MiFID II Product Governance

Adam Samuel

MiFID II Product Governance

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Product governance is probably the most important new subject area for financial services professionals in the EU. It finally entered the regulatory vocabulary at European level with the implementation of MiFID 2, closely followed by that of the Insurance Distribution Directive’s own provisions on the subject. ESMA has already intervened in the marketing and promotion to retail customers of binary options and contracts for differences.

The subject has two sides to it. First, there is the process of carrying out product governance, the structures that businesses need to have in place to meet the regulators’ objectives. Then, there are the various tasks that manufacturers and distributors must undertake when launching products and on an ongoing basis.

In a turbulent compliance environment, regulators around the world are increasingly turning towards product governance, its processes and activities as a key to avoiding future miss-selling scandals. Yet, problems in this area keep emerging as businesses try to promote products using inappropriate distribution or without properly defined target markets or business controls.

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Date28 & 29 June 2021
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Time08:00 – 10:45 UK Time
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Duration5 hours
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Price£220 + VAT

Training Objectives

By the end of the programme, participants should be able to:

  • Apply treating customers fairly notions to their business
  • Apply the MiFID Org Regulation provisions to complaints
  • Build and implement the basics of a complaints procedure and policy
  • Understand the complaints process from advance disclosure of the process to the closure of the case
  • Appreciate some of the root cause analysis techniques and their weaknesses
  • Reach fair results in relation to their products and services and complaints about them
  • Deal with a case at the Financial Ombudsman

Training Outline

  • Defining manufacturer and distributor
  • National product intervention powers
  • The product governance arrangements
  • The “product governance committee”
  • Role of compliance and the Board
  • Core principles – conflicts of interest, join-ventures
  • Tasks
  • Target market – manufacturer’s and distributor’s roles
  • Product design
  • Product testing
  • Selecting distribution
  • Providing information to distributors – distributors obtaining it
  • Monitoring distribution
  • Reviews and ongoing monitoring

Training Style

The training style is interactive involving a combination of discussions and presentation, group work and case studies (taken from real-live examples). Participants are encouraged to share their opinions from their different perspectives.

CPD Recognition

This programme may be approved for up to 5 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

Who Should Attend

The programme is ideal for:

  • Complaint handlers
  • Customer relations and customer service staff
  • Lawyers
  • Risk managers
  • Board directors and chief executives
  • Compliance officers and managers
  • Marketing people
  • Product technicians

Adam Samuel

Adam Samuel is a lawyer qualified in the UK and the USA. Since 1996, Adam has run his own training and consulting business, helping out regulators in three continents on customer-facing issues. He has the qualifications required of financial, mortgage and equity release advisers and the UK CISI compliance diploma.

Adam wrote the only book on consumer financial services complaint handling in the UK and a guide to the SFC Code for Intermediaries in Hong Kong. The Gibraltar Supreme Court followed his expert evidence in van Geens v. Jyske Bank on product risk, compliance and advice standards around the world. Adam has broadcast on a number of BBC domestic and World Service programmes, including the national news, on financial services compliance and banking issues.

Additional Details

Price - 220

Duration - 5

 

Date And Time

28-June-2021 to
29-June-2021
 

Location

 

Venue

Live Online (Zoom)
 

Event Category

Live Online Courses

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