Since a 2018 regulatory change demanding advisers ensure specific products are correct for specific clients, PROD has been at the heart of adviser firm platform selection. But it isn’t the only factor advisers pay attention to when selecting their chosen platform(s), and some believe the regulation scarcely worth considering for smaller IFA businesses...
Platforms have played a role in financial advice firms since fund supermarkets arrived on the scene more than two decades ago. Historically, advisers may have chosen a platform for a variety of personal reasons, like a preference for a particular portal, software or back-end processes. When PROD came along at the beginning of 2018, however, advisers were forced to think about whether their chosen platform was ideal for their clients' needs over, or indeed as well as, their own preferences. What is PROD? PROD - shorthand for Product Intervention and Product Governance Sourcebook ru...
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