Paradigm calls for mortgage advice regulation

The firm announced its view in a paper dubbed Mandatory Mortgage Advice for First-Time Buyers: A Proportionate Regulatory Evolution Under Consumer Duty. Paradigm stated within the paper that first-time buyers display multiple vulnerability indicators, including limited experience with long-term financial products; lower financial resilience; high emotional investment in the home-buying process; and significant information asymmetry relative to lenders and advisers. The paper highlighted potential dangers of so-called "execution-only" mortgage advice, it said that this approach could l...