Strengthening Product Governance Under MiFID II and Consumer Duty
In this episode of the PIMFA Podcast, host Philip Allen speaks with Priscilla Gaudoin, Ruleguard’s Head of Risk and Compliance, to explore how financial services firms can refine their product governance frameworks to meet both MiFID II and Consumer Duty requirements.
With the FCA placing renewed emphasis on demonstrating robust oversight and delivering good customer outcomes, this discussion highlights the practical steps firms can take to ensure their products are designed, distributed, and monitored effectively.
During this episode, we cover:
- Establishing an effective product approval process
How to structure a clear governance forum for product sign-off and maintain the necessary evidence and meeting records.
- Identifying and refining target markets
Defining a specific audience for each product or service, understanding their needs, and ensuring your product remains fit for purpose over time.
- Ensuring continuous monitoring and review
The importance of ongoing data collection, spanning complaints, staff feedback, and distributor inputs, to enable swift identification and resolution of potential risks or customer detriment.
- Building organisation-wide accountability
Why product governance is not solely a compliance responsibility, and how collaboration across sales, marketing, and senior management leads to better risk oversight and customer outcomes.
- Leveraging technology to streamline governance
Using RegTech tools to automate manual tasks, provide transparent audit trails, and centralise critical documentation so compliance and leadership teams can make faster, more informed decisions.
Want to know more about Improving Product Governance? Download our infographic.
Interested in our webinars on Product Governance? You can find upcoming and on-demand Product Governance webinars here.
