Fairer Finance, the consumer group, research agency and consultancy, has launched a ‘Fair Value Report’ tool, enabling financial service firms to assess the value offered by their products by benchmarking them against the wider market.
The new Fair Value Report tool shows how their products compare on the comprehensiveness of their features, price and services offered. Fairer Finance explained the tool is ‘ideal’ for firms who want to ensure they meet the fair value standards set by the FCA’s Consumer Duty, as it enables them to identify where products may fall short.
The Fairer Finance Fair Value Report tool uses complete and continuously maintained datasets, which include every product in the market across a wide range of sectors. This includes various insurance and banking sectors, such as motor, home, and travel insurance as well as current accounts, savings accounts, personal loans, and credit cards. This means that financial services firms have the most useful and up-to-date information available for assessing the value of their offerings.
James Daley, managing director of Fairer Finance, the consumer group and rating provider, 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.”