Free template · United Kingdom
Free demands and needs statement and suitability report template for UK brokers
The demands and needs statement every sale needs, with a suitability report for advised business. Status disclosure, the market you reviewed, the quotes compared and why your recommendation meets the client's needs. The quotes and the premium are drawn as charts from your figures.
- No login needed
- Your logo, free
- Charts from your figures
- Written for UK rules
- Written for FCA ICOBS and the Consumer Duty
- No login. Nothing stored until you download.
- Charts Word can't draw
- Every section cites its rule
What you'll download
A finished demands and needs and suitability report, not a blank form.
Pages from the sample report. Tap a page to look closer.
Charts from your own figures
Word can't draw this. Your demands and needs and suitability report can.
Enter the figures once in the wizard and the report draws its own charts from them. It opens with an at-a-glance page so the client sees the answer before the detail. No spreadsheet to build and no images to paste in.
In the demands and needs and suitability report:
- At a glance tiles
- Quotes received
- Where your premium goes
- What makes up your premium
- Key dates timeline
- Your own logo on the cover and every page, free
At a glance
Total payable
£22,610
Quotes received
3 of 5
Cover starts
1 Dec
Quotes received
- Quoted
- Recommended
Where your premium goes
- Property
- Liability
- Motor
- Cyber
What's inside
15 sections, each one there for a reason.
Every section of the demands and needs and suitability report, why it matters to your client and the rule or practice behind it. Edit or remove any you don't need.
- 1
Status and terms of business
Your firm, FRN, the services you provide and a link to your terms of business.
ICOBS 4.1
- 2
Remuneration
The nature of your remuneration and who pays it, with commission on request for commercial customers.
ICOBS 4.4
- 3
Demands and needs statement
The client's demands and needs, specified from what they told you. Required for every sale, advised or not.
ICOBS 5.2
- 4
Personal recommendation
For advised sales, why the policy meets the client's demands and needs and any needs it doesn't meet.
ICOBS 5.3
- 5
Non-advised statement
For non-advised sales, a clear statement that you haven't made a recommendation.
ICOBS 5.2
- 6
Basis of the market review
Fair analysis of the market, a limited panel or a single insurer, stated plainly.
ICOBS 4.1, ICOBS 5.3
- 7
At a glance
Total payable, insurers approached, quotes received and the day cover starts, in tiles on the first page.
Consumer Duty, PRIN 2A.5
- 8
Quotes compared
The insurers approached with premium, excess and key terms side by side, with a chart of the quotes received.
ICOBS 5.3
- 9
Premium breakdown
Premium, Insurance Premium Tax, fees and, if the client pays monthly, the premium finance APR and total cost, drawn as a chart.
ICOBS 6.1, CONC 4
- 10
Fair presentation or reasonable care
The Insurance Act 2015 duty for business clients or the CIDRA 2012 duty for consumers.
Insurance Act 2015 s3, CIDRA 2012 s2
- 11
IPID and policy wording
Where to find the Insurance Product Information Document and the full terms.
ICOBS 6.1
- 12
Cancellation rights
The 14 day cancellation period for consumers and any charges.
ICOBS 7.1
- 13
Complaints, FOS and FSCS
How to complain, the Financial Ombudsman Service and FSCS protection.
DISP 1, COMP
- 14
Key dates
A timeline to the date you need instructions and the day cover starts.
Best practice
- 15
Client acceptance
The client confirms the statement reflects their needs and instructs you to proceed.
Best practice
How it works
- 1
About 5 minutes
Answer three short steps
Enter the client and what they need, the quotes you received, then whether you're advising and why. Add your own logo if you like. No login and nothing to install.
- 2
Real document editor
Polish it in the editor
Your statement opens in Coverbound's document editor. Change any wording, add your own notes and remove sections you don't need.
- 3
Free
Download the PDF
A professional PDF with the charts drawn from your figures and your logo on every page. Email it to yourself and ask for a reminder before the next renewal. Written for UK rules, with a small Prepared with Coverbound footer.
Free tool or a free trial
The report is free. A trial saves you next year.
Free, no login
Everything you need for this report.
- Fill it in with the 3 step wizard
- Edit in the full document editor
- Charts and an at-a-glance page from your figures
- Your logo on the cover and every page
- Download a professional PDFWith a small Prepared with Coverbound footer
- Email the PDF to yourself
- A reminder before the next renewal
- Your colours, fonts and FRN details
- Save it and reuse it next year
- Export to Word
- Send it for e-signature
- AI fill from last year's policy schedule PDF
With a 14-day free trial
Make it yours and do less next year. No card needed.
- Fill it in with the 3 step wizard
- Edit in the full document editor
- Charts and an at-a-glance page from your figures
- Your logo on the cover and every page
- Download a professional PDFNo footer
- Email the PDF to yourself
- A reminder before the next renewal
- Your colours, fonts and FRN details
- Save it and reuse it next year
- Export to Word
- Send it for e-signature
- AI fill from last year's policy schedule PDF
Before you ask
Questions about the demands and needs and suitability report.
- Is a demands and needs statement required for every sale?
- Yes. ICOBS 5.2 requires you to specify the customer's demands and needs before the contract is concluded, whether you give advice or not. It must be in a durable medium for consumers.
- What is the difference between a demands and needs statement and a suitability report?
- The demands and needs statement records what the client needs. A suitability report, for advised sales, explains your personal recommendation and why it meets those needs under ICOBS 5.3. This template does both. For a non-advised sale, remove the suitability section and keep the non-advised statement.
- What does fair analysis of the market mean?
- If you say your advice is based on a fair analysis, you must have looked at a sufficiently large number of contracts available on the market to recommend the one that would be adequate to meet the customer's needs. Otherwise state that you work with a panel or a single insurer.
- Do I need to show IPT separately?
- It's good practice and clients expect it. Show premium, Insurance Premium Tax at the standard or higher rate and your fees on separate lines.
- Does it work for commercial clients?
- Yes. For a business client keep the duty of fair presentation and the commercial remuneration wording. Consumer only sections such as the 14 day cancellation period can be removed.
- Does it draw the charts for me?
- Yes. The report draws its own charts from the figures you enter in the wizard, so there's nothing to build in a spreadsheet and nothing to paste in. They print in the PDF next to the tables they come from. Word can't do that on its own.
- Can I add my own logo?
- Yes, for free. Upload a PNG, JPG or WebP and it goes on the cover and every page of the PDF. Your colours, fonts and licence details come with the 14-day free trial.
- Is it really free?
- Yes. Fill it in, add your own logo, edit it and download the PDF without an account. The charts are drawn for you and you can email the PDF to yourself. The free PDF carries a small Prepared with Coverbound footer. A 14-day free trial removes the footer, adds your colours, fonts and FRN details and lets you save the document for next year. No card needed.
- Who is responsible for the advice in the document?
- These templates are a starting point, not legal or compliance advice. You remain responsible for the advice and documents you give as an FCA authorised firm or appointed representative under your FRN. Check each document against your firm's compliance procedures before you send it.
More free templates
Other templates for UK brokers
These templates are a starting point, not legal or compliance advice. You remain responsible for the advice and documents you give as an FCA authorised firm or appointed representative under your FRN. Check each document against your firm's compliance procedures before you send it.
Your next report, done before lunch.
Answer three short steps, add your logo and download the PDF with its charts drawn for you. No login needed.
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