What this outcome means for you
This outcome requires you to understand if the price your clients pay for a product that you've recommended is reasonable when compared to the benefits they'll get from that product. This also applies to the cost of the advice you give them.
The outcome aims to reduce the potential for clients to be met with hidden, unreasonable or miscommunicated costs throughout the lifespan of any products recommended or services provided.
This means paying close attention to the lifecycle of a product, and regularly assessing whether it’s still offering clients fair value, based on their circumstances and needs.
What you need to do
- Assess the Fair Value Assessments for the products you recommend: our assessments provide clear and transparent information on the outcomes of our reviews
- Review your service proposition and charges clients can expect to pay: this includes upfront costs, recurring charges and fees they may incur across the entire lifecycle of a product you've recommended. If you assess and identify that your service is not offering fair value, please let us know
- Consider where real value is being added: identify where product features offer real value to clients based on their needs, including overall benefits such as add-ons, good customer service and support systems.
Show how your service offers fair value
These resources can help you assess the cost of delivering your advice services, and how you offer fair value to your clients.
Fair Value Assessment template
Document how you’ve reviewed the services you offer, and the products you recommend, and assessed how they offer fair value.
Cost of services template
Show how your services offer fair value while delivering good outcomes with this transparent pricing approach.
Cost of services calculator for workplace pensions
Build a clear service proposition for workplace pension clients, work out your charges, manage billing and create client reports.
Show that your pension recommendations offer fair value
Our Fair Value Assessments and resources can help you show the value and benefits that our pension products can give to your clients.
Fair Value Assessments for pensions
These assessments help you understand how we've reviewed and rated our pension products. They include target market information and our distribution strategy.
Independent Governance Committee annual report
Each year, our Independent Governance Committee assesses the ongoing value for money we provide to workplace pensions customers. This helps you assess the value of our workplace pension.
Our customer mobile app
Your clients can use our mobile app to view their savings, make single contributions, nominate beneficiaries and more.
As a mutual, our customers share in our success through ProfitShare. When we do well, we aim to boost qualifying plans with a share of our profits.
Financial wellbeing service
Available with our workplace pension. Scheme members can access ongoing financial education and guidance to improve their financial wellbeing.
Show that your protection recommendations offer fair value
Use these resources to review our protection products and assess your client's circumstances to make sure your recommendations offer them fair value.
Fair Value Assessments for protection
These assessments help you understand how we've reviewed and rated our protection products. They include target market information and our distribution strategy.
Personalised risk report
Show the value of protection by illustrating the risk of having a critical illness, being unable to work before retirement and the risk of dying. Available in Marketing studio.
Help make sure the money from your client’s Royal London protection plan ends up in the right hands at the right time, quickly and tax efficiently.
Understand a client's income and outgoings, so you can make product recommendations that align with their financial circumstances.
Find the right trust
Use our trust picker to choose the right trust forms for your clients. Answer a few questions about a client’s plan and it will suggest the most appropriate form to use.
This report shows our commitment to paying customer claims, so you can be confident we’ll be there for your clients when it matters.
Value of menu tool
This tool helps you mix and match a range of covers so you can provide the right amount of protection to match your client's financial situation and lifestyle.
Business Protection calculator
Help your clients understand the most suitable cover to protect it's most valuable assets.
Whole of life calculator
Help your clients understand the value of taking out a Whole of Life protection policy.
Explore the other outcomes
Products and Services outcome
Our resources can help you meet the requirements of the first Consumer Duty outcome, and help you understand what you need to do.
Consumer Understanding outcome
Find out how our resources and support can help you meet the requirements of the third Consumer Duty outcome, and what you need to do.