FCA proposes two GI value measures reporting cuts, with wider overhaul signalled for 2027
Worth reviewing, with a deadline to note. The FCA wants to drop two data fields from GI value measures reporting. If you submit that data, here is what changes, when it takes effect, and what is coming in 2027.
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Worth reviewing if you are a general insurer, intermediary or managing agent that submits value measures data. Everyone else can stop here.
The FCA has opened CP26/33, a short consultation proposing two targeted cuts to the general insurance value measures reporting regime. The consultation opened on 11 September 2026 and closes on 9 October 2026, so the window is tight.
The value measures rules, in place since 2021, require firms to report annual claims data that the FCA publishes by firm and product. The post-implementation review found the rules have improved transparency and helped firms meet fair value requirements, but that reporting inconsistencies make the data harder to use and compare.
Two fields in particular are proposed for removal: the amount that the top 2% of claim pay-outs are above, and the names of firms' five largest distribution arrangements for each product. The FCA does not publish either data point and does not use them widely in supervisory work, so it proposes removing both, reducing reporting burden without, in its view, losing useful data.
If finalised, the changes take effect from 31 December 2026. For 2026 and 2027 data submissions, omitting the two fields will be optional; from the 2028 reporting year the removal is mandatory, with those submissions due in 2029.
CP26/33 is explicitly a precursor to a wider consultation. The FCA expects to consult on broader changes to the value measures rules in H1 2027, so if you have views on the regime more broadly, the wider consultation in H1 2027 will be the appropriate place to raise them.
