Fair Value Compliance in the Insurance Sector: Tackling the Data Challenges
The UK insurance sector is facing a significant shift in how it approaches consumer protection and fairness. The introduction of the FCA’s Consumer Duty has set a new regulatory standard for insurers, Managing General Agents (MGAs), brokers, and other distributors. Central to this is the concept of fair value a principle designed to ensure that financial products meet the needs of the customers they’re sold to, and that consumers are protected from poor value or unnecessary costs. For many firms, however, implementing fair value standards is far from straightforward...
