Product Oversight and Governance
The Financial Conduct Authority is committed to ensuring that regulated firms have in place and maintain robust product oversight and governance processes.
Product oversight and governance refers to the systems and controls firms have in place to design, approve, market and manage products throughout the products’ lifecycle to ensure they meet legal and regulatory requirements
Good product governance should result in products that:
- meet the needs of one or more identifiable target markets;
- are sold to clients in the target markets by appropriate distribution channels; and
- deliver appropriate client outcomes
At Faversham, product oversight and governance is encompassed within our Product Lifecycle Management Process. All products are subject to robust oversight and management to ensure that legal and regulatory requirements are met whilst ensuring that customers’ needs are at the forefront of our offering.
When undertaking product design, target market customer needs are met and regular reviews are undertaken to ensure the products continue to meet customers’ wants and needs whilst also encompassing the principals of Treating customers fairly.
Policy wordings and extensions are regularly reviewed and updated, to help respond to any prospective ambiguities and any unfair contract terms that may have been highlighted internally.
Products owners with the appropriate level of seniority, experience and expertise are assigned to each product, with peer reviews also regularly carried out.
Faversham select their employees, partnerships and supporting intermediaries carefully, and expect their staff and third parties to embrace the same principals and standards that are consistent with delivery of good product governance.