UK FCA Consumer Duty (Principle 12 and PRIN 2A) 2a4-manufacturer-fair-value: Manufacturers ensure each product provides fair value to retail customers in its target market and carry out a fair value assessment before marketing and before any adaptation

Value means the relationship between what the customer pays over the product's life and the benefits the customer can reasonably look for. A manufacturer must ensure its products deliver fair value to the retail customers of their target markets, must carry out a value assessment before a product is marketed or distributed and before any significant adaptation, must be satisfied the product will provide fair value for a reasonably foreseeable period including renewals, and, where a product is provided with others, must assess each component and the package. The assessment must consider at least the nature of the product including its benefits and quality, any limitations, the expected total price customers pay including all fees and charges over the life of the product, and the characteristics of the target market; it may also consider the firm's costs, market rates and comparable products, and non-financial benefits. The firm may not rely on individual customers to judge value for themselves. Co-manufacturers record their respective roles, and a firm working with a non-firm co-manufacturer remains fully responsible.