As you probably know, the Financial Conduct Authority has introduced rules requiring regulated firms to assess their products at least annually to evaluate whether they continue to offer fair value to customers. This means that the total price paid for financial products or services is fair in relation to the benefits provided for a “reasonably foreseeable period”, and that any distribution channel used also results in fair value to customers.
For a second year running, Folgate Insurance Company Ltd (FICL) has received a great response from our broker community to our Product Governance Distributor form. This has once again helped us to fulfil our obligations in assessing product value and delivering the required Product Information and Target Market Statements to our brokers.
We are therefore pleased to advise you that this year’s Fair Value assessments have now been completed for each of our products. We are committed to delivering quality products and services and we are confident that the information published will allow our distribution network to undertake their own review and ultimately determine that our products offer fair value for our mutual customers.
FICL will undertake fair value assessments of the product suite every 12 months and publish these in the same manner each year.
If you are currently part of our broker community, the Product Information and Target Market Statements are available to view now via our online trading platform.
Alternatively, if you are a broker and wish to become part FICL’s broker community then please contact Paul Craig, our Head of Business Development, by email at email@example.com or by telephone on 0207 256 3418, to explore opening an agency with us.