Designed by the FCA to ensure compliance with MIFID II, PROD – or the ‘Product Intervention and Product Governance Sourcebook’ to give it its full name – is part rulebook, part template and to date has been met with mixed opinion. The intention is to ensure MIFID II guidelines are consistently met, with special focus on ‘good product governance’ and product suitability, something many financial planners believe they are doing a good enough job of already. However, as is so often with financial regulation, it is not the doing that matters, it’s the documenting.
George Cliff suggests that there are good reasons for advisers to see PROD as a robust and repeatable template from which to deliver better client outcomes. See the full article in this months IFA Magazine.