Just one-in-20 (5%) advisers are aware of their obligations under the FCA's 'PROD' product governance rules, which were introduced alongside MiFID II in January, research by IRESS has suggested.
The study, undertaken by consultancy the lang cat on behalf of the technology solutions business, also revealed more than half of the 64 advisers polled were still unaware of PROD - the Financial Conduct Authority's (FCA) term for its product governance and product intervention sourcebook. Furthermore, the study found almost three-quarters (70%) of advisers to be unsure if they were able to evidence the suitability of product services by client segment, while one-third (33%) use back- office technology to help segment clients. Chris Davies: Why PRODing your clients is a good thing ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
