Fairer Finance has launched a tool to help financial services firms ensure they meet the fair value standards set by the FCA’s Consumer Duty.
The Fair Value Report tool enables companies to assess the value offered by products by benchmarking them against the wider market. They can then assess how they compare on the comprehensiveness of their features, the price they charge, and the service they offer.
The key features of the tool are product feature analysis and benchmarking, price data, service quality analysis, FCA Consumer Duty compliance and exportable reports.
According to Fairer Finance, the tool uses ‘complete and continuously maintained datasets’, which include every product in the market across a wide range of sectors.
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James Daley, managing director of Fairer Finance, said: “Consumer Duty requires that firms prove they are offering fair value – so it’s more important than ever that companies are clear on how they shape up against their competitors.
“Until now, many firms have carried out cursory and irregular reviews of a handful of their competitors – but that is unlikely to stand up to scrutiny in the new Consumer Duty regime.
“Our new fair value tool looks to provide firms an instant view on how they shape up against all their competitors on product features, service, and price. While for those that need to dive further into the detail, there’s also the ability to do a feature-by-feature comparison with the market – or with key competitors.”
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