Target Newsletter - Issue 186 February 2023

INTRODUCTION FROM PARADIGM CONSULTING

It is also worth mentioning that the teams are busy behind the scenes, with further support to help you prepare for the Consumer Duty’s start date, including: • A new Consumer Duty focused module for the Compliance Manual (which will contain the reporting templates that you will need from July going forward under the Duty’s regime). • Further follow up “On Film” presentations concentrating on the four Consumer Duty outcomes • We will also be reviewing our Disclosure templates to meet the Duty’s expectations, and • A new CPD Academy Test Zone module dealing with the Consumer Duty There’s lots going on and a real team effort being made, we will be publishing these in good time, ahead of the July implementation date, so please do keep a look out for our future updates. In this edition, we also publish details on the FCA’s thematic review, their campaign to tackle loan fee fraud and consultation paper on Insurance Guidance: for the support of customers in financial difficulty. I also want to say a huge thank you for all those that attended our Best Practice event in January, this was the first of six planned events. Congratulation's again to Graham

Graeme Stewart Head of Consultancy Paradigm

Hello and welcome to February’s edition of Target. I always think the longest month in the year is January, but crikey, how quickly it flew by this year, with no let up in the output from the FCA, particularly in relation to the Consumer Duty. A reminder then that the implementation date of 31st July will soon be upon us. Before then, your firm's implementation plan should be complete, and you should be ready for the reporting period starting from the end of July 2023 onwards. Our consultancy team have been concentrating on fine-tuning implementation plans when undertaking their visits with firms. We hope that the update, on page 8, detailing the FCA’s review of larger firms’ implementation plans will be helpful and timely for you.

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