How to contact the Fairer Finance media team.

Fairer Finance is happy to provide a comment or consumer view on any personal finance news stories, and can field spokespeople for broadcast interviews.

To discuss your requirements please contact us at media@fairerfinance.com or call us on 020 3026 8542.

Alternatively, contact Karen Mignon at KMC at: karen@kmcomms.co.uk.


Our latest press release

13 February 2024

FAIRER FINANCE LAUNCHES FAIR VALUE ASSESSMENT TOOL TO HELP TACKLE CONSUMER DUTY

Tuesday 13th February 2024

Fairer Finance has launched a Fair Value Report tool to allow financial service firms to assess
the value offered by their products by benchmarking them against the wider market, showing
how they compare on the comprehensiveness of their product features, the price they charge,
and the service they offer. The tool is ideal for firms who want to ensure they meet the fair value
standards set by the FCA’s Consumer Duty.
The Fairer Finance Fair Value Report tool uses complete and continuously-maintained datasets,
which include every product in the market across a wide range of sectors. This includes various
insurance and banking sectors, such as motor, home and travel insurance as well as current
accounts, savings accounts, personal loans and credit cards. This means that financial service
firms have the most useful and up-to-date information available for assessing the value of their
offerings.
James Daley, managing director of Fairer Finance, the consumer group and ratings
provider, said: “Consumer duty requires that firms prove they are offering fair value - so it’s
more important than ever that companies are clear on how they shape up against their
competitors. Until now, many firms have carried out a cursory and irregular reviews of a handful
of their competitors - but that is unlikely to stand up to scrutiny in the new Consumer Duty
regime.
“Our new fair value tool looks to provide firms an instant view on how they shape up against all
their competitors on product features, service and price. While for those that need to dive
further into the detail, there’s also the ability to do a feature by feature comparison with the
market - or with key competitors.”

Key features of the Fair Value Report tool include:
1. Product feature analysis and benchmarking
● See measures of the depth and breadth of product features, and where firms can
improve.
● Evaluate how a firm’s products compare to those of their competitors.
● Compare products ranked by comprehensiveness.
● See two or more products side-by-side to directly compare every feature.

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2. Price data
● See how a firm’s product compares to the rest of the market on price.
● Quickly identify whether products are over or under-valued relative to their features.

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3. Service quality analysis
● See polling data derived from a twice-yearly survey on 10,000 customers.
● Get insight into how satisfied and trusting providers’ customers are, and what causes
them to be happy and pick their provider.
● Understand how transparent a firm’s customer journeys and terms and conditions/policy
wordings are through unique transparency analysis, and see how to improve.

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4. FCA Consumer Duty compliance
● Identify areas where your products may fall short on fair value.
5. Exportable Reports
● Export reports in excel or pdf that show how your products compare to the market on
comprehensiveness, price and service.
For more information about Fairer Finance or its new Fair Value Report tool, please visit this
page or read this guide.
Notes to editors:
For further information, please contact:
Karen Mignon, KM Comms: karen@kmcomms.co.uk / +44 7766 651327
Louise Ahuja, KM Comms: louise@louisebcomms.co.uk/ +44 7788 676913

About Fairer Finance
Fairer Finance is an independent consumer group and ratings provider whose mission is to help
create a financial services market which is fair for consumers as well as the companies that
serve them.
With a heritage spanning almost a decade, Fairer Finance’s unique and impartial Product
Ratings are simply designed to help consumers make sense of the complex world of financial
products. It rates over 6,000 products spanning over 20 sectors, ranging from bank accounts,
credit cards, car insurance and travel insurance. In addition, its Customer Experience Ratings
are designed to help consumers make more informed decisions based on quality and service
and not just price.

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