Consumer Duty: FCA finds some firms do not pass fair value test

The regulator said it had reviewed 14 firms' fair value assessment frameworks, which set out the approach firms are taking and found some were lacking. Price and value is one of the four key outcomes that firms need to assess under Consumer Duty, which comes into force on 31 July. The regulator said it had assessed a range of mainly large firms within retail banking, consumer investments, payments and digital assets, and consumer finance during January and February for its project. It said while many firms were making "substantial efforts in implementing the Duty" there were exampl...