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Consumer Duty - Product Governance

13 July 2022

This is the first of a series of articles looking at the Consumer Duty and its implications for the wealth management world. The distribution chain can be extremely complicated and consist of multiple product manufacturers (both for the actual investments and associated wrappers), platform provider, custodians, DFM, broker and/or financial adviser. Some will play a relatively minor role whereas others' will be significant. 

The Consumer Duty consists of an overarching principle, cross-cutting rules and outcomes. As such, there is not just one section or obligation that firms need to comply with when considering product governance and their distribution chains. However, the most immediately applicable is the new 'Product and Services Outcome'. We explore how this Outcome works with the current PROD rules, some of the key requirements firms will need to consider and what it means in practice. 
Consumer Duty and its impact on Product Governance and the Distribution Chain
Download our article to find out how Consumer Duty could impact Product Governance and Distribution Chains for your firm.

More articles in this series

The FCA's Consumer Duty - overview
Want to learn more about the FCA's Consumer Duty? Return to our hub for more articles written by our Regulatory Consulting experts.
Price and Value Outcome and What is Fair Value in the Wealth Market
The next article in our series focuses on the 'Price and Value outcome' of the Consumer Duty, including the question of 'fair value'.

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