What happened?
Published in May 2023, the FCA’s Consumer Duty price and value assessment review examined the frameworks of 14 predominantly large financial businesses.
The review highlighted areas that successfully aligned with the regulator’s vision for the future, alongside key areas where firms were falling short.
In Money Marketing, TCC Regulatory Consultant Juana Diaz-Landinez read between the lines of the FCA’s feedback to uncover the overarching lessons firms should take on board.
Why does it matter?
The findings give firms outside the reviewed sample a clear indication of what the FCA expects a mature fair value assessment framework to look like, and where other firms have fallen short.
Applying these lessons can help firms build a Consumer Duty strategy that stands up to regulatory scrutiny, rather than waiting to be picked for a future review.
Supporting sources
Frequently asked questions
What did the FCA's Fair Value assessment review examine?
It examined the price and value assessment frameworks of 14, predominantly large, financial businesses, published in May 2023.
What did the review find?
It found areas where firms’ frameworks aligned well with the FCA’s expectations, and other areas where firms fell short.
Who wrote about the review's lessons for firms?
TCC’s Regulatory Consultant Juana Diaz-Landinez, in an article for Money Marketing.
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- BankingTCC helps retail banks, challenger banks, building societies and specialist banking providers strengthen governance, manage financial crime risk and demonstrate good customer outcomes. Our specialists support Consumer Duty, remediation, regulatory transformation, FCA intervention and compliance assurance programmes through advisory, managed services, specialist resourcing and technology-enabled compliance. With more than 25 years of experience supporting FCA-regulated firms, we help banks respond confidently to regulatory scrutiny while strengthening operational resilience and customer trust.
- General Insurance & ProtectionTCC helps insurers, brokers, MGAs and protection providers evidence fair value, strengthen customer outcomes and identify emerging customer harm. We assess product governance, claims performance, distribution oversight and vulnerability risks, helping firms create regulator-ready evidence, improve operational performance and demonstrate that products and services deliver value throughout the customer lifecycle.
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