Product Governance multi-firm review by the FCA

29 July 2022 Michael Senior Compliance

The FCA conducted a multi-firm review to assess whether manufacturers of general insurance and pure protection products are undertaking the necessary work to comply with PROD 4 of the FCA Handbook.

The FCA will email a letter to all firms with general insurance permissions, and those that manufacture or distribute pure protection products by the end of July 2022. This letter will explain the findings along with the actions they expect firms to take.

We have seen some quite lengthy questionnaires from manufacturers that may well take a considerable amount of time to complete.

If your firm manufactures or distributes general insurance and/or pure protection products, and you have not received the letter by the end of July, please contact the FCA at firm.queries@fca.org.uk.

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About the Author

Michael Senior

Mike is a Chartered Financial Planner and a Fellow. He has been an ATEB consultant for over 10 years but has worked in financial services for a great deal longer. He has a wide breadth of experience covering banking and lending, home finance, pensions, investments, consumer credit and general insurance.

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