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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

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You are viewing the version of the document as on 2022-01-01.

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PROD 1.1 Application and 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.