One of the key pillars of the Consumer Duty is the need for firms to demonstrate their products and services are delivering fair value for their clients. This isn’t just a one-off exercise ahead of implementing the Duty: it’s important firms ensure they have an effective framework in place to undertake, monitor and review value assessments on an ongoing basis.
The challenges of assessing value
We know from our work supporting a wide range of clients that undertaking value assessments can present a significant challenge. This includes areas like making sure the right costs and charges data is included, benchmarking, quantifying benefits, and bringing all of that analysis together to make reasoned judgements.
But these challenges aren’t insurmountable. Firms which implement a structured approach, focused on the right areas, and supported by data, will be in a strong position to demonstrate they are meeting the new requirements. Many firms have also found the insights generated by their value assessment analysis to be helpful in refining their business model and strategy.
Our value assessment framework
One of the key tools we have used to support existing clients implementing the Consumer Duty is our value assessment framework. Available on its own or alongside our consulting support, the framework includes:
- A process document – mapped to the Consumer Duty requirements – setting out a step-by-step approach to undertaking value assessments
- Guidance and illustrative examples to support you in understanding each element of the value assessment
- A structured, customisable template to capture your analysis and document the output from your value assessment
- A one hour workshop to explain the framework and template in further detail.
Other ways we can help you on Consumer Duty
We are able to offer a wide range of services to clients on the Consumer Duty, which can be tailored to your specific needs. These include:
- An independent review of your implementation plans – including assessment versus key regulatory standards and benchmarking versus comparable firms
- Quality assurance of completed product/service assessments and value assessments
- A range of processes and templates to help you integrate the Duty into your BAU processes: for example, product/service approval
- Training for senior leaders and staff on key aspects of the Duty.
Get in touch using the form below and a member of the team will get back you as soon as possible.