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Assessment of Value Testing

With the FCA extending the deadline for annual fund value assessments by two months in light of the Covid-19 situation fund managers now have the ideal opportunity to ensure their documents are fit for purpose.

What is the Assessment of Value?

Introduced by the Financial Conduct Authority in 2018 (FCA), the Assessment of Value is a mandate that UK Authorised Fund Managers (AFMs), like RLUM, must carry out for each fund they administer, at least once a year.

Following the findings from the Asset Management Market Review on 5th April 2018, the FCA published a set of measures, one of which is the Assessment of Value. From September 2019 the FCA requires authorised fund managers to:

  • Assess the value of each fund
  • Take corrective action if it does not offer good value for money, and
  • Explain the assessment annually in a report

Research in Finance have tested AoV documents for many fund managers and has a wealth of knowledge in house to help ensure these are meeting the needs of the end investors and also the intermediaries.


Assessment of Value Testing

Research in Finance can test the client’s value assessment reports among private investors and advisers to validate whether the report supports the intent set out for it – which is to let investors know if the fund is delivering value.

Given the current situation with Covid-19 we have adapted our methodologies to allow for us to test materials using online focus groups meaning we can still move forward with your projects.

The key research objectives are to understand:

  • Overall perception of the report
  • Whether investors recognise if a fund is delivering ‘value’ or not
  • Likes and dislikes about the report
  • Whether the content is fully understood
  • Whether the visual elements of the document assist the reader (layout, icons, fonts)
  • The receptivity of the messages used in the ‘outcomes’ pages (good, neutral and poor)
  • Whether there are improvements to be made

We have access to end-customers through our own “UK Private Investors Panel”, which is a proprietary database of engaged consumers (both advised and self-directed) who are readily available to give their views and perceptions through online surveys, focus groups or in-depth interviews. All of our databases contain detailed demographic information about each individual (including investable assets) and can therefore be segmented to match target profiles.

Research in Finance has conducted well over 1000 studies within the financial services sector since 2013 – across private investor, retail and institutional finance. We have extensive experience of working on behalf of a range of financial service companies. Recently, we won the London Investor Show’s Best Financial Research Company Award, as voted for by the delegates of the show.

Research in Finance have extensive in house panels across discretionary and advisory markets alongside institutional and the insurance sectors. To understand more visit our panels page.

For more information on how we can help contact Adele Gray, Research Director.


“The outputs of the value assessment focus groups you hosted for us have proven hugely valuable, and informed multiple enhancements to our external value assessment report. We’re on track to publish by the end of this month. Thank you again for your support with those.” 

Anna O’Donoghue, Head of Product Governance, Schroders