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MiFID II Product Governance

A half day webinar identifying the changes firms need to make to their existing product governance frameworks

MiFID II Product Governance Training Course

A half-day live webinar

Video Overview

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and meet your trainer.

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  • Your course director has worked in-house and as a consultant within Product Governance Committee’s and has first hand experience of dealing with the launch of new products and services
  • The latest EU & FCA level updates on the practical implementation of manufacturer and distributor reporting requirements are discussed
  • The course is presented using the Product Life-Cycle to describe the MIFID II requirements, which places them into context and makes them easy to understand
  • Real life examples are used which draw on and consolidate what you have learned
  • Bringing your own questions and discussion during the course is actively encouraged

  • Learn more about why Product Governance is such an area of focus
  • Be taken through a summary of the FCA’s PROD Sourcebook and how it applies to the product life cycle
  • Understand the different responsibilities of manufacturers and distributors, and how they should interact
  • Think about how other areas of MiFID II relate to Product Governance
  • Discuss what their Product Governance framework should now look like
  • Think about how their Product Governance Committee is structured, what it should focus on, the information it receives and who its participants should be
  • Participate in Case Studies to cement understanding

Why focus on Product Governance?

  • Past experiences
  • The FCA’s implementation of the MiFID II Product Governance requirements in PROD
  • FCA’s Retail Banking: Product Governance Review (March 2018) – what we can learn? 

The FCA’s PROD Sourcebook – Manufacturers

  • The product life cycle and manufacturers’ responsibilities, and consideration of good practice:
  • Idea Generation – including a deep dive on construction of a Target Market and ESMA[1] examples
  • Design – encompassing Investment Proposition, Costs & Charges, Risk, Stress Testing, Operations, Compliance, Legal & Tax
  • Distribution Strategy – what to take into account, exercise on the risks of different methods of distribution and inducements
  • Product Approval & Launch – responsibilities of senior management and the Product Governance Committee
  • Marketing & Distribution – relationships with and information provided to distributors
  • On-going Product Maintenance – post launch review, compliance monitoring, significant adaptations, crucial events and management information
  • Maturity & Withdrawal – Focus on Treating Customers Fairly
Case Study 1 – New Product Launch  

The FCA’s PROD Sourcebook – Distributors

  • The pre and post sale responsibilities of distributors, including consideration of good practice
    • Obtaining sufficient information – from manufacturers inside and outside of the EEA
    • Distribution strategy – Target Market Assessment, what happens if the distributor doesn’t agree with the manufacturer?
    • Post sale reviews – what to consider, who should conduct the review and who should read and take action on the results
    • Reporting – information to manufacturers and distribution chains
    • Management Information – what should be included and who should receive and act on it
Case Study 2 – Portfolio Management  

Product Governance Framework

  • What elements should be included in your product governance framework?
  • Structure of the Product Governance Committee – responsibilities, who should attend, their knowledge and experience, key areas of focus, the information it should receive, reporting and escalation
Case Study 3 – Existing Product, Significant Adaptation

The trainer had a highly successful, long and varied “fast track” career in Lloyds Bank which led him to a very senior management position in the bank’s private banking and wealth management division at an early age. He was then “head hunted” to join a merchant bank to head the risk function at main board director level. He now has over 40 years’ experience in the UK banking and financial services sector.

The trainer has been a freelance Compliance, FCC & AML training consultant since retiring and is currently an external Master Trainer at both HSBC and Bank of China. At HSBC he has been a leading member of their global FCC & AML training programme which is now entering its sixth year. He has created and delivered training to a vast range of clients, from global giants to small firms and partnerships. He is an accomplished global trainer and has delivered extensive programmes in the UK, USA, South America, Europe, Africa, Asia and the Middle East.

He is a highly adaptive, hands-on and highly sought-after facilitator who always receives excellent feedback from delegates. He is comfortable training at any level of seniority and experience, from “black belts” to novices. As well as his Compliance, FCC & AML specialism, his expertise includes but is not limited to Risk Management, Trade Finance and all major aspects of Corporate, Private & Retail Banking. He is also a highly experienced soft skills trainer and has completed numerous “train the trainer” assignments.

The FCA has long been focused on Product Governance, and published its guidance on “The Responsibilities of Providers and Distributors for the Fair Treatment of Customers” (RPPD) back in 2007.

Since 2007 there have been a myriad of high profile failures – Payment Protection Insurance (PPI), LIBOR and Interest Rate Hedging to name a few.  Alongside other market developments, these failures led to the inclusion of formal Product Governance rules in MiFID II, which the FCA has translated into it’s new PROD Sourcebook.

The MiFID II Product Governance requirements go further than the RPPD, introducing new concepts, such as Target Market, which affect every part of the product life cycle.  The FCA expects firms to rigorously implement PROD and ensure that customer’s interests are put before all else in the manufacture and distribution of products and services.

In this course we will identify the changes firms need to make to their existing Product Governance frameworks, including where other aspects of MiFID II should be considered.  We will also discuss what your Product Governance Committee should focus on, and the roles and responsibilities of the various participants in the process.

  • The instructor had great enthusiasm which helped the candidates to remain engaged throughout the day. Good summary slides of the regulation.
  • Expectations were to dive more into product governance area and get answers in some key questions.  All my expectations were covered for sure!
  • Excellent presenter, useful material. Right pace of content coverage.
Number of places:

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£695.00

Per participant
Discounts available for multiple place booking find out more
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