The FCA requires market participants to conduct Fair Value Assessments and to ensure that their distribution arrangements are consistent with customers receiving value for money which is why, with Oxera, we launched the Fair Value Assessment Framework .
Oxera will now be running a series of an online, interactive workshops to equip brokers to conduct fair value assessments, articulate and assess the value they deliver, identify and address potential areas of concern, and to ensure compliance with FCA rules. These valuable 3-hour sessions will give detailed, practical guidance which attendees can take back and share with their wider teams.
Please click here to view supporting materials from previous webinar session.
The workshop will take the participants through the framework and cover:
- introduction and context: the FCA principles and rules
- what is ‘fair value’?
- how to assess fair value from a business and consumer perspective?
- the toolkit: (regulatory) business model analysis and customer segmentation
- how to consider the core purpose and target market?
- four perspectives of the framework. We will cover a discussion on considering profit margins, revenue and costs and various other tests and metrics to inform fair value assessment. This will include case studies, practical suggestions and examples.
- how to design and assess effective customer communications
- practical tips for embedding the framework within organisation
Learning objectives: by the end of this workshop attendees will:
- Understand the FCA requirements in relation to Fair Value Assessments
- Understand the elements of the framework how it can practically apply in the context of your organisation
- Understand how to embed and apply the framework within your organisation
- Hear how to consider the core purpose and target market, and how to design and assess effective customer communications
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PRESENTERS:
Reinder van Dijk, Oxera Partner and Head of Financial Services
Reinder has over 20 years of professional experience in applying economics in the context of financial services regulatory and supervisory investigations, competition and market investigations, mergers and acquisitions, and litigation cases. He leads Oxera’s work in financial services and has advised major retail and investment banks, lenders, insurers and re-insurers, securities exchanges, payment system companies, fund managers, brokers and distributors. Reinder has delivered training to the various regulatory authorities, including the FCA, government departments, financial services companies and law firms – including on conduct risk and fair value assessment.
Tom Davies, Oxera Consultant
Tom is part of Oxera’s Regulation and Market Design team, with a particular focus on the economics of the financial services sector. He specialises in applying economics to regulation and conduct risk in financial services and has advised payments services companies, banks, building societies, brokers and insurance companies across a range of issues. Tom has delivered training to multiple firms on value for money assessments and on implementing the FCA’s new Consumer Duty.
Jessie Davidson, Oxera Analyst
Jessie is a member of Oxera’s Financial Services team. She uses economics and analytical tools to provide solutions to a range of issues, and has worked on projects spanning impact assessments, commercial disputes and commercial strategy. She has undertaken analysis estimating the impact of policies, assessing fair value and assisting firms with regulatory compliance, delivering training on the implementation of the FCA’s Consumer Duty.
Helen Ralston-Smith, Oxera Partner
Helen has over 15 years of professional experience in applying economic principles to issues of strategic importance for businesses, predominantly in the context of market reviews, litigation and competition investigations. She has presented evidence to the European Commission and the CMA, as well as to international regulators and authorities and testified at the UK CAT on behalf of Comparethemarket in its appeal of the CMA’s infringement decision regarding its use of MFNs in home insurance.
Peter Andrews, Oxera Senior Adviser
Peter has senior-level experience of a range of businesses in the financial sector, followed by 25 years in financial regulation. Peter was the Chief Economist of the FCA (and previously the FSA) until early 2017, leading a substantial economics practice at the regulator for over 20 years, and is now Senior Adviser at Oxera. He focused on issues such as the drivers of non-compliance, how behavioural insights can change firms’ and consumers’ decisions, and the impacts of such changes under different forms of competition. He engaged stakeholders by developing the FCA’s Occasional Papers series and its Insight Channel of communications.
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