Product Governance
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20 Minutes -
For all staff
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UK
Product governance sets out how financial services firms design, approve, sell and review products, helping them put customers first. This compliance course helps UK staff understand what the Financial Conduct Authority (FCA) expects under PRIN 2A and the PROD rules in the FCA Handbook.
Product design and product approval: manufacturers define the target market and take it through a product committee. Product testing, stress testing and scenario testing show how it might perform, and change control keeps later alterations under control. Product distributors need a clear distribution strategy and effective distribution controls, and information exchange between manufacturers and distributors keeps both sides informed. During the product lifecycle, product reviews and outcome monitoring show whether customers are getting what was intended. Where they’re not, product remediation or product withdrawal may follow.
What you’ll learn in
this course
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Explain what product governance is and why the FCA requires it
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Describe the responsibilities of manufacturers and distributors under the FCA's rules
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Apply product approval and target market processes before launch or change
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Evidence fair value and assess pricing outcomes against Consumer Duty requirements
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Set and oversee a distribution strategy that reaches the intended target market
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Monitor products, exchange information and complete scheduled reviews with appropriate management information
- Escalate issues, remediate harm, and withdraw or amend products when needed