As you may know, we wrote to our entire distribution network on 9th June 2022 in respect of the Financial Conduct Authority’s (FCA’s) rules surrounding the manufacture of insurance products and how they are developed, priced, and governed. As advised, the main aim of the FCA’s new rules is to improve consumer protection by ensuring that insurance products offer “fair value” to customers for a “reasonably foreseeable period” and that any distribution channel used also results in fair value to customers.

We would like to take this opportunity to thank those that returned their completed Product Governance – Distributor Information Form to us. Your cooperation has allowed us to fulfil our obligations in assessing product value and supplementing the information and data we already hold.

I am pleased to advise that our product reviews and fair value assessments have now been completed and the relevant Product Information and Target Market Statements are now available per product via our online trading platform. You can view them here or by logging in and selecting the Distributor Product Information and Target Market Statements under the Support menu.

We are confident that the information we have provided will allow you to review our products and ultimately determine that our products offer fair value for our target market(s).

In our assessment of our products and the value offered by our distribution network, we asked you to confirm (amongst other things):

1. The amount and type of fees you might charge to a customer (or any other form of remuneration).

2. Details of the service provided by you and if the service is advisory or non-advisory.

3. Details of any other products or services sold alongside Folgate Insurance Company Ltd (FICL) products.

Whilst we have reviewed the information provided by our distribution network to ensure it is broadly in line with FICL standards and principles, we recommend that you to take this into account when undertaking your own product reviews and remuneration practices.

In accordance with the FCA’s rules, we would like to remind you that any fees charged, whether that relates to new business, renewals, mid-term adjustments, cancellations or otherwise, should not reduce or negatively impact the intended product value and should always reflect the work and services provided by you for which the fee is charged.

Please note that our product reviews and fair value assessments will be undertaken at least every 12 months.

Should you have any questions regarding our product reviews and fair value assessments, please forward your query to and we will respond as quickly as possible.

Thank you once again for your cooperation.

Yours sincerely,


Lauren Wicks

Head of Product Development and Conduct Risk