Paradigm issues further MMR update
The latest edition carries a link to a planning tool as well as a template chart which brokers can use to devise their own strategies to ensure MMR readiness. Paradigm has drawn up the template version based on the best practice examples it has witnessed to date.
The current issue of the Paradigm MMR publication follows the launch copy which encouraged readers to compile a list of all those within their business who would be affected by the changes and consider what alterations need to be made to procedures such as training and competence schemes and disclosure documentation.
Future instalments of the publication are scheduled to include policy templates around issues such as potentially vulnerable clients and execution-only sales, as well as including Q&As generated by readers.
Although initially devised and published with Paradigm’s members in mind, the group is keen for the guides to help raise professional competence across the industry, so is making the updates easily accessible to all via its website at: www.paradigmmortgages.com/MMReview/index.html
Bob Hunt, chief executive of Paradigm Mortgage Services, commented: “April 2014 may seem like a long way away but brokers can rest assured the MMR implementation date will soon sneak up on them, especially if they have not already begun their preparations for the new regime.
“As a group we are well on the way to ensuring our own protocols are future-proof but we are keen to help our members get ready too. We thought a series of informative guides would assist time-pressed brokers in digesting the latest developments and issues from the Financial Conduct Authority as well as offering them a platform to discuss topics that may arise as the deadline draws closer.
“The MMR offers the mortgage market a fantastic opportunity to raise the standards of professionalism in the eyes of consumers, but it is vital that firms start putting the correct procedures in place now and don’t wait until it is too late.”