Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

PROD 1.1 Application and purpose

Purpose

PROD 1.1.1G

1The purpose of PROD is to improve firms’ product oversight and governance processes and to set out the FCA’s statement of policy on making temporary product intervention rules.

PROD 1.1.2G

Product oversight and governance refers to the systems and controls firms have in place to design, approve, market and manage products throughout the products’ lifecycle to ensure they meet legal and regulatory requirements.

PROD 1.1.3G

Good product governance should result in products that:

  1. (1)

    meet the needs of one or more identifiable target markets;

  2. (2)

    are sold to clients in the target markets by appropriate distribution channels; and

  3. (3)

    deliver appropriate client outcomes.

PROD 1.1.4G

2Unless the contrary intention appears, a reference to Gibraltar-based firm in PROD has the same meaning as in the Gibraltar Order.