Product Oversight & Governance
Product Oversight & Governance
Under the FCA’s Product Oversight and Governance (“PROD”) rules, Morton Michel has co-manufacturer responsibilities for the Childcare & Business Combined product we provide, and we take our regulatory duties for product governance and oversight very seriously.
Working collaboratively with our insurer partner Morton Michel operates a robust framework that provides an effective review and oversight process of our product, this includes new product developments, product changes and fair value assessments.
This page includes information on our Product Oversight and Governance arrangements.
Frequently Asked Questions
Who is the Product Manufacturer?
All policies offered to our brokers in 2023 prior to the 1st December (see list below) are manufactured by the Insurer, Covea and our role is as a Co-Manufacturer.
Childcare & Business Combined:
- Childcare Agencies
- Children’s Activities
- Children’s Sports Coaching
- Community Groups
- Education & Training
- Indoor Play
- Nursery
- Out of School
- Parent & Toddler
- Preschool
- Childcare Combined
All policies offered to our brokers on or after 1st December 2023 (see list below) are manufactured by the Insurer, QBE and our role is as a Distributor.
Childcare & Business Combined:
- Childcare Agencies
- Children’s Activities
- Children’s Sports Coaching
- Community Groups
- Education & Training
- Indoor Play
- Nursery
- Out of School
- Parent & Toddler
- Preschool
- Childcare Combined
Where can I find the 2023 relevant Target Market Statement for the Childcare Business Combined Product?
The Target Market Statement is available and published on our website here. This relates to our product and as such is not changed by our recent insurer move.
What happens if the manufacturer identifies that a particular product does not provide Fair Value to customers?
In conjunction with insurers appropriate action would be taken 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 Morton Michel 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 will be in accordance with the FCA’s PROD rules.
Can you send me a copy of the manufacturer's value assessment?
Each assessment will include commercially sensitive information so these will not be available for distribution. If we or our insurance partners do not believe a product offers Fair Value, you will be informed immediately.
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: wholesale@mortonmichel.com