Consumer Duty – Fair Value
The Consumer Duty regulation sets out a higher and clearer set of customer standards for all companies to comply with across the industry. The Duty includes Consumer principles that require firms to deliver good outcomes for retail customers. This involves ensuring that products and services are designed to meet customers needs, financial objectives and provide reasonable value for money.
This information is intended for broker use only and shouldn’t be provided to customers.
Fair Value
This page sets out our approach to Fair Value for the Products & Services and Price & Value outcomes of the Consumer Duty.
Our assessment of target market and distribution considers the key needs of our customers and provides robust checks to make sure those needs are being met. We also identify any customers for whom our products may be less suitable.
We've developed a comprehensive and robust assessment process to determine the value of our products. This analysis is used to evaluate whether the products deliver fair value for our customers.
Fair Value assessment
Our product range is designed to meet the needs, characteristics and objectives of customers in our target market.
Our distribution strategy is designed to be appropriate for our target market.
Our products are designed to provide fair value to customers in our target market (i.e. the total benefits are proportionate to total costs).
We also consider the potential vulnerabilities of our customers, and how they use our products and services.
We look at the benefits of the product and review any limitations of these benefits.
We have a financial and non-financial approach to cost and pricing.
results of our assessments
Fair value assessments are available for:
FAQs
View our Consumer Duty frequently asked questions here.
Further reading
For more information about Consumer Duty vist the FCA website.