Consumer Duty: FCA finds some firms do not pass fair value test

Firms not challenging themselves

A Financial Conduct Authority review into the Consumer Duty preparedness of firms has found some businesses could not prove why their products and services provided fair value to clients.

The regulator said it had reviewed 14 firms' fair value assessment frameworks, which set out the approach firms are taking and found some were lacking. Price and value is one of the four key outcomes that firms need to assess under Consumer Duty, which comes into force on 31 July. FCA eyes simplification of UK listing rules The regulator said it had assessed a range of mainly large firms within retail banking, consumer investments, payments and digital assets, and consumer finance during January and February for its project. It said while many firms were making "substantial effo...