As you will have seen, the FCA sent communications to all Manufacturers and Distributors of general insurance products requesting that further action be taken to comply with PROD 4 of the FCA Handbook by 30th September 2023.
To be compliant, we need you to:
- View our Product Value Assessments below for the products you trade with usClick on a product name to view its value statement.
Agriculture Motor
Farmers Plan | ERS Product Value Form – Farmers Plan 2022
Leisure & Recreation | ERS Product Value Form – Farmers Plan 2022
Horsebox | ERS Product Value Form – Horsebox 2022
Commercial Motor
Courier | ERS Product Value Form – Commercial 2023
SCV | ERS Product Value Form – Commercial 2023
Transportation | ERS Product Value Form – Commercial 2023
Passenger Carrying Vehicles
Coach and Bus | ERS Product Value Form – Passenger Carrying Vehicle 2022
Minibus | ERS Product Value Form – Passenger Carrying Vehicle 2022
Taxi | ERS Product Value Form – Taxi 2022
Executives and Chauffeurs | ERS Product Value Form – Taxi 2022
Wedding | ERS Product Value Form – Taxi 2022
Personal Motor
Car | ERS Product Value Form - Car 2022
Van | ERS Product Value Form – Van 2022
Motorhome | ERS Product Value Form – Motorhome 2022
Enthusiast | ERS Product Value Form – Enthusiast 2023
Prestige | ERS Product Value Form – Prestige & Overseas 2022
Overseas | ERS Product Value Form – Prestige & Overseas 2022
Classic (see Enthusiast) and Supercar (see Prestige)
Motor Fleet
Own Goods & Trades | ERS Product Value Form – Fleet 2022
Passenger Transportation | ERS Product Value Form – Fleet 2022
Goods for Hire & Reward | ERS Product Value Form – Fleet 2022
Self-Drive Hire | ERS Product Value Form – Fleet 2022
Motor Breakdown
ERS Product Value Form - MBI 2022
Product Remuneration
Commission
In line with Lloyd’s regulation, your commission should not exceed 49% of the total premium for Retail and Commercial ERS products.
Fees
ERS have applied a threshold of up to £75 for Retail products and total fees for Commercial Products should not exceed 5% of the total premium.
If your total remuneration exceeds these thresholds, please contact your Strategic Account Manager or Regional Development Manager by 30th September 2023 so we can assess the ongoing fair value for our mutual customers.
Whilst we've asked you to let us know if you exceed our remuneration thresholds, you are required under FCA PROD 4 to provide the Manufacturer (ERS) with details on your remuneration and services provided. Please complete the Information Sharing Form below by 31st December 2023.