CONSUMER DUTY FAIR VALUE

Consumer Duty is a new principle introduced by the Financial Conduct Authority (FCA), coming into force from 31 July 2023.

This page sets out our approach to meeting two of the outcomes required by the FCA; the Products & Services Outcome and Price & Value Outcome.

This information is intended for broker use only and should not be provided to customers.

Product & Services Outcome

Our assessment of target market and distribution

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 who our products may be less suitable for.

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.

Price & Value Outcome

Our assessment of value

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.

We look at the benefits of the product
We review any limitations of these benefits
We have a financial and non-financial approach to cost and pricing. These include consideration of the time and data provided by the customer.