Rory Percival: PROD rules were 'overdue'

Speaking at the Chartered Institute for Securities & Investments (CISI) annual Financial Planning conference in Birmingham, Percival (pictured) said there had been a lot of negativity around PROD from the advice sector, but the rules were necessary nonetheless.  PROD was introduced alongside the second iteration of the Markets in Financial Instruments Directive (MiFID II) in January last year by the FCA. The regulation requires advisers to evaluate each component in the value chain to ensure the cost and service is appropriate for the intended client segment. The former FCA man argued...