New rules on product governance came into effect on 3 January 2018, which happened to be the same day a raft of changes came into effect under MiFID II.
Is your firm falling short of meeting its product governance obligations?
Many advisory and discretionary management firms are yet to adapt to these product governance changes or remain unaware of the new requirements.
Under the FCA’s new product governance requirements, firms must make sure products:
- Meet the needs of one or more identifiable target markets
- Are sold to clients in the identified target markets by the appropriate distribution channels
- Deliver appropriate client outcomes
Product governance support for threesixty clients
threesixty’s online product governance zone, has been available to clients since November last year, and helps clients get to grip with their product governance obligations and create an appropriate policy to suit their business. The zone contains guidance, template documents and a library of FAQs via the product governance zone within our website.
We also offer helpdesk support, and business risk assessment visits to clients understand and meet their product governance obligations.
If you would like further information about these services, pleae call 03707 360 360 to speak with a member of our team.
threesixty product governance self-assessment tool
Our self-assessment tool has been available to clients since June 2019. We first introduced our modular self-assessment tool in June this year, with a module covering the Senior Managers and Certification Regime. In July we added a module to cover product governance. A further suite of self-assessments will be made available to clients in the second half of 2019.
The self-assessment tool has proved popular among clients of different shapes and sizes, and very useful in helping them understand where they may have gaps. They told us they’ve found it hugely valuable, not only as an education tool, but to clarify things they may have misinterpreted.
threesixty has made its product governance self-assessment tool available to all regulated advisory firms upon request, not just clients of threesixty.
To request access please email firstname.lastname@example.org, stating your name, company name and FCA number.
Upon receipt of your request we will set you up your access. Expect to receive an email from a member of our team with further instructions within 24 hours.
Those who complete the assessment will receive a report explaining where gaps lie and where action needs to be taken. You will also have the option of a complimentary follow-up call with one of threesixty’s support team to discuss your report and receive guidance where necessary.