"The new Fair Value Assessment Framework will help our members to demonstrate the value they provide to customers and it can be applied by member firms of all different sizes."
- Graeme Trudgill, CEO at BIBA
The Fair Value Assessment Framework has been developed by Oxera and is available to members on The British Insurance Brokers’ Association's (BIBA) website. The industry body will host a webinar on the 26th October to provide brokers with a detailed overview.
BIBA’s Framework has been designed to help brokers implement or refine their own fair value models to best suit their particular customer segments and operating models. Notably, it was developed in the context of the Financial Conduct Authority’s (FCA) findings within the multi-occupancy buildings sector.
This will provide brokers with a useful tool for them to assess the value they deliver through their services in a structured way.
Commenting on the framework, Graeme Trudgill, CEO at BIBA, has said:
“BIBA members are committed to providing fair value to the customers they serve, as well as the new policy stakeholders created in relation to multi-occupancy properties, reinforcing the core principle that the broker is the agent of the customer and acts in their best interest.
“The new Fair Value Assessment Framework will help our members to demonstrate the value they provide to customers and it can be applied by member firms of all different sizes.”
Reinder Van Dijk, Head of Financial Services & Partner at Oxera, added:
“The end product is a richer tool which members can use to ask the relevant questions in a structured way, regardless of the size or business model of the firm or the particular propositions they deliver. The framework helps firms define the ‘space’ within which fairness is achieved and, where necessary identify the steps so that fair value will be delivered.”