We have conducted a full assessment of products for which we are a Co-Manufacturer and Distributor and are satisfied that they offer fair value to our clients.
Based on our product review completed in September 2023, we consider that our products deliver fair value to our customers. Our products will be monitored and reviewed again in 12 months.
A summary of why we concluded our products deliver value is based on a combination of desk top comparison research and MI / data available to Pulse covering the following metrics:
In the event that the fee charged exceeds this recommended maximum intermediaries will need to disclose the details to us so we can make an individual assessment to ensure that the product still provides fair value to the client. It could be that they are advising on a portfolio of products and the client will pay one combined fee for all of that advice so it is impossible to allocate the fee to each individual product or service
- Cancellation rates and persistency
- Renewal rates
- Claim repudiation rates
- Proportion of quotes taken up
- Complaints information
- Broker and client feedback
- Total Acquisition Ratio
- Comparison of cover and exclusions with competitor products (if available)
- Appropriateness of distribution approach given target market
- Safeguards for vulnerable customers
| Product | Maximum fee (£) | Maximum fee (%) |
Travel & Personal Accident/ PA & Illness – Canopius / Travelers |
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| PA and sickness only | £65 | 10% |
| Including Travel | £65 | 10% |
Pulse Life |
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| Group Life – product value statement | £500 | 10% of total premium payable for the duration of the policy |
| Individual Term Life – product value statement | £500 | 10% |
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| Other products | As agreed | As agreed |