The tool allows financial services firms to assess the value offered by their products by benchmarking them against the wider market on product features, service quality and price.
Consumer group and ratings provider Fairer Finance has launched a fair value assessment tool to help financial services firms meet Consumer Duty standards.
Through the newly-launched Fair Value Report tool, firms can assess the value offered by their products by benchmarking them against the wider market on product features, service quality and price.
The tool uses complete and continuously maintained datasets, which include every product in the market across a wide range of sectors, including current accounts, savings accounts, personal loans and credit cards, the firm explained.
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James Daley, managing director of Fairer Finance, said: "Consumer Duty requires that firms prove they are offering fair value - so it is more important than ever that companies are clear on how they shape up against their competitors.
"Until now, many firms have carried out cursory and irregular reviews of a handful of their competitors - but that is unlikely to stand up to scrutiny in the new Consumer Duty regime."
"For those that need to dive further into the detail, there is also the ability to do a feature-by-feature comparison with the market - or with key competitors," he added.
