Although PROD has now been in force for almost a year, advisers and providers are using different tactics to comply. Here, Tom Ellis and the lang cat's Terry Huddart consider the contrasting examples of two platform giants
'PROD' - the short-hand term for product intervention and product governance - was introduced alongside the second iteration of the Markets in Financial Instruments Directive (MiFID II) in January by the Financial Conduct Authority (FCA) but many advice firms and other financial services businesses have struggled to get to grips with the new rules. In the FCA's Product Intervention and Product Governance Sourcebook, the regulator outlines a number of things a "distributor" and/or a "manufacturer" now have to do. And, while all the platforms we surveyed agree they fall under PROD rules "i...
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