Why the industry should not ignore Mrs Miggins on value

Value is a subjective concept which is impossible to define as a formula. The notion was almost designed to infuriate an actuary, which is one reason why its introduction into the governance frameworks of the industry - courtesy of Consumer Duty and Assessment of Value requirements - is proving challenging for so many. The answer to the value question has to come in part from customers, not simply  people in the industry marking their own homework. After all, according to the fund management industry in early Assessments of Value, about 97% of funds are delivering good value. Anyon...