In 2022 the FCA introduced new requirements in relation to Product Governance, General Insurance Pricing Practices, and delivering Fair Value to customers.

As the insurer and product manufacturer, we are expected to provide our product distributors with information about those insurance products we underwrite and they distribute. The process for doing this is known as the Product Value Information Exchange (PVIE) exercise.

The way we’re conducting the 2023 PVIE / Fair Value Assessment (FVA) process has changed. In collaboration with VisRisk, a Fair Value and Consumer Duty solution provider, we have adopted a system based solution to share and collect the information needed to assess the Fair Value our products are delivering to our customers.

We recently emailed all product distributors of customer facing products in scope of the FCA’s Fair Value Assessment regulation including advice on how to prepare for and use tool.  If you have not yet acted on the communication email, please do so as soon as possible.

Please remember to check your junk folder if you cannot see this email or contact us at [email protected] where our team will be happy to assist you.