Firms must have a clear product governance process that all relevant staff are trained on, writes Tony Lewis. A high-level product governance policy can serve as a foundation, outlining how firms comply with governance obligations...
The Financial Conduct Authority's (FCA) recent thematic review on product governance in the general insurance (GI) and pure protection (PP) markets has made it clear that many insurance manufacturers and distributors are falling short of expectations. The FCA believes firms have ample time to implement product governance requirements and will use its full range of supervisory tools to address non-compliance. If your firm manufactures or distributes GI or PP products, you are required to review the FCA's findings and make any necessary adjustments to meet its standards. This includes a...
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
