Peril in product governance – who you gonna call?
News analysis: Brokers are under the cosh and many need guidance on how to implement the FCA’s wide-reaching rules on product governance.
The Financial Conduct Authority (FCA) is breathing fire in the direction of brokers when it comes to product governance. It wants to see compliance in terms of pricing and fair treatment of customers – and it wants to see it now.
Some of the requirements were introduced as part of the 2018 Insurance Distribution Directive and others come into force on 1 October. Overall, brokers must look closely at sales processes, review products and their commission.
The amount of work firms need to carry
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