Product Value

The FCA is undergoing work to determine, in light of Covid-19 and generally as part of their overall oversight, how firms determine the value of the products designed and distributed can expect to be of value to the end customer.  As part of that work they have has sent insurers and other firms regarded as product manufacturers a detailed information request looking into how firms assess and monitor the value of their products. The main purpose of the review is to assess firms’ actions and customer outcomes in relation to the regulatory guidance, ‘Product Value and Coronavirus’, first published in the summer of 2020.

The information request covers not only firms’ response to the pandemic, but also how firms are addressing wider concerns about conduct, culture and governance raised in an earlier study of General Insurance Distribution Chains (FG 19/5).

ICS is able to assist firms ensure they can evidence the matters such as specific committee/board reports where product value has been discussed, product reviews where the firm has made ‘material changes to the premiums charged’, stopped writing new business or changed the level of cover provided, management information used to determine the value of products, remuneration arrangements, any co-manufacturing arrangements, claim frequencies and loss ratios etc.

FCA assistance

Whether you need help submitting the right information, want to practice responses before a visit or would appreciate some on-site support during an investigation, our expert consultants will help you feel more in control.

File Reviews

If you have concerns that an individual, team or set of procedures are putting your compliance at risk, why not let us provide an independent assessment?


We’ll look at client files to get an overview of systems and controls or targeted business areas if you have concerns about an individual or a team.


As a result, you’ll find out if procedures are fit for purpose, ascertain if they are being followed and discover if any staff have competency issues which are increasing your risks.

Specific topics

Sometimes,  you know that one area of your business could be handled better, such as sales practice, product governance or complaints.

Our experienced consultants will gather information from your team, review your processes and documentation and use examples of best practice to illustrate how improvements can be made. As well as a verbal debrief, you’ll receive a full report with prioritised action points to help you address any issues.