Assessment of Value Assurance Review

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AoV Reports: Access and Analysis

FBC offers a tiered range of Assessment of Value reviews including the AoV Review (available to FBC members only), AoV desktop review and the AoV Assurance Review. 

Assessment of Value

AoV Review

Every FBC corporate member AFM is offered a complimentary discussion of their report with FBC’s advisory leadership. The discussion will reflect on key points gleaned from the member’s report, and reflected upon in the context of regulatory expectations as well as FBC’s industrywide analysis of AoV reports. 

This is a complimentary service only available to FBC corporate members. Members should get in touch at to schedule a session.

AoV Desktop Review

Made up of two parts, the review starts with a desktop analysis and research of the latest AoV report, and, where appropriate, will also reflect on the previous report. This will result in a formal written report which will be made up of analysis based on benchmarking the AoV report against the FCA’s expectations and current industry best practice. FBC will highlight where it thinks the report displays strengths against the benchmark, as well as identify areas for improvement.  

Part Two involves a presentation of the key findings from the desktop report, answer any questions and engage in a discussion to give the attendees the benefit of FBC’s ongoing engagement with industry best practice as well as the regulator. 

Fund Boards Council Board Effectiveness

Assessment of Value Assurance Review (AoVAR)

The FBC Assessment of Value Assurance Review (AoVAR) is a full-service audit-like review of an organisations AoV process, resulting in a formal written report and board presentations and discussions.

The AoVAR is conducted from the perspective of the regulator and seeks to help the AFM and its board be prepared for a FCA visit/discussion on the AoV report and the underlying process. 

In addition to interviews with key stakeholders on the fund board, the AoVAR includes an evaluation of the firm’s:  

  • AoV framework 
  • board packs and MI 
  • board discussions  
  • audit trail, product governance and interaction with AoV  
  • the AoV report/statement.  


The FBC AoVAR typically takes six to eight weeks to complete. 

The FBC AoV Desktop Review and AoV Assurance Review services are available to FBC corporate members and non-members. FBC corporate members benefit from a discounted fee.  

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