ΠΕΡΙΓΡΑΦΗ

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 and Cyprus has responded to the ending of the ESMA measures by implementing its own intervention in September 2019.

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.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

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

• Understand the key MiFID and MiFID-related provisions on product governance
• Appreciate the goals of product governance and the risks of not achieving them
• Identify strengths and weaknesses in product governance structures
• Identify the positive and negative target markets of investment products and services
• Piece together the key elements in designing a product or service
• Determine the types of distribution that would not be suitable for certain types of products
• Gather key management information about the success or otherwise of the governance process

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

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

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

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 15 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

Trainer