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Under the FCA’s Product Governance Sourcebook (PROD) we are required to “take reasonable steps to ensure that the financial instrument (i.e. our products) is distributed to the identified target market” (PROD 3.2 (3)).
We also “should have in place systems and controls to manage adequately the risks posed by financial instrument design.” (PROD 3.2.5) and should ensure “the selection of appropriate distribution channels and the promotion of the financial instruments are accompanied by sufficient and correct information.” (PROD 3.2.2).
We meet these responsibilities through a number of measures, including:
We undertake a number of checks.
We will check your firm’s address to ensure it is UK based.
We will check your firm’s entry in the FCA Register (and potentially other sources), identifying if there is evidence of any criticisms, censures, disciplinary actions, fines or similar. If so, we may need to discuss the circumstances of these with you / your firm.