In PS20/9, the FCA introduced rules requiring General Insurance firms to report value measures data, as well as value measures product governance rules.
These measures came into force on 1 January 2021, with reporting rules introduced on 1 July 2021, and were designed to help the FCA address the problems of poor product value.
Firms’ first reports - for the six-month period from 1 July 2021 to 31 December - were due by 28 February 2022.
Since then, firms have been required to submit reports annually by 28 February for the previous calendar year. Firms must submit the reports via RegData.
Further information is available on the FCA website.
Links: https://www.fca.org.uk/firms/general-insurance-value-measures