DAS responds to FCA guidance on value measures

16th February 2022

On the 15th February the FCA published new guidance relating to the reporting of insurance value measures as they relate to Legal Expenses Insurance and Motor Breakdown. The regulator stated that firms will not be required to report against the following measures for these product categories:

  • total claims pay out cost
  • average claims pay out
  • the amount that the top 2% of claim pay outs are above.

DAS UK will be complying with this new guidance and we have written to all our business partners impacted by the change.

We welcome this development from the regulator, and will be interested to see what further developments may come about – specifically in relation to the measurement of value for insurance products where the main benefit provided to a customer is through the delivery of a service rather than financial compensation.

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