Product Governance Reviews & Fair Value Assessments
The FCA rules relating to product governance released in October 2021, require manufacturers and co-manufacturers to complete at least an annual PROD assessment of all general insurance products (except those classed as ‘large risks’). Accordingly, we have provided our documents below:
Like many other manufacturers/co-manufacturers of insurance products in the market we have been working hard making the necessary changes to our product governance processes to meet the new FCA requirements – in particular focusing on the requirement for a Fair Value Assessment to be carried out on both consumer and commercial products. Providing value to our customers has always been at the forefront of our minds when delivering products to market.
On this page you will be able to access summaries of all reviews, as well as details of the intended target market and our internal product approval process, which identifies whether new products or any significant adaptations to an existing product provide fair value to customers.
The information analysed includes, but is not limited to:
- Product metrics and cover
- Pricing and premium finance
Target Market Statements including Fair Value Outcomes:
Insurance Backed Guarantee