For ERS to complete the assessments, we need you to provide updates on your remuneration. To help, we have set an acceptable remuneration thresholds for our products.
Commission
In line with Lloyd’s regulation, your commission should not exceed 49% of the total premium for Retail and Commercial ERS products and be in line with that products business plan.
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 as soon as is possible and by no later than the end of July 2023 so we can assess the ongoing fair value for our mutual customers.
Sharing details of your remuneration and services with ERS
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 by 31st July 2023.