Advising International Insurance Broker on its Product Governance Requirements
The Client’s Needs
The client is one of the leading specialist insurance and reinsurance brokers operating through Lloyd’s, the London market and internationally. The client required help undertaking a complete review of its Product Governance Framework and advice on how it needed to update this.
ICSR undertook an assessment of the client’s existing product governance framework policies and compared these to the FCA requirements and our own model framework policies and procedures. We were able to quickly identify the areas that required more significant focus and help the client understand where additional work was required to meet its obligations and requirements under the Product Intervention and Product Governance Sourcebook (PROD) rules including design, approval, distribution, marketing and management of products throughout their lifecycle.
A senior member of the ICSR team with significant experience in product governance matters undertook the initial review of the client’s product governance framework, with an ICSR director overseeing the work and providing the client with specific advice on how it needed to update and refine its framework, policies and procedures.
The client was able to understand where and how it needed to update its Product Governance Framework, policies and processes to meet its PROD obligations.