Context
The FCA has published an article by Graeme Reynolds, FCA Director of Competition and Interim Director of Insurance, asking if firms can provide evidence that their customers are getting a fair deal. Reynolds states that If they cannot, then they need to look again.
Key points to note and next actions
- Explaining what ‘fair value’ means in financial services, Reynolds states that it is a simple question: “are customers paying a reasonable price for a product, compared to the benefits they get in return?”.
- Reynolds provides two areas where the FCA’s work has helped firms demonstrate value better – cash savings and customers paying monthly for their insurance – with some insights in relation to premium finance in relation to challenging firms to improve, and how the FCA will continue that challenge.