Consumer Duty and protection: what 'fair value' means for you
The FCA's Consumer Duty has quietly reset the standard the whole industry is measured against. Here is the customer's-eye view.
At its heart, Consumer Duty asks firms to deliver good outcomes rather than simply sell products. For protection that means cover should represent fair value, be clearly explained, and genuinely suit the person buying it — with support that does not fall away the moment the policy is in force.
In practice you should expect plain-English explanations of what is and is not covered, no pressure to buy add-ons that do not fit, and an adviser who can show why a recommendation suits your circumstances. It has also pushed firms to look harder at whether customers understand key features — like deferred periods and definitions of incapacity — before they sign.
For a broker, the Duty reinforces what good advice always looked like: match the cover to the person, be upfront about exclusions, and stay contactable when it matters most — at claim time.
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