PIMFA
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IMPORTANT ANNOUNCEMENT:
Following recent developments and advice from the World Health Organization and the UK Government on Coronavirus (COVID-19), we have decided to run this training workshop via Zoom (ONLINE)
The safeguarding the health and wellbeing of our attendees must take precedence.
We hope that you will understand why this decision has been made. We will be updating the website as things develop.
If you have any queries, please get in contact via events@pimfa.co.uk. If you would like to find out more about COVID-19 and how to protect yourself, please visit the World Health Organization site.
With the FCA stating earlier this year that it will turn its attention on how firms are implementing new rules around product governance, advisors would be wise to review how they are complying with PROD (Product Intervention and Product Governance Sourcebook) which came into force rather under the radar with MiFID II in January 2018.
Starting in 2008 with RPPD and now with PROD, the regulator has imposed an extra layer of duties on advisers and providers to ensure that the products that they make and distribute are suitable for the type of people like to buy them. Most of the major financial services scandals since 2000 have involved products not designed to help those buying them. The FCA is increasingly concerned to ensure that reasonable quality products end up in the right places.
At its heart PROD requires advisors and providers must demonstrate to the regulator the cost, service and investment proposition they are recommending are appropriate for each client segment. It is important for both groups to avoid another unregulated collective investment scheme, life settlement fund, pension transfer or whatever problem is coming around the corner.
How will this workshop assist you?
This practical one day workshop prepares you to meet your obligations under PROD helping you make any changes to products and services that you offer, so that by the end of this workshop you will be able to
- Grasp what the FCA expects you to know about Product Governance & The PROD rules
- Know how to find PROD and its updates
- Know how PROD interacts with the FCA Principles, the COBS rulebook and RPPD
- Build effective product governance arrangements
- Identify target markets
- Obtain, apply and review stress test results
- Know how to learn how products work
- Limit sales to target markets and tell providers of issues in that area
- Exclude inappropriate products for your distribution method
Who should attend?
This workshop is crucial for: Product governance and compliance people at both distributors and providers, advisers and discretionary fund managers involved in distributing products.
.Your Trainer
Adam Samuel is a compliance specialist and lawyer who has spent much of the last 20 years advising firms from major banks to small one-man firms on conduct related issues. Qualified as a lawyer on both sides of the Atlantic and proud holder of an AFPC, MAQ and CISI compliance diploma, Adam wrote the only major book on financial services complaint handling in 2005, now in a 2017 second edition.
Agenda:
We are going to run the day in two parts.
The morning session will be from 09:30-12:30. This will be where we cover the materials in a more formal way, working through the handout material and slides.
The afternoon part will run from 13:30-16:30. During this time we will be working on some practical exercises including a tutorial and some case studies. We will also have time for discussions and any questions you may have from the morning session.
