Value for Money - The FCA’s Regulatory Requirements
The FCA’s interest in product value started in the general insurance sector before moving into asset management. Now, though, ‘value for money’ is a ubiquitous expectation across the financial services industry.
‘Value for money’ has replaced ‘treating customers fairly’ as an articulation of how the FCA seeks to meet its responsibility to ensure good consumer outcomes.
Every regulated firm, no matter which sector they are in or who their customers are, must be able to answer, continuously, three fundamental, and related, regulatory questions:
Firstly, what constitutes value for a customer, at every stage in the lifecycle of your products and services?
Secondly, how do you measure, quantitatively and qualitatively, the extent to which that value is being achieved for your customers?
And thirdly, what do you do when the value you seek to provide is not delivered?
The identification of poor value can have wide-ranging and severe implications for firms, potentially resulting in the need to perform past business reviews and remediation exercises. Undertaking such exercises can be extremely costly and may even result in the failure of the firm.
What You Will Learn
This live and interactive broadcast will cover the following:
- What the FCA expects of firms in articulating and measuring the value for money of products and services
- Means of measuring value for money in practice, and how to combine and reconcile quantitative and qualitative measures
- The importance of product governance and reviews
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.