Firms not challenging themselves enough on fair value – FCA boss Brewis

Financial Conduct Authority director of general insurance Matt Brewis believes insurance firms are applying a ‘tick box’ approach to fair value assessments.

Speaking at the regulation session at the 2023 Biba Conference today, Brewis, pictured, told the audience: “This is an area where I think firms aren’t challenging themselves enough in terms of whether they’re providing fair value.

“We’ve got quite a few recent examples we put out, where we have seen firms applying a tick box approach, or thinking of a percentage not based on any kind of actual cost base rationale, leading to customers not potentially receiving fair value.”

But Dave Perry