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In PROD we trust: Why it s not too late for firms to act on new product governance regime
Understanding of rules is low, but time is of the essence
Maurice McDonald
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Maurice McDonald of Bovill
In February, the Financial Conduct Authority published a report concluding there was significant scope for asset managers to improve their product governance arrangements.
Having examined how a sample of asset management firms, as product providers (manufacturers), took into account the product governance rules in its
Product Intervention and Product Governance sourcebook (
PROD), the report found that several asset managers were not fully complying with the regime.