FCA stresses Consumer Duty fair value concerns

The FCA published the findings of its review into firms’ fair value assessment framework on 10 May 2023, setting out good practice and priority areas of improvement for firms ahead of the July 2023 Consumer Duty implementation deadline.

The findings identify deficiencies in firms’ ability to evidence that a product or service represents fair value, how this is differentiated across customer groups and a lack of clear oversight and accountability of the remedial actions taken if products or services do not provide fair value. 

The FCA also reminds firms of its supervisory and enforcement approach to firms’ compliance with the Consumer Duty. 

Download this At a glance to see our summary of the findings and what this means for firms.