- City of London
The MiFID II Product Governance & Inducements requirements are now in place, and firms should have implemented new processes and procedures from 3rd January 2018.
This training course will provide:
- Anyone who is new to the Product Governance and Inducements rules with an opportunity to understand the new and enhanced requirements; OR
- Anyone already involved, with an opportunity to review how successful your firms’ new arrangements have been so far, and whether you can make any improvements to their implementation.
While the FCA’s implementation of the MiFID II Product Governance requirements is relatively straight forward, applying them to the product life-cycle and existing processes of your firm may not be. There are a number of new and enhanced requirements for both manufacturers and distributors, which must be well understood so they can be confidently implemented.
Understanding the MiFID II Product Governance requirements, will:
- Help you to understand what the FCA expects from the various stakeholders involved
- Provide you with the right base from which to review existing arrangements
- Pinpoint areas where changes, enhancements or new processes are needed
- Help you to open a dialogue with manufacturers and distributors
Tied to product manufacture and distribution, is the way in which firms are remunerated for providing these services. We already have the RDR – but how does this regime and the requirements of MiFID II fit together?
The second half of this session will enable you to:
- Gain an understanding of the FCA’s implementation of the Inducements rules to Advisors & Portfolio Managers and what this means for you in practice
- Clarify what a ‘minor non-monetary benefit’ is; and how they can enhance the quality of service to clients
- Review how MiFID II impacts on other aspects of compliance, such as gifts and hospitality, disclosure and record keeping
This two-hour briefing will help delegates feel confident they understand and are applying the MiFID II Product Governance & Inducements rules correctly within their firm.
The Course Agenda
The purpose and scope of the new rules
- Understand the reasons behind the new rules and what the FCA expects to accomplish
- Know which firms are affected and how the requirements apply to your firm
- Review of the FCA’s implementation
- Detailed overview of the requirements for both manufacturers and distributors
- Construction of a Target Market, including a review of the ESMA Guidelines
- Information sharing and reporting between manufacturers and distributors
- Know what information should be included in distribution agreements
- How to apply proportionality
- Compliance monitoring and the role of senior management
- Overview of the requirements in relation to Advisors & Portfolio Managers
- Understand what it all means in practice
- Understand the definition of ‘minor non-monetary benefits’, how they can enhance the quality of service to clients and when they can be accepted
- Know what evidence and disclosure is required to continue accepting Gifts & Hospitality
- Review of record keeping requirements
Meet The Tutor
Director of Learning
Richard worked for Bupa for over 20 years until 2011, where his career spanned a diverse range of senior management roles covering customer service, business operations, commercial strategy/policy development, risk management and regulatory compliance – alongside the ‘day-job’ he was also heavily involved in leadership development, coaching and mentoring.
From early 2011 to May 2018 Richard was a freelance consultant specialising in the areas of regulatory compliance and learning and development before joining FSTP, as Director of Learning, in June 2018.
Who is this course for?
This course has been designed for those working in:
- Product development
- Senior managers
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