Lender Fair Value Assessments

Accord Mortgages

Accord mortgages, would like to share with you our approach to the Fair Value aspect of the Consumer Duty requirements, and signpost you to our Fair Value Notice and Target Market Assessment summary sheets. This page sets out our approach to meeting two of the outcomes required by the FCA; the Products & Services Outcome and Price & Value Outcome.

We have produced a Fair Value and Target Market assessment summary sheet for each existing product category, and these and further information are now available on our website.

https://www.accordmortgages.com/consumer-duty-fair-value

Aldermore Bank

Under the new Duty we’re required to review our products and services and share the details with our distributors by 30 April 2023, so that they can meet their obligations by the deadline of 31 July 2023.

You can download the pdf's for our Buy to let, standard, Standard level 2 & High LTV mortgage ranges these will show you our approach to meeting the Products & Services Outcome and Price & Value Outcome – Information for distributors of the Product.

https://www.aldermore.co.uk/consumer-duty/

Barclays

Following completion of the fair value assessments of our products we, as a product Manufacturer,
are required to share information with intermediaries, as Distributors of our products, to enable you to:
• Understand the characteristics of the product or service
• Understand the identified target market
• Consider the needs and objectives of any consumers with characteristics of vulnerability
• Identify the intended distribution strategy
• Ensure the product or service will be distributed in accordance with the target market

To do this we are using an industry agreed template to make it as easy and consistent as possible. Our completed templates can now be accessed on our Intermediary website.

https://intermediaries.uk.barclays/home/consumerdutyproductinformation/

Bluestone Mortgages

At Bluestone Mortgages, we are committed to providing customers with a seamless experience and good outcomes. The Financial Conduct Authority’s (FCA) Consumer Duty introduces new rules for both us as a lender and you as an intermediary, setting higher and clearer standards of consumer protection across financial services, and requiring firms to put their customers’ needs first.

As a result, we’re reviewing our products, services, documentation and customer journeys as part of our preparations. These updates will help you better understand our products and their value, ensuring your customers can trust us to provide the support and guidance they need to make informed mortgage decisions.

https://bluestonemortgages.co.uk/brokers/consumer-duty-overview/

British friendly

This document provides a summary of the relevant product information for Protect. It sets out key information for distributors as required by the FCA’s Product Governance rules.

Under the FCA’s rules, we are required to inform you that we have a governance process in place to oversee the design, approval and on-going reviews of our products.

British Friendly Protect https://bfs-assets.s3.amazonaws.com/media/filer_public/20/45/2045ec56-d4f0-484d-a826-a09bdc1134f2/protect_product_profile_-_mkt000120-001_final.pdf
British Friendly Breathing space https://bfs-assets.s3.amazonaws.com/media/filer_public/9a/21/9a2129b5-e2be-43c0-ae7e-708f0ecde7a5/breathing_space_product_profile_-_mkt000123-001v3_approved.pdf

Clydesdale Bank

This summary document is being provided to you to fulfil our responsibilities under PRIN 2A.4.15R and PRIN 2A.3.12 R (2). -
It is designed to support you to comply with your responsibilities under PRIN 2A.3.16 R and PRIN 2A.4.16 R. Please note that you are ultimately responsible for meeting your obligations under ‘The Consumer Duty’.

This information is intended for intermediary use only and should not be provided to customers.

https://www.clydesdalebankintermediaries.co.uk/resources/ece2b2c6-1805-456a-8606-40001b6d69a2/consumer_duty_intermediary_attestations.pdf

Digital Mortgages

Our assessment confirms that all our products offer fair value to consumers and we are required to confirm this to distributors by the end of April.

A standard information sheet (a template designed through collaboration between lenders, UK Finance and IMLA), will confirm that:

Our products meet the needs of the target market,
Our distribution strategy remains appropriate to the target market,
Our products provide fair value

You can find these sheets on our website here.

https://www.digitalmortgages.net/residential/documents/

Darlington Building Society

As of today, you will be able to access our product information documents supporting our shared objective to set higher and clearer standards of consumer protection across financial services..

These documents will support you when deciding what product to recommend to your client. You will be able to select the Product Information Document relevant to the product you’re interested in to understand more.

We have worked with external partners to ensure these documents comply fully with our responsibilities as a lender, to support everyone in the borrower journey in achieving the best possible outcomes for the client.

http://www.darlington.co.uk/darlington-intermediaries/document-library/consumer-duty

Foundation Home Loans

Foundation Home Loans can access a new set of Product Information Documents to support our joint aims of delivering better consumer outcomes, in line with the new Consumer Duty regulations. Our owner-occupier products fall into 6 categories, and we have created a Product Information Document for each. When deciding what product to recommend to their client, Mortgage intermediaries can select the Product Information Document relevant to the product, to understand more.

These Product Information Documents contain information for intermediaries about the product:

Characteristics and benefits
Target market assessment and distribution strategy
How it relates to customers with characteristics of vulnerability
Our assessment of value

All 6 of the documents are available at our Consumer Duty download page here.

https://www.foundationforintermediaries.co.uk/documents/consumer-duty/

Family Building Society

As part of the FCA’s new Consumer Duty, under PRIN 2A.4.15 R and PRIN 2A.3.12 R, we are required to provide all brokers distributing our mortgage products with the outcome of our fair value assessments.

For each of our mortgage product categories we have provided a summary document, outlining whether these have been deemed to provide fair value, the characteristics and benefits of our products and the target markets for our products, as well as how our products are distributed.

https://intermediaries.familybuildingsociety.co.uk/downloads-and-checklists

Guardian

We follow the process below when developing new products. This process considers whether each development is a new type of cover or potentially a ‘significant adaptation’ as described within the PROD rules. If the proposed development meets these definitions, then a fair value assessment will be carried out as part of the product development process.

We also carry out product reviews every year to make sure the product is performing as designed, and this review includes a Fair Value Assessment. Please see the appropriate product profile for more information on;

Life Protection
Critical Illness
Combined Life and Critical Illness

https://content.guardian1821.co.uk/literature/fair-value-september-22.pdf

Hanley Economic Building Society

Hanley Intermediaries recognises the FCA’s Consumer Duty is a priority across the lending sector. To help you meet the FCA’s requirements we have published our Target Market statements and our Fair Value assessments in our Information for distributors sheets.

The information below is designed to support you in complying with your responsibilities under PRIN 2A.3.16 R and PRIN 2A.4.16 R; and
provided to you to fulfil our responsibilities under PRIN 2A.4.15R and PRIN 2A.3.12 R (2). Please note that you are ultimately responsible for meeting your obligations under Consumer Duty.

https://thehanley.co.uk/intermediaries/fair-value-assessments/

Kensington

We have worked with UK Finance, the Building Societies Association, the Association of Mortgage Intermediaries, and the Intermediary Mortgage Lenders Association to produce a Broker Information Sheet to provide you with the results of our mortgage fair value assessments.

These Broker Information Sheets, containing the results of the fair value assessments, are now available to you. These will allow you to meet your obligations under the Consumer Duty rules, applicable from 31st July 2023. You may access each sheet by clicking on the link below.

https://www.kensingtonmortgages.co.uk/intermediaries/consumer-duty/broker-information-sheets

L&G Home Finance

We’ve provided below some important information about our approach to Consumer Duty including information about our product governance processes and who our products may or may not be suitable for.

In accordance with the deadlines imposed on lenders, we’re working through our requirements under Consumer Duty and will provide all necessary information to our Distributors ahead of the April 2023 deadline.

https://www.legalandgeneral.com/adviser/retirement/later-life-mortgages/product-governance

Lendinvest

As I am sure you are aware, the Financial Conduct Authority (FCA) is implementing a new Consumer Duty obligation. This includes a twelfth Principle to guide businesses, which states: “A firm must act to deliver good outcomes for retail customers.”

To achieve this, and to assist you in adhering to the Duty in your customer interactions, we have produced a range of documentation to provide you with essential information in an appropriate format. In line with that, we have followed the guidance and templates set out by UK Finance and the Intermediary Mortgage Lenders Association.

We would like to direct you to the Consumer Duty section on our Resources webpage for full details, including the output of our Fair Value Assessments.

https://www.lendinvest.com/intermediaries/resources/

Legal & General

As you will be aware PS 21/5 introduces, amongst other things, a number of FCA Rules (and Guidance) which seeks to clarify and enhance the governance connected to the VFM assessment currently undertaken by Insurance firms and distributors.

The new rules and transition period commence in October 2021; therefore we are taking this opportunity to inform you about some of the enhancements we will be introducing to existing processes and how these will impact you, as a distributor of our products.

Fairvalue assessment statement https://www.legalandgeneral.com/landg-assets/adviser/files/workplace-benefits/protection/general-forms/bh2468-fca-ps21-5-group-protection-fairvalue-governance.pdf
Product target markets https://www.legalandgeneral.com/landg-assets/adviser/files/protection/sales-aid/target-market-and-fair-value-june-2022.pdf

Landbay

As part of our Consumer Duty obligations, we have recently launched an information page on our website which gives details behind Consumer Duty and provides some useful links if readers want to know more.

We have also now published our Fair Value Disclosure Documents in the Intermediaries section of the website (under the Legal sub-section). These are designed to provide intermediaries with an overview of our assessment of value, considering the benefits, product features and target market of our customers. This document aligns to the IMLA, UK Finance and AMI working group expectations.

https://landbay.co.uk/consumer-duty/

Mansfield Building Society

We have developed a comprehensive and robust assessment process which evaluates the value of our products. This analysis is used to ascertain whether a product delivers fair value for customers. We have defined the detailed outcomes (across the four outcome areas) and we are now refining our internal monitoring so that we can understand the impact we deliver to our customers in each outcome area. We will then use this monitoring, as part of an ongoing process, to identify where we can make improvements

https://www.mansfieldbs.co.uk/intermediaries/consumer-duty/broker-information-sheets/

MHBS

In order to complete these Sheets we have developed a detailed internal process that assesses all aspects of our products, including whether they deliver fair value for customers. These have been considered by representatives from across the business.

Moving forward we will be reviewing these products annually or more often if external events cause us to reconsider or if we receive feedback or data that indicates that we should conduct a review.

https://mhbs.co.uk/intermediaries/news/consumer-duty/

MPowered

In creating the information sheets, MPowered Mortgages have adopted the Fair Value Assessment Form created via a joint industry task group comprising of UK Finance, the Building Societies Association (BSA), the Association of Mortgage Intermediaries (AMI) and the Intermediary Mortgage Lenders Association (IMLA). We refer to this as a Consumer Duty Product Information Sheet.

The documents that we are providing will assist you to fulfil your responsibilities under PRIN 2A.4.15R and PRIN 2A.3.12 R (2). They are designed to support you to comply with your responsibilities under PRIN 2A.3.16 R and PRIN 2A.4.16 R.

Our new Consumer Duty URL is https://mpowered.co.uk/intermediaries/consumer-duty which can be logged on your records for Mpowered Mortgages.

Newbury Building Society

As a manufacturer of mortgage products and to comply with the consumer duty requirements we are required to share key product information with Intermediaries that distribute our products. This includes the intended target market and our determination that our products represent fair value.

This information is also provided to assist Intermediaries that distribute our products in complying with their requirements under the duty.

We have published this information, here, on our website using industry standard templates that have been reviewed by all major sourcing systems, AMI, IMLA, BSA and UK Finance.

https://www.newbury.co.uk/intermediaries/products/product-information-sheets/

OneFamily

OneFamily has completed a fair value assessment on our Over 50’s life insurance product, in line with FCA requirements. We are satisfied that our products provide our members with cover which suits their needs, and the needs of their loved ones, with a range of inclusive benefits to create additional value for money.

OneFamily has a robust governance framework in place to monitor our product’s performance and value in comparison to similar products, with like for like benefits, at multiple price and age points.

https://www.onefamilyadviser.com/assets/downloads/over-50s/Fair-value-assessment-methodology.-Intended-distribution-and-intended-value-statements.pdf

https://www.onefamilyadviser.com/assets/downloads/over-50s/OneFamily-050s-Life-Cover-Target-Market.pd

Progresssive Building Society

The Consumer Duty deadline relating to lenders supplying distributors with information about meeting the Product and Services outcome is on 30th April 2023. The Society has adopted the Product Information template created via a joint industry working group with UK Finance, the Building Societies Association, the Association of Mortgage Intermediaries and the Intermediary Mortgage Lenders Association. These Product Information Sheets have been designed to help firms demonstrate they are meeting the target market and fair value requirements of Consumer Duty.

Our completed Product Information Sheets can be found here.

https://progressiveforintermediaries.com/literature/

Platform

Our assessments are a summary of our products which include price and value, our distribution strategy and our target market. These are currently hosted on our website for advisors to access using this link https://www.platform.co.uk/mortgage-intermediaries/help-and-calculators/literature/index

Our fair value assessments have been considered alongside rates, fees and charges, comparable market rates, advice fees paid to intermediaries and non-financial costs associated with operating the Product.

Pure Retirement

The purpose of a Target Market and Fair Value Summary is to outline the identified target market and the expected distribution strategy for Pure Retirement's lifetime mortgage products.

We have created a Target Market Statement for all our lifetime mortgages, designed to support you to comply with your responsibilities under ‘The Consumer Duty’. Please note that you are ultimately responsible for meeting your obligations under ‘The Consumer Duty’.

https://www.pureretirement.co.uk/professionals/target-market-and-product-fair-value-statements/

Skipton For Intermediaries

Please find below our 4 Product Info sheets which we have designed to fulfil our responsibilities under PRIN 2A.4.15R and PRIN 2A.3.12 R (2).
These documents will also be available via:

Sourcing engines who will include URLs from each lender that will direct the individual to the relevant page on the lender’s website.
The Skipton intermediary website where we will have a dedicated Consumer Duty page on which Information Sheets will be held as well as any other relevant Consumer Duty documentation. There will also be links to the Consumer Duty page from other relevant pages (e.g. products).

https://www.skipton-intermediaries.co.uk/consumer-duty

Saffron For Intermediaries

Saffron are pleased to say we have completed our assessments and summarised the outcomes at a product group level using the template agreed by the cross-industry working group (including BSA, IMLA, AMI and UK Finance). These templates are available on our website: Consumer Duty | Saffron for Intermediaries. We have also shared the URL with sourcing systems for inclusion in the product details pages, so brokers can easily click through to view the information.

The templates will give you the assurance you need, in a standardised format, that our products have been assessed for compliance with the Consumer Duty. They will also support you in your own compliance with the Duty. Please remember, the sheets are for broker use only so shouldn’t be provided to consumers.

https://www.saffronforintermediaries.co.uk/consumerduty

Scottish Building Society

The Society is required to provide our intermediary partners with the results of our value assessments. This is to ensure that intermediaries distributing our products and services have all necessary information to understand the value that the product is intended to provide to a customer. This also allows our intermediaries to meet their requirements under the Consumer Duty.

https://www.scottishbs.co.uk/intermediary-hub/intermediary-support/broker-product-information-sheets

Swansea Building Society

In order to comply with the requirements of Consumer Duty, Swansea Building Society have adopted the Fair Value Assessment Form created via a joint industry task group comprising of UK Finance, the Building Societies Association (BSA), the Association of Mortgage Intermediaries (AMI) and the Intermediary Mortgage Lenders Association (IMLA).

The information included in the forms summarises our approach to meeting both the products and services and the price and value outcome for distributors of our products. This information is intended for intermediary use only and should not be provided to customers.

https://www.swansea-bs.co.uk/fair-value-assessment-forms

Suffolk Building Society

As a responsible, regulated lender we put consumers at the heart of our business and are committed to delivering good outcomes for our members, and potential members. As part of meeting the Consumer Duty, we:

provide products and services that are designed to meet customers’ needs
do not seek to exploit customers’
consistently consider the needs of our customers
ensure that our Board takes full responsibility for ensuring that the Duty is properly embedded within the business.

Our product information sheets can be viewed and downloaded here.

www.suffolkforintermediaries.co.uk/consumer-duty

Standard Life Home Finance

We're pleased to confirm that our 'fair value' assessment of the Horizon later life mortgage range is now complete, and that all of our products offer 'fair value' and meet the standards set out by the Equity Release Council.

The outputs of our 'fair value' assessment are summarised in our new Consumer Duty product information sheets.

This link will take you to where these are stored on our website under Documents on the right hand side.

https://www.standardlifehomefinance.co.uk/our-lifetime-mortgages

UTB

In line with the new Consumer Duty regulation, we are pleased to make available our UTB Pricing and Fair Value Information Sheets.
These have been produced in cooperation with IMLA and UK Finance to ensure that all documentation is familiar for Introducers, regardless of originating lender, and provide the necessary support to maximise positive outcomes for every Mortgage and Bridging customer.

Products fall into the three categories, with Information Sheets available through our website, various sourcing systems and via the hyperlinks below:
• First Change Mortgage
• Second Charge Mortgage
• Regulated Bridging

Virgin Money

This information is intended for intermediary use only and should not be provided to customers.

https://intermediaries.virginmoney.com/virgin/assets/pdf/consumer_duty_intermediary_attestations.pdf

West One

As required by the Consumer Duty, we have made available a Product & Services Outcome and Price & Value Outcome information sheet for distributors of our first charge consumer buy-to-let products.

The Information Sheet is available for download on the appropriate product page of our website within the useful download section.

BTL - https://2305543.fs1.hubspotusercontent-na1.net/hubfs/2305543/178.%20West_One_Consumer_Duty_1st_Charge_BTL_May_2023.pdf

RESI - https://2305543.fs1.hubspotusercontent-na1.net/hubfs/2305543/179.%20West_One_Consumer_Duty_1st_Charge_Residential_May_2023.pdf

FAIR VALUE ASSESSMENT SHEETS...

Accord Mortgages

AIG

Aldermore Bank

Aldermore Bank

Buckinghamshire Building Society

Bluestone Mortgages

British friendly

Bath Building Society

BOI

Chorley Building Society

Cirencester Friendly

Coutts

Clydesdale Bank

The Cambridge Building Society

The Exeter

Furness Building Society

Family Building Society

Please see below our fair value assessments in line with the FCA’s new Consumer Duty, we are required to provide these to all brokers distributing our mortgage products. these are applicable for our;

We have created a new Consumer Duty section on our website to support you in fulfilling your obligations in this regard.

This section is where you can find our Product Information Sheets together with details regarding our intended target market.

Hanley Economic Building Society

Hodge

Halifax

Holloway Friendly

As a Holloway's Fair Value Assessment they have created a useful guide covering the target market, key features and much more.

HSBC

Just

We have worked with UK Finance, the Building Societies Association, the Association of Mortgage Intermediaries, and the Intermediary Mortgage Lenders Association to produce a Broker Information Sheet to provide you with the results of our mortgage fair value assessments.

Kent Reliance for Intermediaries

We’ve conducted thorough assessments on all of our on sale regulated products to ensure they provide fair value to your customers.

To help you select the right product for your customers, we’ll be using an industry standard template that’s been created with UK Finance to ensure clear and consistent information is provided.

Leek Building Society

Below are our Fair Value Statements, these are held on our intermediary website under the banner Fair Value Statements. We have statements or Residential, Interest only, BTL, Regulated BTL, Portfolio BTL, Non-Homeowner BTL, Limited Company BTL and Holiday Let that are attached.

LiveMore

To comply with our own obligations under the Duty, we have published our Product Information Sheets, which can be viewed by clicking the link below.

Lendinvest

LV=

Loughborough Building Society

Leeds Building Society

Find out how our products meet the Products & Services Outcome and Price & Value Outcome.

Legal & General

Landbay

To fulfil our responsibilities as a lender, we're required to provide you with a Fair Value Assessment (FVA) for each of our products.

Each assessment details the areas we've looked at to assess the product and the outcome of the assessment. You can download an FVA for each of our product types on this page.

MPowered

More2life

Metro Bank

Under the new Duty we’re required to review our products and services and share the details with our distributors by 30 April 2023, so that they can meet their obligations by the deadline of 31st July 2023.

Please note our fair value templates for our intermediary partners are detailed below;

Melton Building Society

We are pleased to advise our new Consumer Duty page on our website is now live.

The link to our new broker page and our Fair Value Assessments for the following products can be found here;

NatWest for Intermediaries

Newbury Building Society

As a manufacturer of mortgage products and to comply with the consumer duty requirements we are required to share key product information with Intermediaries that distribute our products. This includes the intended target market and our determination that our products represent fair value.

Nottingham for Intermediaries

OneFamily

Platform

Pepper

Precise Mortgages

Pure Retirement

Principality Building Society

Principality Building Society

Reliance Bank

Please find below our 8 updated fair value assessment sheets which we have designed to fulfil our responsibilities under PRIN 2A.4.15R and PRIN 2A.3.12 R (2). To access the below documents please use the password; GCO2023#

Please find below our 4 Product Info sheets which we have designed to fulfil our responsibilities under PRIN 2A.4.15R and PRIN 2A.3.12 R (2). These documents will also be available via:

Saffron For Intermediaries

Stafford Railway Building Society

Scottish Building Society

Swansea Building Society

Santander for Intermediaries

Scottish Widows

Suffolk Building Society

As a responsible, regulated lender we put consumers at the heart of our business and are committed to delivering good outcomes for our members, and potential members. As part of meeting the Consumer Duty, we:

Standard Life Home Finance

Together

Teachers For Intermediaries

The information sheets below detail our approach to the products & services outcome and the price and value outcome and are intended to be used by distributors of our products.https://www.teachersbuildingsociety.co.uk/intermediaries/more/fees-forms-guides

The Mortgage Lender

Below are our Fair Value Statements, these are held on our intermediary website under the banner Fair Value Statements.

We have statements or Residential, Interest only, BTL, Regulated BTL, Portfolio BTL, Non-Homeowner BTL, Limited Company BTL and Holiday Let that are attached.

Please find below our 4 Product Info sheets which we have designed to fulfil our responsibilities under PRIN 2A.4.15R and PRIN 2A.3.12 R (2).
These documents will also be available via:

The information sheets below detail our approach to the products & services outcome and the price and value outcome and are intended to be used by distributors of our products.

https://www.teachersbuildingsociety.co.uk/intermediaries/more/fees-forms-guides

To comply with your responsibilities under the Consumer Duty rules, which apply from 31st July 2023, you will need access to these Product Information Sheets. So here they are, all in one place for safe keeping.

https://themortgagelender.com/product-information-sheets

Products fall into the three categories, with Information Sheets available through our website, various sourcing systems and via the hyperlinks below:
• First Change Mortgage
• Second Charge Mortgage
• Regulated Bridging