July 12, 2023
For insurance firms, the requirement to apply a ‘fair value for a reasonably foreseeable period’ test to insurance products has been in place since October 2021. This is reinforced by the Consumer Duty (“the Duty”), under which firms need to deliver and assess four outcomes, including a price and value outcome. A robust price and value assessment framework is a key element in ensuring that firms can carry out individual value assessments.
This Hot TopICS explores what such a framework could include. Our February Hot TopICS also set out how firms can deliver their Consumer Duty implementation plans, and provides further suggestions about what firms can do in relation to the price and value outcome.
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