Two former fund supermarkets with opposing PROD interpretations

'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...