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Understanding Consumer Duty Fair Value, Assessing Value, and Considering Contextual Factors

Compliance Consultant Tel 0800 689 0190 (UK) or +44 (0)207 097 1434 (Intl) See for details https://bit.ly/CCGenSuptLP Understanding Consumer Duty Fair Value, Assessing Value, and Considering Contextual Factors Hello again, Compliance Consultant Success Team Here. The Financial Conduct Authority (FCA) recently looked into how 14 companies set their prices and offer value to their customers. This review focused on five key areas: understanding what’s a fair price, how value is measured, considering other factors like customer needs, looking at different outcomes, and how companies manage their data. The study gave companies specific things to do to improve how they treat customers. It also offered general guidelines for making sure they meet the rules for treating customers fairly in the long run. So, what should companies focus on? Be Clear About Pricing Companies need to clearly explain how they set their prices. It’s not enough to just look at what competitors are charging. Every company and customer is different, so a simple comparison with industry averages won’t do. Companies must break down the costs of providing their service or product, including the time and effort it takes. This helps to justify the final price customers see. Look Beyond Just Price Value isn't just about how much something costs. Companies also need to focus on customer service, clear communication, and whether the product does what it’s supposed to do. Make sure to also evaluate the quality of customer support after a sale has been made. Remove Any Roadblocks Companies should make it easy for customers to do things like make complaints or change to a different product. If these processes are complicated, it’s a sign customers aren’t getting fair value. These bottlenecks need to be identified and fixed. Fair Treatment Goes Both Ways The rules emphasize that it should be as easy for customers to take actions that might not benefit the company—like canceling a service—as it is to sign up for new services. Work Together The FCA wants companies to collaborate more, particularly when it comes to setting prices. This includes not just the price of the product but also any extra fees that might be added on later. Collaboration will help companies fully understand and justify the total price charged to customers. In short, the goal is to focus on the end result for the customer, not just ticking off boxes to comply with rules. If you need help, please just contact us in the details provided below. Compliance Consultant Tel 0800 689 0190 (UK) or +44 (0)207 097 1434 (Intl) Compliance Consultant's Products Governance Review Anti-Money (AML) policy & procedures review services FCA Authorisation or Registration Service Independent FCA Suitability File Checking Service FCA AR Network review Regulatory Compliance and risk framework design and implementation service Independent Complaint Management Service If you are a UK authorised firm or are looking for FCA Authorisation/Registration, then please book a direct Zoom call with the "Compliance Doctor" on any of the following topics, please use; Governance Review https://bit.ly/CCGovRev AML Review https://bit.ly/CCAMLRev FCA Authorisation/Registration https://bit.ly/419A09F Compliant Management Service https://bit.ly/CCCompltMan File Checking Service https://bit.ly/CCFilChk 45 Min Discovery Call https://bit.ly/CCDiscovr Compliance Support https://bit.ly/CCSpprt