Product Oversight & Governance
Q Underwriting’s Product Oversight & Governance
Under the FCA’s Product Oversight and Governance (“PROD”) rules, Q Underwriting (‘Q’) is a distributor for the products that we provide, and we take our regulatory responsibilities for product oversight and governance very seriously. For a small number of products that we distribute we also have co-manufacturing responsibilities with our insurer partners.
Working collaboratively with our insurer partners Q operates a robust framework that provides an effective review and oversight process of our products, this includes new product development, product changes and fair value assessments.
This page includes information on our Product Oversight and Governance arrangements.
Frequently Asked Questions (FAQs)
Where Q Underwriting is classed as Distributor, we have been liaising with our Insurer partners (Manufacturers) and taken their guidance as to which Target Market Statement and Fair Value Assessment relates to which product. We have provided a link to the relevant websites and signposted to their most relevant product.
Who is the Product Manufacturer for Casualty & Construction?
| Product Name | Insurer | Our Role | Target Market Statement and Fair Value Assessment Available? |
| Combined Liability | Covea | Co-Manufacturer | Click here |
| Contractors Combined | Covea | Co-Manufacturer | Click here |
| Excess Liability Combined | Zurich | Distributor | Click here, please refer to the Manufacturers' Casualty product |
| Land & Property Owners Liability | Covea | Co-Manufacturer | Click here |
| Tradesman & Professionals Package | Covea | Co-Manufacturer | Click here |
Who is the Product Manufacturer for Motor?
| Product Name | Insurer | Our Role | Target Market Statement and Fair Value Assessment Available? |
| Courier | AXA | Distributor | Click here |
| Day Driver | Aviva | Distributor | Click here, please refer to the Manufacturers' Minifleet product |
| Executive Single | Aviva | Distributor | Click here, please refer to the Manufacturers' Minifleet product |
| Legal Expenses (Motor) | ARC | Distributor | Click here |
| Motor Trade (Road Risks) |
Aviva | Distributor | Click here, please refer to the Manufacturers' Motor Trade product |
| RAC Breakdown | RAC | Distributor | Click here |
| Taxi Fleet | Aviva | Distributor | Click here, please refer to the Manufacturers' Fleet (>15 vehs) or Minifleet (<15 vehs) product |
| Taxi Liability | Aviva | Distributor | Click here, please refer to the Manufacturers' Commercial Combined product |
| Taxi Single | Aviva | Distributor | Click here, please refer to the Manufacturers' Minifleet product |
| Truck Mini Fleet | Aviva | Distributor | Click here, please refer to the Manufacturers' Minifleet product |
Who is the Product Manufacturer for Property & Package?
| Product Name | Insurer | Our Role | Target Market Statement and Fair Value Assessment Available? |
| Blocks of Flats | AXA | Distributor | Click here |
| Charity Combined | Aviva | Co-Manufacturer | Click here (Target Market Statement), Click here (Fair Value Assessment) |
| Clubguard | AXA | Distributor | Click here |
| Combined | Travelers | Co-Manufacturer | Click here (Target Market Statement), Click here (Fair Value Assessment) |
| Combined Liability (EL, PL & Prod) | Newline | Distributor | Click here (Target Market Statement), Click here (Fair Value Assessment) |
| Commercial Combined | AXA | Distributor | Click here |
| Commercial Loss Recovery | Lorega | Distributor | Click here (Target Market Statement), Click here (Fair Value Assessment) |
| Cyber | Beazley | Distributor | Click here |
| Machinery & Computer Breakdown | Aviva | Co-Manufacturer | Click here (Target Market Statement), Click here (Fair Value Assessment) |
| Faith Combined | Aviva | Co-Manufacturer | Click here (Target Market Statement), Click here (Fair Value Assessment) |
| Legal Expenses (Landlord) | ARC | Distributor | Click here |
| Legal Expenses (Commercial) | ARC | Distributor | Click here |
| Legal Expenses | Markel | Distributor | Awaiting Details |
| Legal Expenses | ARAG | Distributor | Click here |
| Let Residential | AXA | Distributor | Click here |
| Liability | Axis | Distributor | Click here |
| Management Liability | AXA | Distributor | Click here |
| Motor Trade | Allianz | Distributor | Click here |
| Office | AXA | Distributor | Click here |
| PA (Clubguard) | Aviva | Distributor | Click here, please refer to the Manufacturers' Accident and Health product |
| Property Owners | AXA | Distributor | Click here |
| Property Owners | ERGO | Distributor | Click here (Target Market Statement), Click here (Fair Value Assessment) |
| Recruitment Combined | Aviva | Distributor | Click here, please refer to the Manufacturers' Commercial Combined product |
| Recruitment Combined | Travelers | Co-Manufacturer | Click here (Target Market Statement), Click here (Fair Value Assessment) |
| Recruitment Combined | MS Amlin | Distributor | Awaiting Details |
| Shop | AXA | Distributor | Click here |
Where can I find the relevant Target Market Statements?
Specific details are provided by the product manufacturer and can be found by clicking the relevant link in the table above. The table will be updated when specific details have been provided to us.
What happens if the manufacturer identifies that a particular product does not provide Fair Value to customers?
In conjunction with insurers will take appropriate action to stop any further harm from occurring and inform all our impacted distribution partners and customers about the remedial action being taken. This could include, but is not limited to:
• Amending distribution arrangements
• Amending remuneration structures
• Adapting, or withdrawing the product
What information could Q or the product manufacturer request from brokers?
On an annual basis we'll be requesting data from our brokers to allow us to assess if the arrangements in place remain appropriate and represent value for the customer. As a minimum, the information we'll require to carry out our assessments in accordance with the FCA's PROD rules.
Can you send me a copy of the manufacturers value assessment?
Each assessment will include commercially sensitive information so these will not be provided. If we or our insurer partners do not believe a product offers Fair Value, you will be informed.
Who can I speak to for more information?
This page should provide you with the information that you need. If you have any further questions please contact us at PROD@Qunderwriting.com.