Fairer Finance launches tool to address Consumer Duty

Firms can compare the value of products

Cameron Roberts
clock • 1 min read

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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

Cameron Roberts
Author spotlight

Cameron Roberts

More from Cameron Roberts

A case for PMI

More on Individual PMI

NHS waiting list on the rise

NHS waiting list on the rise

List up to 7.57m

Cameron Roberts
clock 13 June 2024 • 2 min read
Record number of private healthcare invoices in May

Record number of private healthcare invoices in May

Healthcode release numbers

Cameron Roberts
clock 10 June 2024 • 1 min read
Tories pledge to build 100 new GP surgeries

Tories pledge to build 100 new GP surgeries

150 more to be modernised

Cameron Roberts
clock 03 June 2024 • 2 min read