A look at the history of Product Governance and the current 3rd December deadline
Amongst many new obligations placed on insurers and insurance brokers by the FCA, as it grapples with meeting its objective of preventing harm to consumers resulting from the coronavirus pandemic, is a requirement that product manufacturers review the value that their offerings provide to customers in light of changing needs brought about by the pandemic. In reality, the product governance process is not an ‘occasional’ piece of work carried out to a deadline but an ongoing regulatory obligation used to help manage risk within the business. Indeed, an obligation that is set to change in 2021 or 2022.
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