FCA Policy Statement - Fair Value

The FCA has introduced new rules on Product Governance, Premium Finance and Reporting which apply to most insurance contracts including commercial insurance. The focus is on whether the products offer fair value to the customer and if the firm is acting in the customer’s best interest.

To help you unravel the FCA requirements so you can apply a Fair Value approach, we’ve teamed up with RWA Consultants to create a series of videos to help you understand what this means for you. Watch our videos to get a better understanding of what steps you need to take before the rules come into effect.

This guidance is provided for information purposes and is general and educational in nature and does not constitute legal advice. You are free to choose whether or not to use it and it should not be considered a substitute for seeking professional help in specific circumstances. Accordingly, Ecclesiastical Insurance Office plc and its group companies (“Ecclesiastical”), RWA Compliance Services Ltd and its group companies (“RWA Compliance Services”), shall not be liable for any losses, damages, charges or expenses, whether direct, indirect, or consequential and howsoever arising, that you or any third party suffer or incur as a result of or in connection with your use or reliance on or action taken (or not taken) by any other party, caused by that or any other person’s use of or reliance on the information provided in this guidance, except for those which cannot be excluded by law.

In viewing the guidance, you acknowledge that over time the information provided may become out of date and may not constitute best market practice, that it is subject to change and new editions may be issued to incorporate such changes and that Ecclesiastical and RWA Compliance Services Ltd have no duty to provide such changes.