Paradigm Mortgage Services has launched an offer for directly authorised (DA) firms with up to six months’ free compliance support for new users.
Firms signing up to the Paradigm proposition will now be eligible for either three, or six, months’ free compliance support, depending on the length of the contract they sign up to – either two or three years.
Paradigm said it had extensive experience of supporting mortgage advice firms in this area and was seeking to support DA firms as they adjust to new ways of working including providing advice remotely and helping preserve cashflow during the lockdown period of the coronavirus pandemic.
It said mortgage advice firms have been particularly hard hit as market changes mean they have been unable to progress as many of their clients’ applications as they would in a normal environment.
Alternatively, all of Paradigm’s existing membership and compliance packages remain available with no contract tie-ins.
Existing firms who utilise Paradigm’s compliance services will be eligible to receive a £250 fixed referral fee when they refer other advisory practices to Paradigm under this offer.
Over the past month, Paradigm has launched a raft of support and resources for its member firms, including: four lender matrices, which now include a Furloughed Workers Criteria Sheet; a Protection Provider matrix; CPD Academy content; regulatory e-mail bulletins; a hub of practical support and useful resources; economic commentary; and more.
All of this is available from its coronavirus support page.
Bob Hunt (pictured), chief executive of Paradigm Mortgage Services and managing director of Paradigm Consulting, said: “We understand the importance of compliance for directly authorised firms, especially at times like these when many aspects of these businesses are changing. We have been actively supporting our existing membership through this complex and challenging time, and now we are looking at how else we can assist intermediary firms who may be struggling.
“We know that many firms are facing financial difficulties due to COVID-19, and we have therefore devised a means by which we can provide new firms with a completely unique offer that means they can avail themselves of our compliance expertise at no charge for either three or six months.
“We believe this will offer DA firms valuable regulatory protection and financial support when they need it most. We know that our industry is changing continually as it adapts to the current situation, and we will continue to strive to deliver extensive and innovative support for the directly authorised firms within it.
“Intermediaries are at the heart of everything we do, and we believe this new offering will be very positively received by those businesses in need.”