Standardising how protection insurance providers report fair value assessments will be “helpful” for advisers grappling with Consumer Duty.
This is according to Paul Fothergill, regulatory engagement manager at Sesame Bankhall Group (pictured), who kicked off Health & Protection’s inaugural Protection Forum in the City of London this morning.
Given concerns raised about the fact that not all manufacturers make their FVAs available on their website which could threaten advisers’ attempts to comply with the legislation, Fothergill was asked whether a standardised approach to reporting FVAs is required.
“We saw when the Insurance Distributors Directive came initially there was a whole mixed bag in the way they were being presented and where they were available,” Fothergill told delegates.
“There was a whole mixed bag in terms of when they were available as well which didn’t help things.
“So certainly something along those lines would probably help in a standardised format to be able to prepare things more easily,” Fothergill continued.
“It’s a tough process for intermediaries to have to do, to go out and look at everybody’s product and services – so any way that it could be made easier is going to be helpful for intermediaries.”