Consumer Duty at TMG.

Getting ready for the implementation of the new consumer duty guidelines.

Under the new Consumer Duty rules, all Product manufacturers of regulated products were required to conduct a fair value assessment of their products. These fair value statements will need to be assessed by each individual firm to review whether they believe the products offer fair value to their customers or not. The statements should help you to:

  • Understand the characteristics of the products;
  • Understand the identified target market;
  • Consider the needs, characteristics and objectives of any customers who may potentially be vulnerable;
  • Identify the intended distribution strategy; and
  • Ensure the product will be distributed in accordance with the target market.


The new Consumer Duty aims to bring about a fairer, more consumer-focused and level playing field, whereby firms prioritise the consumer’s needs above all else, ensuring good customer outcomes.

Firms need to consider the diverse needs of their customers, including those in vulnerable circumstances, and make allowances where necessary. The new regulations ensure consumers get products and services which are fit for purpose, provide fair value, that they understand how to use and are supported in doing so at every stage of the product/service lifecycle.

In essence, the regulator wants to see firms putting themselves in their customers’ shoes, asking themselves questions such as ‘would I be happy to be treated in the way my firm treats its customers?’, or ‘would I recommend my firm’s products and services to my friends and family?’

Fair value statements.

To help you ensure your clients are getting fair value, and to help you fulfil your Consumer Duty requirements, we’re collating the Fair Value Statements of all lenders on our panel.

To access them, head over to The HUB and log in as usual.

Not registered for The Hub? It’s simple to register by sending your name and contact number to