Product Governance & Fair Value Questionnaire

As of the 21st November 2021, the Financial Conduct Authority published their updated policy statement setting out the rules of insurance pricing and enhancing product governance. This is designed to improve competition and ensure that general insurance offer fair value products to customers.

We are required by the FCA to demonstrate that we are actively reviewing our products and providing fair products. DCL are approaching this assessment and the collating of information in the form of a questionnaire and your support is needed to ensure we are meeting the requirements set out by the FCA.

  • We require your co-operation with a questionnaire to collect information regarding remuneration and services that exist throughout the entire distribution chain between Direct Commercial Limited and the end customer. An example of all distributers in a chain is below:

  • In order to make this a fair review, we need to ensure we have your support in ensuring that everyone in the distribution chain between you and the customer provides this information for each of our products, so we can demonstrate we have completed a fair value assessment.

If you act as a Wholesale Broker for DCL products, we must ask you share this questionnaire with your sub-brokers to complete.

If you act as both a Wholesale Broker and a Retail Broker for DCL, you only need to complete this questionnaire once as this is captured in the questions.

Please note, that if you exit the question set before completion, it will not be saved and you will be required to start again.

  • We will take appropriate action when reviewing any potential concerns that fair value is not being demonstrated.


DCL are required to produce a Fair Value Assessment by the 30th September 2023.

What you need to do:

  • Complete the below questionnaire for ‘Brokers’ no later than the 15th September 2023.
  • Support your sub-brokers with the completion of the questionnaire by the 15th September 2023.


CLICK HERE to complete the Product Governance & Fair Value questionnaire.


Our 2023 Product Information Sheets are available here which provide summaries our products.


If you require further information about this process,  please refer to our FAQs or contact our agency team directly.

To ensure this is a fair review, we want to make sure the review information is only from sub-brokers that sell DCL policies.

Obtaining this information is at the request of the FCA.

Yes, as long as it is completed accurately.

This enables us to track your responses.

Following confirmation that the full distribution chain has been completed by all parties, it is possible for us to share this information with you subject to all distributors’ agreement to do so.

In the event there are any concerns that fair value is not being demonstrated, DCL would undergo a review with the broker to ensure that this concern is address and where required, rectified.

The September 2023 Product Information Sheets will be shared to our brokers using REG and will also be available on the ‘Reference’ section of our website once they have been issued.

The September 2023 Fair Value Assessment will be shared to our brokers using REG and will be also be available on the ‘Reference’ page of our website once they have been issued.

You can also obtain the copy issued from September 2022 and March 2023 there.

This survey links should be accessible to everyone and have not been restricted by us. In the event you are unable to access the link, please first enquire with your IT team to investigate and if the matter cannot be resolved, then please contact our agency team.

As this information review is at the request of the FCA, we will be tracking the response from all of our brokers and sub-brokers. Any firm that does not complete this will be recorded.

We would politely request that if possible, the question set is completed via the link we have shared.

There is only one questionnaire to be completed. You will be asked if you provide different fees and services across DCL products which you will then be asked to specify for each product where they differ.

Please enter the same value for each of the questions.