Fair Value (Product Assessment)

Check and Demonstrate Your Firm's Compliance Against Each Fair Value Assessment Requirement:

  • Product Overview Documentation: Verify detailed descriptions of the product, market needs, and problems solved, with guidance explaining why this establishes a clear value proposition, aligns with Consumer Duty outcomes, and identifies early misalignment risks.

  • Characteristics and Benefits Outline: Confirm key features, intended benefits, and objectives for consumers, including rationale on why articulating these ensures products meet real needs, deliver positive outcomes, and support evidence-based pricing justifications.

  • Scope and Target Market Definition: Document audience demographics, needs, complexities, and attributes, highlighting why precise scoping prevents unsuitable sales, refines distribution strategies, and complies with fair value targeting rules to minimise vulnerable customer exposure.

  • Distribution Strategy Validation: Verify alignment of channels with target markets and firm capabilities, explaining why this optimises reach, reduces mis-selling, and demonstrates that delivery methods enhance rather than detract from overall value.

  • Price and Value Analysis: Confirm evaluations of costs versus benefits, with insights on why balanced assessments prove affordability, justify fees, and meet FCA expectations for proportionate value without exploitative structures.

  • Testing and Evidence Gathering: Document consumer testing methods and outcomes, underscoring why empirical data validates assumptions, uncovers biases, and provides defensible proof of fair value delivery.

  • Monitoring and Review Processes: Verify ongoing performance tracking and remediation plans, including rationale on why regular reviews detect emerging issues, enable swift adjustments, and ensure sustained compliance with evolving standards.

  • Governance and Approval Assurance: Confirm senior management oversight and sign-offs, highlighting why accountable leadership integrates fair value into decision-making, mitigates governance gaps, and aligns with SMCR responsibilities.

Firms leveraging RegTechPRO cut assessment time by up to 40%, gain actionable insights into FCA fair value criteria, and evolve products from compliant to customer-centric powerhouses.