UK-based Fairer Finance has introduced a new Fair Value Report tool to help financial services companies evaluate their products by comparing them to the overall market.
The tool will assess products based on how comprehensive their features are, how much they cost, and what services they provide.
It will also help clients ensure fair value for customers in line with the Financial Conduct Authority’s (FCA) Consumer Duty standards, the company said.
The Fair Value Report tool is built on complete and up-to-date datasets, encompassing every product available in a variety of sectors.
These sectors include insurance areas such as motor, home, and travel, as well as banking services such as current accounts, savings accounts, personal loans, and credit cards.
This breadth of data ensures a comprehensive market overview for users, the independent consumer group and ratings, the company added.
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Additionally, the tool integrates findings from biannual surveys of 10,000 customers, providing insights into customer satisfaction and trust.
It reveals the factors contributing to customer happiness and their reasons for choosing specific providers.
The tool’s functionality extends to exporting detailed reports in both Excel and PDF formats.
Fairer Finance managing director James Daley 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 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 with 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 is also the ability to do a feature-by-feature comparison with the market – or with key competitors.”