes General Insurance too. We are seeing Buildings and Contents Cover rise at a pretty strong rate due to general cost of living rises and many of our firms are taking
06 WINTER PROTECT NEWSLETTER advantage of some Insurer “guaranteed fixed rates” for up to six months once a quote is completed thereby beating the almost inevitable price hike. GI Sales are up at a healthy level too within Paradigm Protect members many of whom are latching on to this as a sales tool Saving clients money as well as adding to your own income may well help bridge the income gap left by the rise in PT sales What do Consumers think of us ? Yet again this year we have seen the inciteful report produced by AMI with it’s sample size of around 3000 Consumers and almost 300 brokers and new this year there was a further focus on qualitative research. It tells us that younger consumers still prefer independent advice. The use of technology to grab the attention of younger consumers is vital for this even if then the traditional face to face model of transacting is then implemented – the research tells us that around 50% of firms do still not have Social Media presence and are therefore missing the clients of the future. - Something to bear in mind as we all look to refresh business plans at the start of a new year. Most advisers report that they discuss protection insurance with their customers in connection with a mortgage. However, these conversations are not always resonating. The first year of the Viewpoint study (2020) set the benchmark. Whilst we have moved the dial slightly, there remains a significant gap between the number of advisers that initiate protection conversation and those consumers that remember it. There’s an opportunity to move the dial further. Positively, the proportion of advisers who say they advise on protection directly with their customers has increased substantially – 82% in 2025 versus 66% in 2023. Since protection conversations aren’t resonating as strongly as we’d like, it’s clear we need to go further. Driving protection conversations around customer needs and not product is essential, and we shouldn’t lose sight of the importance of emotive human-to-human connection as part of protection conversations. Respondents were asked about when they were getting the Mortgage, how many of them had a “Protection” conversation – 39% recalled Protection being mentioned by their mortgage adviser. This represents only a small increase over five years, up from 36% in 2020. We find the more successful firms start the protection conversation as an integral part of the mortgage discussion, which not only helps to understand budgeting for it, but serves to get the client engagement and the "buy in" of the need early in the process. Advisers who tend to stay away from jargon such as "Term" and "Income Protection" but use phrases such as "paying your mortgage lender if you are sick" also help clients to engage better. The link to the research is here and it is well worth a read if you haven’t yet done so. What else has 2026 in store ? FCA Protection Review The FCA have implemented a review of the Protection Market, much of which has been aired in the Press over the past twelve months. Initial Consultations were followed by more “in-depth” data collection from both Insurers and distributors. Areas “in scope” are broadly: • Pricing v Commission Levels • Commission incentives • Replacement Policies • Advised v Non-advised • Over 50s Plans • Multi-Ties • Protection Provider Market • Reassurance • Lead Generation Each area is looking at whether the Regulator feels Consumers are receiving the “best possible outcomes” from the current Market. It is likely now that they will feed back their initial findings in Q1 2026.
07 WINTER PROTECT NEWSLETTER Clearly we will be keeping a close eye on all areas and we will be updating you on actions needed by firms to keep on track from a regulatory perspective. Renters Rights Bill 2026 will see the implementation of the Renters Rights Bill to offer Tenants greater Protection. We know that over 5 million households in the UK are served by Private Landlords most of who offer a high level of service to their clients. Many of your own B2L clients will face uncertainty over rental payments and potential Legal Bills should things go awry so don’t forget that there are GI solutions out there to support them in both of these areas – please speak to our Helpdesk if you require any more information New Entrants and/or New Products The FCA has been looking at access to Markets and barriers to entry as part of the review and it will be interesting to get their thoughts and suggestions as to how the Provider Market has evolved and potentially how it will develop l moving forward. During 2023 we saw the closure of Aegon and the sale of AIG to AVIVA without any significant entrants to the Market since, potentially stifling competition. Insurers will say that margins are tight and new entrants need to be competitively priced or have significant USPs to survive and then prosper – Term Assurance Rates seem to have reduced this Year according to research by I Pipeline and so barriers do exist. We know that competition creates a positive environment for Consumers so we need newcomers to keep the Market a healthy one. There have been whispers of potential new entrants into the space but we will need to see how the Provider landscape unfolds We will continue to update you on Providers and Products as they emerge and it will be interesting to see what further innovations come out of Provider world in the response to the FCA review. CPD as important as ever in 2026 We know from our usage that the CPD Academy has been more important to firms than ever this year as well as the Test Zone. This Year we were proud that the free Academy produced it’s 100k of Hours learned in the past month showing how important this Tool has been. Currently there are 1,662 test zone licences being used by Paradigm advisers and since launch, 34544 tests have been passed. Expect the unexpected – Focus on what you can control Focussing on what you can control has never been more important for commercial revenue into your businesses. There are huge opportunities out there for 2026 and whether it is by doing things within your own firms or “signposting” them elsewhere - clients can be looked after in the way not just the regulator wants but how you as Adviser want them to be covered in the event of any changes to their Health and Wellbeing. Signposting will become more and more important especially in the area of impaired Lives and we have a solution here for you too. Over the years we have tried to develop a proposition that adds real value beyond just commission and the usage of the Academy, the underwriting helpline and the CPD Events are testimony to how many of you value what we do. A big thanks goes to all of the team involved in delivering those services to you but the biggest thanks go to you our Business partners for Protection who continue to put faith in us to deliver those services for your clients. All of us at Paradigm Protect are looking forward to continue supporting you in to 2026 and let me wish you, and all of your families a Happy Christmas and a prosperous and moreover healthy New Year.
By UnderwriteMe Marketing Team Over the past year, weight loss treatment has become a major focus in the protection industry, as a growing number of people are turning to such treatment for reasons ranging from managing their weight and reducing health risks to purely cosmetic goals. On the Protection Platform, we’ve seen 739 applicants disclose taking treatment to lose weight in the last 12 months and this number continues to grow at an ever-increasing rate. Background on Obesity In the UK alone, it’s estimated 1 in 4 adults are living with obesity (NHS), a complex health concern with several different causes. Obesity elevates the risk of various health conditions, such as cardiovascular disease, type 2 diabetes, cancer, and mental health disorders. Losing weight can be difficult for people living with obesity, as it is affected by biological, environmental, cultural, and socioeconomic factors, which is why the sudden emergence and availability of treatment has become so popular. Overview of weight loss treatment in the UK Since becoming popular in 2023 with the use of Ozempic, and more recently in 2024 with the roll out of Mounjaro, we’ve seen a rise in the use of weight loss treatment. Recent statistics show around 2.5 million people are using weight loss jabs in the UK (The Independent). In July this year, sales were 7 times more than the same period last year (The Telegraph). This data highlights the increasing need for protection providers to adapt their underwriting strategy to stay on track with such emerging developments that impact the industry. New ‘weight loss’ questions added to the Protection Platform With this trend in mind, on the 12 November 2025, we introduced 9 new questions to the Protection Platform, that insurers will use for disclosures of weight loss treatment. The purpose of these new questions is to ensure we are capturing all the necessary information for insurers to make informed and accurate decisions for individuals seeking cover, and, where possible, offer "Buy Now" decisions. At the time of writing, we see as many as 7 insurers offering “Buy-Now” subject to the answers provided. 08 WINTER PROTECT NEWSLETTER Weight Loss Treatments and Underwriting: What You Need to Know
Key factors for consideration With the above questions in mind, the key considerations insurers must look at are: The amount of weight lost and over what time-period, this is important to see if the weight loss is maintained, or if they have lost a drastic amount in a short space of time that may be deemed unhealthy. Additionally, history of weight loss surgery is considered, this is because if someone has undergone weight loss surgery in the past yet is now turning to other forms of weight loss treatment, this demonstrates they have been unable to maintain the weight reduction they previously hoped to achieve. This is important to insurers as it helps paint the overall picture of an individual and their lifestyle. Furthermore, another important factor that must be considered is any complications due to weight loss treatment. Any complications from the treatment will impact the application decision, especially if it is directly linked to the use of weight loss treatment and has impacted their organs such as the pancreas or kidney. It's important that insurers know of any complications as this be an important factor when making their decision. With the BBC reporting that 9 in 10 are believed to pay privately for weight loss treatment, it’s important to look at where the treatment is sourced from. We know weight loss treatment can be obtained directly from the GP or prescribed by a pharmacy, however, there are also less legitimate sources where the treatment can come from. Some individuals are using weight loss treatment for purely cosmetic purposes and therefore may turn 09 WINTER PROTECT NEWSLETTER to sourcing it from avenues such as social media, which can come with serious health risks. This information is vital to capture as it will help determine if cover can be considered. Lastly, insurers will want to know if treatment is on-going and when it started. If treatment has only just started, insurers may act with more caution as they will want to get further insight into the impact the treatment is having on the individual and the potential risk for complications to occur. All the above key factors are crucial when capturing information regarding weight loss treatment and support the questions we've added to our platform. This not only helps insurers ensure they are offering the correct decisions but also allows applicants to obtain the right cover for their particular needs. Summary The growing prevalence of medical weight loss treatments has become a key focus for the protection industry in 2025. With drugs such as Ozempic and Mounjaro now used by an estimated 2.5 million people in the UK, the Protection Platform has seen a marked rise in disclosures, with 739 applicants reporting treatment use in the past year. In response, we introduced 9 new questions for disclosures of weight loss treatment on 12th November 2025 to give our panel of insurers the information they require to apply decisions in line with their risk appetite. Log into the Protection Platform Register for the Protection Platform 1. NHS - https://www.nhs.uk/conditions/obesity/ 2. The Independent – https://www.independent.co.uk/ news/health/mounjaro-wegovy-ozempic-weight-lossjabs-b2843927.html 3. The Telegraph – https://www.telegraph.co.uk/ news/2025/10/10/two-million-britons-using-weightloss-jabs-mounjaro-wegovy/ 4. BBC - https://www.bbc.co.uk/news/articles/ c981044pgvyo
Recently, I spoke at the ProtectZ event about something I feel strongly about, how we talk to young people about protection. As an under 30 in the industry, it’s clear to me that young people aren’t engaged with what we do. Because let’s be honest - most of them aren’t thinking about it. It’s not something we’re taught about in school. It’s not something we see much of on socials. And with the average age of first-time buyers now at 33.5 years old1, protection isn’t on their radar. But it should be. If you’re in your 20s or 30s, your income is probably your biggest asset. You might not own a home yet. You might not have kids. But you’ve probably got rent to pay, bills to cover, and a life you’re building. And if something unexpected happens such as taking time off work for illness or injury, then protection can be the thing that keeps everything else going. So why don’t more young people have it? It’s not because they don’t care. In my view, it’s because we’re not speaking their language. We tend to frame protection around life milestones like mortgages, marriage, and children. But for many young people, those milestones are years away. That doesn’t mean they don’t need cover. It just means we need to change the conversation. For me, it's important to highlight protection isn't about what you have. It’s about what you stand to lose. So, what do I think young people care about? • Staying financially independent • Paying rent on time • Keeping up with car payments • Not being a burden on family or friends • Having the freedom to live life on their terms • Their future plans That’s what protection is really about. And when we frame it that way, it starts to feel relevant. The reality • 2.78 million people are economically inactive due to being on long term sickness leave in the UK in the first quarter of 20252 • Nearly 1 in 4 people out of work due to ill health are under 353 • 1 in 10 people have no cash savings4 If your income stops, everything else is at risk. That’s why income protection, critical illness cover, and even life cover can be just as important in your 20s and 30s as they are later in life. Young People Need Protection Too — We Just Need to Talk About it Differently Laura Mitchell Marketing Manager Guardian Financial Services 10 WINTER PROTECT NEWSLETTER
Finding the touchpoints With younger generations reaching traditional protection milestones, like getting married, buying a home, and starting a family much later than previous generations, it’s worth rethinking not just what we say about protection, but when we say it. Rather than waiting for these conventional life events, we should consider engaging young people at the moments that matter to them now. Milestones like buying their first car, renting a flat or room in a house share, or starting a first job may not seem like obvious entry points for protection conversations. But these are the times when young people begin to build their financial independence - and start to acquire things worth protecting, whether that’s a car, an income, or a lifestyle. By aligning our approach with the realities of modern life, we can make sure protection feels relevant and valuable, right from the start. How advisers can make it land Here are 5 ways you can make protection feel real for younger clients: 1. Lead with lifestyle Start with “what if you couldn’t work for 6 months?” not “what if you died?” Focus on protecting their lifestyle - not just their dependants. 2. Keep it simple Avoid jargon and use real-life examples. Show how a small monthly cost can make a big difference when life doesn’t go to plan. 3. Make it flexible Young people move jobs, change careers, go freelance. They need cover that moves with them. 4. Be where they are Use social media, podcasts, and digital tools to start the conversation - they’re digital natives and that’s how they like to connect. And start the conversation early - when they’re starting their first job, renting their first place, or setting up their own business. 5. Show them people like them Representation matters, so use advisers and case studies that reflect their age and stage. Young people tend to think they’re invincible, so share stories of young people who’ve claimed. Make protection feel like something for them - not their parents. Final thought Young people don’t need protection because they’re planning for the worst. They need it because they’re building something worth protecting. And if we can help them see that, we’ll not only grow the market, we’ll build trust that lasts a lifetime. 1. Finder, First time buyer statistics UK:2025, March 2025. 2. Statista, Number of economically inactive people due to longterm sickness in the United Kingdom from 1st quarter 2000 to 1st quarter 2025, July 2025. 3. Gov.uk, New Report reveals young people nearly five time more likely to be put out of work, March 2025. 4. FCA, More people have bank accounts but one in ten have no cash savings, FCA survey reveals, May 2025. 11 WINTER PROTECT NEWSLETTER
By Zurich Marketing Team The rapid growth in weight-loss medications is reshaping the protection industry, with implications for disclosures, underwriting outcomes and adviser guidance. Today, weight-loss drugs are headline news – and more customers are selfadministering the jabs. “Just 12 months ago, we saw these cases only occasionally,” says Fraser Ballantine, underwriting quality and risk manager at Zurich. “Now, they’re coming through far more frequently – and advisers are starting to want clarity on how the use of these drugs might affect their customers’ protection journey.” Use of medicated weight-loss treatments has surged. IQVIA, a global health data and analytics company estimates there were around 1.5 million users in the UK as of March 20251. “While some people still turn to traditional methods to lose weight, the flood of social media posts showing dramatic body transformations has fuelled growing interest in weight-loss drugs,” says Ballantine. For insurers, the health impact of obesity – and the benefits of tackling it – go well beyond appearance. “Obesity is a major risk factor not only for type 2 diabetes, but also for heart attacks, strokes, certain obesity-related cancers and even dementia, so successful weight loss can have far-reaching health benefits,” Ballantine adds. Known medically as GLP-1 receptor agonists, these drugs were developed for diabetes but clinical trials showing double-digit weight reductions shifted demand to weight management. NHS guidance still limits prescriptions to patients meeting strict criteria, but private access has surged. This shift means insurers must adapt to disclosures that blur medical treatment and lifestyle – and advisers need clarity on assessment. A positive stance In trials, GLP-1 drugs have helped patients lose 15-21% of their body weight. In practice, results can be more modest: A 2025 ASMBS survey showed an average weight loss of 4.7% for patients who took GLP1 prescription medication for at least six months or 7% for those who took it for a year, compared to total weight loss of 24% for those who underwent bariatric surgery2. Insurers’ approach so far is constructive. “Generally, we see the use of weightloss medications as a positive,” Ballantine explains. “If someone is obese and they’re losing weight, the long-term health benefits are likely to outweigh the risks.” Zurich has not yet added dedicated questions about weight-loss drugs to its applications. For now, disclosures are expected through existing questions such as: ‘In the last two years have you had medication or treatment that lasted more than four weeks or have you been treated in hospital as an inpatient?’ Ballantine says: “If someone is taking weight loss medication, we’d expect to see it disclosed under this question. “If a customer has chosen to use GLP-1 to improve other conditions such as high blood pressure, we’d also expect the high blood pressure to be disclosed on the application.” 12 WINTER PROTECT NEWSLETTER Underwriting in the Age of Weight-loss Medication
Assessing risks Weight-loss injections are most effective when combined with structured support such as diet, exercise and psychological input. Without those elements, weight regain is common once treatment stops. Studies suggest many users regain at least half the weight once medication ends. As a result, underwriters typically assume some reversal when assessing BMI. For now, most applications involving weight-loss drugs are assessed manually, allowing underwriters to assess individual circumstances. Certain cases require closer scrutiny, such as applicants continuing treatment with a BMI below 25, or those with a history of eating disorders, gastric surgery or significant mental health issues. “Those are the cases where we’d probably ask for medical evidence,” Ballantine adds. Application implications GLP-1 drugs are new in obesity treatment, so long-term data is limited. Most safety evidence comes from diabetes use. Known risks include rare cases of pancreatitis and gastrointestinal issues, as well as loss of muscle mass and bone density leading to osteoporosis. “There is a class action lawsuit in the US claiming side effects weren’t fully disclosed,” Ballantine notes. “It’s something we’re watching, but for now the evidence suggests the benefits outweigh the risks – especially for those at higher risk of diabetes or cardiovascular disease.” For advisers and customers, the picture is positive. Sustained weight loss can mean application acceptance and lower premiums. BMI remains the key rating factor, with loadings generally starting around 30. “Someone with a BMI of 42 might previously have been declined,” Ballantine explains. “If they’ve brought that down to 32 with medication, suddenly they’re in the range where we can offer terms. That can transform adviser conversations and customer outcomes.” 13 WINTER PROTECT NEWSLETTER “If someone has stopped the medication and held a healthy BMI for at least six months, we’re more comfortable treating their new weight as stable,” he adds. Key takeaways For advisers, the growing prevalence of weight-management drugs means more customer conversations – and the need to handle them sensitively. “For many people, this will be the first approach that’s ever worked for weight loss,” says Ballantine. “Weight can be a sensitive topic – customers may find it difficult to discuss, or they may be proud of what they’ve achieved. It’s important to have that conversation in an understanding and supportive way.” Advisers should also reassure customers that insurers are engaging constructively with the trend – and outcomes are often more favourable than before. “It’s not a barrier to cover,” Ballantine explains. “In many cases, it improves the customer’s insurability. What matters is sustainability – whether the weight loss can be maintained over time.” When clients disclose use of these medications, advisers should capture key details: • When and why the medication was started • How much weight has been lost • Whether treatment is ongoing • Any side effects or complications “The more accurate and complete the disclosure, the smoother the underwriting process will be,” says Ballantine. The rise of GLP-1 weight-loss drugs is reshaping protection conversations, offering new opportunities for advisers to support clients’ health journeys while improving insurability. 1. https://www.thepharmacist.co.uk/clinical/cardiovascular/around1-5-million-uk-citizens-used-weight-loss-jabs-in-march-2025/ 2. https://asmbs.org/news_releases/head-to-head-study-showsbariatric-surgery-superior-to-glp-1-drugs-for-weight-loss/ • https://www.england.nhs.uk/ourwork/prevention/obesity/ medicines-for-obesity/weight-management-injections/ • https://www.bbc.com/news/articles/c5ylppp2vj9o
Strengthening Security with Multi-Factor Authentication By Head of IT Introduction At Paradigm, safeguarding your data is a top priority. As part of our ongoing commitment to cyber resilience, we have recently introduced Multi-Factor Authentication (MFA) across our platforms. Why MFA? Following a comprehensive security audit conducted by Deloitte, one of the key recommendations was the implementation of MFA. This additional layer of security ensures that all data stored behind logins— including personal details such as CPD records and client information—is better protected against unauthorised access. reassured that Paradigm will keep you ahead of the regulatory curve. Addressing Initial Challenges We acknowledge that the rollout of MFA was not without its challenges. The quick timelines and high settings of the security measures caused inconvenience for some users. Following Adviser feedback we requested that MFA prompts occur every 60 days, making the process more manageable and similar to routine password changes. This adjustment has now been implemented. Industry Standards and Regulatory Context Cybersecurity is not just a best practice— it’s an expectation. The Financial Conduct Authority (FCA) emphasizes strong cyber hygiene, robust systems, and operational resilience. While there is no explicit FCA rule mandating MFA for all brokers, the regulatory framework (including SYSC and operational resilience obligations) supports the use of “adequate controls,” which industry best practice interprets as strong authentication measures like MFA. Paradigm’s decision to implement MFA aligns with these guidelines and reflects our proactive approach to risk management. Real-world enforcement shows that firms have faced criticism and fines for weak cyber controls or lack of MFA, underscoring the importance of this measure. Looking Ahead MFA is already common practice across many industries, and its adoption is expected to grow. By introducing MFA, Paradigm is taking a positive step toward ensuring your data remains secure. We believe the 60-day validation period strikes the right balance between security and convenience. Thank you for your understanding and cooperation as we continue to strengthen our systems. For more details, please refer to our official notice: • Important Security Enhancement to Your Account • MFA Helpsheet 14 WINTER PROTECT NEWSLETTER
15 WINTER PROTECT NEWSLETTER As BBC Scam Safe week Shines a Spotlight on Fraud, Trustees are Urged to Step up and Make the Pledge Introduction The Pension Regulators blog follows up on the BBC’s Scam Safe week (22nd to 28th November). This reminds us all about our responsibilities to protect ourself, our businesses and our clients to do everything we can to prevent financial crime. Highlights “As we launch our new Pledge campaign, Paul Sweeney reviews the significant progress industry has made so far, what still needs to be done and the way ahead. Pension fraud can be devastating. In one hit, a lifetime of savings can be wiped out. And as our latest analysis indicates, fraudsters often target victims at a time of life when they may have little or no chance to recover their finances. Ensuring savers get the message their pensions could be at risk – and what they can do to stay safe – is critical. Over 650 schemes and organisations have now joined us by pledging and/or selfcertifying, helping to better protect 31.5 million memberships. Adoption of the Pledge has even spread beyond our remit, bringing the total memberships protected to 43 million – around 44% of pension savers. That’s real progress. But there’s more to do. We need the pensions industry to be 100% united in the fight against fraud.” - Paul Sweeney, Pension Scams Action Group Intelligence Business Lead Making the pledge Pension scammers screw up lives. But the industry is working together to stop them with more than 650 organisations pledging (in three steps as highlighted) to combat pension scams. Make the pledge for a pension scheme Make the pledge for an organisation Further information • Combatting Pension Scams • Stop! Think Fraud website • Paradigm Cybercrime support hub • Cyber action toolkit (free) • Cyber Essentials (free support) • Details of the free cybersecurity assessment that MITIGO can provide are highlighted within the strategic Partners page of the Paradigm website. Graeme Stewart Head of Consultancy Paradigm Consulting
www.paradigm.co.uk/protection/ 0330 053 6061 [email protected]
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