PMS Mortgage Club, in partnership with compliance experts Bankhall, has is offering support to mortgage and protection firms to help them adapt to the ‘new normal’ of Consumer Duty.

With some directly authorised mortgage firms expressing concerns over their ability to adapt to the requirements for demonstrating fair value, the new guidance offers targeted support in this area.

PMS also says it will help companies prepare for the Financial Conduct Authority’s (FCA) examples of good and bad practice, which are expected to be published over the coming weeks.

The new support from PMS and Bankhall includes guidance on the steps firms should take to help demonstrate fair value, a Consumer Duty checklist and examples of best practice across the industry.

PMS group director – mortgages & protection, Alex Beavis, says: “Consumer Duty is a sea change in terms of the way firms are regulated and so it is unsurprising many feel they need additional support.

“In partnership with Bankhall, we’ve looked to do the heavy-lifting and collate all the information firms need to demonstrate fair value and governance in one place, as well as help them set out a process for continually stress testing and reviewing their work.

“Directly authorised firms will be undergoing a significant transition in the coming months, and we’ll be continually revisiting our comprehensive library of support materials to ensure they have everything they need.”

Bankhall client relationship director Linda Preston-Todd adds: “While advisory firms operating in protection and general insurance have been accustomed to fair value frameworks since their introduction in 2021, this is a brand-new area for many mortgage advisers.

“Therefore, it’s crucial firms take the time to carefully validate their work and have a means of sense checking this against industry best practice.

“Encompassing free guidance, backed-up with access to our regulatory experts, our latest package of support aims to provide advisers with all the insight and intelligence they need to ensure their work stands up to regulatory scrutiny.”

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