What are Fair Value Assessments?
Financial firms are required to carry out Fair Value Assessments to assess if their products meet the needs of their target markets, while helping to deliver good outcomes. They also ensure that consumers pay a reasonable price for a product when compared to the benefits they receive from it.
Fair Value Assessments can help you meet the Consumer Duty's Price and Value requirements, as they help you see the benefits of a product or service, and determine which clients it might be suitable for depending on their needs.
Our approach to Fair Value Assessment
We’ve carried out in-depth reviews of our individual pensions, workplace pensions and protection products to ensure they offer fair value. The results are presented with clear and transparent information about each product.
In each Fair Value Assessment you’ll find:
- An in-depth product description
- The product’s distribution strategy
- Who the product is designed for
- Who the product is not designed for.
The aim is to help advisers make informed decisions about fair value when recommending our products to their clients.
