Product Governance
First Underwriting Limited (FUL) have a comprehensive Product Oversight & Governance Policy in place to ensure we meet our legal and regulatory requirements. Our policy demonstrates how we design, distribute, review, and monitor our products.
In accordance with the FCA PROD 4 rules and Consumer Duty requirements for manufacturers to share information with its distributors, please see below.
Introduction
We have produced the following resources to support the businesses that are distributing First Underwriting products.
Target Market Statements (TMS) have been produced to help distributors identify the target market for which the insurance product is intended. Fair Value Assessments (FVA) outcomes have been produced to demonstrate how we have assessed value and the outcome of that assessment.
The TMS and FVA outcome will support the requirement for all brokers within the distribution chain with conducting their own value assessment to ensure that the distribution strategy remains appropriate for the end customer.
Where we have an exclusive arrangement with a broker partner, we will share the TMS and FVA with you via email.
Target Market Statements
- Agriculture
- Fleet
- Motor Enthusiast (Classic)
- Motor Passenger Service
- Motor Prestige
- Motor (Short term)
- Motor Trade Road Risk
- Real Estate
- Tour Operator
For full details of the cover, and terms and conditions under each product, please refer to the relevant policy documentation.
Fair Value Assessments
Please find the outcomes of the assessments for each of our products below.
