CONSUMER DUTY NEWSLETTER

example which our File Review team has given as an example of the consumer duty working in practice. Tip 6 - The actions you decide to put into your plan to improve the journey for clients who come to your firm for help and advice, may also in turn help your commercially. A threat to our market above comes from Lenders trying to get clients to go to them directly. Putting an existing client page and button on your website so that product switch clients understand that you can help them too, can help you to retain more PT clients. This action could sit in your Product and services outcome. Tip 7 – Show your workings out – You may remember this term from your school days! As Richard has mentioned in his article, try to document your process of getting to your production of the plan, e.g. detail the MI you used, detail the reasons you decided to take the actions you did etc. Tip 8 – Don’t forget the FCA have to come at this from a “one size fits all” approach. For example, you are not the size of Lloyds Banking Group so this needs to be proportionate to you and your business. Keep that in mind and keep your plan in line with those SMART objectives. You may only have identified a few areas that need improvement. Tip 9 – This is a working document, a plan that you can revisit and keep on the agenda. It is also a plan that is going to form your annual reporting on Consumer Duty post the 23rd July 2023. As mentioned in Graeme’s article, you may wish to consider adding page numbers to the revised plan when you do revisit it, to show your progress. Tip 10 – My final tip is to contact Paradigm and your Relationship Manager who can help with all of this. There might be a cost for our help, but it will be worth it in the long run. You can find your RM contact here . As a BONUS tip on help for any of you struggling to kick this journey off in the right direction – Paradigm have partnered with VouchedFor and their Elevation Platform to give you a free Consumer Duty Report . As you move from planning to implementation, your bespoke report will help by showing you: 1. How you are doing against each of the four Consumer Duty outcomes. 2. How you compare with industry benchmarks. 3. Where the gaps are and what you should prioritise. 4. The business case . Drivers that could help you convert more prospects and generate more referrals. The report can be shared with the FCA to show you’re meeting the Duty. Given high demand, we recommend requesting your Consumer Duty Report soon. 13 CONSUMER DUTY NEWSLETTER