Paradigm Protect launches Defaqto Product Switch System

07 October 2025

Paradigm Protect, the directly authorised protection proposition - which is part of Paradigm Mortgage Services - has today (7th October 2025) announced the launch of a new technology-led initiative with financial information and software specialists, Defaqto, to help advisers manage Product Switching processes more effectively.

The FCA has intensified its focus on Product Switching, highlighting it as a high-risk area in its recent update (MS24/1.3), noting rebroking practices can sometimes lead to poor outcomes for consumers.

To help firms meet their Consumer Duty responsibilities and ensure clients receive better overall outcomes, Paradigm Protect has partnered with Defaqto to provide free access to its CIC Compare software, alongside compliance service support.

The Defaqto CIC Compare tool allows advisers to compare Critical Illness Cover (CIC) products dating back to 2009, using real insurer claims data to deliver credible, evidence-based comparisons.

The software is designed to help advisers demonstrate clear value and suitability when reviewing or replacing a client’s protection policy.

To complement the technology, Paradigm Protect has introduced a range of compliance service options to help firms formalise their internal switching procedures and audit their file processes, ensuring consistency, clarity and compliance across their advice framework.

The launch reinforces Paradigm Protect’s commitment to providing DA firms with the technology, tools and governance support they need to deliver consistently high-quality advice and meet Consumer Duty standards.

For more information, please e-mail: CICCompare@paradigm.co.uk

To view a demonstration of Defaqto’s CIC Compare and the associated compliance support options, visit: https://www.paradigm.co.uk/protection/products/product-switching

Mike Allison, Director of Protection at Paradigm, commented:

“We wanted to support firms on the Product Switching journey because we recognise it is not only an area of regulatory focus but clearly one of risk to the client if the product they ultimately are recommended is inferior to their original one.

“With the increasing complexity surrounding Critical Illness conditions, we know by offering free access to this software, it will support advisers during research and suitability, and ultimately lead to the best possible outcomes for the consumer.

“Coupled with our compliance expertise, we will help firms develop a consistent procedure for reviewing and potentially replacing client CI contracts and supply an ongoing review of files for them once that procedure has been embedded into the firm’s process.

“We are mindful of the commercial pressures DA firms are under, and by offering the software at no cost - coupled with our compliance service - we are providing peace of mind to both advisers and clients alike.”

For more information about Paradigm Protect including information, please visit: www.paradigm.co.uk/protection