The key concept underpinning Consumer Duty is one of 'reasonableness', as in what could be reasonably expected of a prudent company?
If you are selling Ingeni insurance products, we have done the price and value review and amended our pricing in line with this concept. This ensures that you are selling at a fair (reasonable) price.
This work was done last year, and we will keep this under review to ensure retail pricing does not become an issue under the Price and Value rules.
If you are selling another company's products it is your responsibility to ensure that you are not retailing them at a margin the FCA would consider excessive.
Your supplier should have considered this already and amended their pricing to what would be considered 'reasonable'. If they have not, Ingeni can advise you on this issue.
Consumer Duty: Delivering Good Outcomes, Price and Value
Of the four areas the FCA expects you to address, consumer understanding is the one that has potentially the most impact on the dealers working within a dealership.
Governance of products and services
Price and value
Consumer understanding
Consumer support
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