Our value measures rules require firms to report GI data to us for publication. We are also introducing additional value measures product governance rules to ensure firms’ products offer fair value to customers. These rules have a broad scope across a wide range GI products. We expect value measures will improve market transparency and competition, as well as helping to address poor product value and reduce the risk of unsuitable GI products being bought or sold.
We have also published our final report and consultation paper from the GI pricing practices market study. These set out proposed rules on the way firms price motor and home insurance, as well as proposed product governance rules, proposals to make it easier for consumers to change their insurance contracts and additional reporting requirements.
Who this applies to
This policy statement will be of interest mainly to:
- firms involved in the insurance market
- trade bodies
- consumer organisations
Products such as Private Medical Insurance, Packaged Bank Accounts, no claims bonus protection and commercial products are exempt from these rules.
The value measures product governance rules come into force on 1 January and the value measures reporting rules come into force from 1 July 2021. We expect to publish our first value measures data in H1 2022.