Product Governance and the Consumer Duty

Outline & Objectives

Product governance has been on the UK regulators' minds since the early 2000s. Since 2018, investments and insurance have been governed by the PROD rulebook based on European Directives that impose more of a structure on the subject. On 31 July 2023, the new Consumer Duty applied a similar regime to the rest of the FCA-regulated retail market.

The four Consumer Duty Outcomes require the creation of a governance process. They will also transplant into this area, the difficult task of measuring value for money and a more structured approach to customer communications and services.

The workshop aims to familiarise participants with the new approach required by the Consumer Duty, the assessment of value and the more detailed tasks expected of firms as compared with the old rules and guidance.

Specifically, attending will enable you to:

• Understand the processes and arrangements required for product governance
• Improve your understanding of where compliance and senior management contribute to the subject
• Increase your knowledge of the Consumer Duty and Product, Price and Value, Customer Support and Communications Outcomes
• Benchmark your approach to product risk management against FCA expectations and industry best practice
• Identify target markets
• Test products
• Create and monitor distribution strategies and select and keep the right distribution channels
• Appreciate the problems with applying value measures to credit, payment and savings products

Who will benefit? 

This course will be of value to those responsible for product governance, compliance and risk management including Operations, Risk Management, Compliance and Internal Audit professionals.

Course Agenda

The content will be tailored to focus on your specific business model and product lines. Topics may include but are not limited to:

Product oversight and governance
The product development process
Distribution
Making effective use of MI
Consumer Duty Outcomes