Protection: If clients know the price, do they also understand the value?

The title of this article, of course, a thinly veiled variation of Oscar Wilde's quote: "Nowadays people know the price of everything and the value of nothing". Perhaps that is what the FCA had at the back of their minds when they issued PS21/5: General Insurance pricing practices and, as a result, the new requirements in Product Intervention and Product Governance Sourcebook (PROD) 4.2 and 4.3. Probably not, but bear with me, this isn't just about GI. It has fundamental implications fo...