Aviva Fair Value Assessment Outcomes

Authored by Aviva

Our Fair Value Assessment Outcomes are now available on Aviva Broker;

• Personal Lines
• Commercial Lines

Aviva, as the product manufacturer of our Aviva underwritten products, are required to complete an annual product review and fair value assessment for our products to assess whether a product may continue to be marketed or distributed and share the outcome of this with our distributors. This activity follows implementation of the FCA’s Pricing Practices new product governance rules under Chapter 4 of the FCA’s Product Intervention & Product Governance Sourcebook (known as PROD4) which became effective on 1 October 2021.

Aviva have a wide range of insurance products available for our distributors and in line with the enhanced FCA rules, we’ve established an annual product review plan to complete the required activities. Our review cycle commenced on 1 October 2021 and will be completed before the 30 September 2022 deadline. Following internal review and approval processes, Aviva decided to share our suite of fair value assessments together for the first year and following this, will update them either annually or when a significant adaptation is made to a product.

We’ve also carefully considered and balanced our approach to sharing the Fair Value Assessment Outcomes to make sure we meet the enhanced rules and making this information directly accessible for our distributors by:

following a consistent approach for the broker market by using the industry template developed for use by all participants

sharing the fair value assessment outcome on our Aviva Broker website alongside our Target Market Statement documents so our distributors have a central place to find PROD4 related information

providing supplementary information via existing regular account and performance management meetings.

If you have any questions about this, please contact your Aviva Sales Manager.