Advisers aware of but not complying with PROD - the lang cat

Two-thirds cannot evidence compliance

Tom Ellis
clock • 2 min read

Financial advisers are more aware of PROD regulations than they were earlier this year but almost two-thirds say they are unable to evidence their compliance with the rules, according to research from the lang cat.

The consultancy found four-fifths (80%) of the advisers it surveyed were aware of PROD yet some 62% cannot evidence suitability of products and services by client segment in compliance with the regulations introduced in January. This compares with fewer than three-fifths (58%) of advisers saying they were aware of PROD earlier in the year. 'PROD' - the short-hand term for product intervention and product governance - was introduced alongside the second iteration of the Markets in Financial Instruments Directive (MiFID II) in January by the Financial Conduct Authority (FCA). The firm s...

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