Consumer group and ratings provider, Fairer Finance, has launched its Fair Value Report tool, which allows financial services businesses to benchmark the value of its products against the wider market.
While the tool covers an array of sectors including motor, home and travel insurance, plus banking, its protection remit includes PMI and over 50s life insurance. The tool is being marketed as a solution to Consumer Duty, aiming to be used by firms that want to meet the fair value standards set by the FCA. The regulator's assessment on the implementation of fair value practices identified four areas for monitoring late last year. It said that firms need to consider collecting and monitoring evidence of fair value; clear oversight of remedial actions on products not offering fair valu...
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