PROD 1.1 Application and purpose

The purpose of result matched startPRODresult matched end is to improve firms’ product oversight and governance processes and to set out the FCA’s statement of policy on making temporary product intervention rules.

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:

1. (1)

   meet the needs of one or more identifiable target markets;

2. (2)

   are sold to clients in the target markets by appropriate distribution channels; and

3. (3)

   deliver appropriate client outcomes.

Unless the contrary intention appears, a reference to Gibraltar-based firm in result matched startPRODresult matched end has the same meaning as in the Gibraltar Order.