Product Governance
We help our clients to comply with the rules on product governance, pricing and fair value
Time is running out for meeting the initial deadlines and if you need help in understanding what it is you need to do, please speak to us.
There will continue to be a lot of activity through 2021/22 as firms work to meet the deadlines some of which are October 2021 and January 2022 for the implementation required.
It is important that product governance committees or senior management teams function remain sighted on these requirements and we recommend it is firmly on board agendas (where relevant).
This is a lengthy and significant collection of new regulatory expectations, that will have a considerable impact on many firms.
Some areas include product governance , pricing, fair value assessments,: auto renewal, reporting , premium finance requirements . The rules will be more onerous for some, depending on your role in the market place.
We are helping our clients (for example Brokers, MGA’s, insurers,) to really get to grips with what it is they need to do and by when
Here is an indication of some of the services:
- Consultancy to understand the rules and requirements and how they affect you and what you need to do firm
- Conducting Product governance and product value reviews
- Providing Product governance webinars for all in the chain (Manufacturer, Co manufacturers, Distributors)
- Providing Product governance bespoke training sessions; a number of drilled down sessions to really help firms get to grips with some of the content of the Market Study and the deadlines
- Implementation , Review and stress testing of business policies and procedures in this area
- Attending product Governance and pricing committees for external independent input
We have used the services of Create Solutions for a number of years, and the team are always on hand to provide the necessary guidance, whether in relation to minor day to day queries, changes to our business which require notification to the regulator, or adapting our business to accommodate the significant regulatory changes which have impacted on us over the past couple of years. The ongoing programme of training/workshops provide further invaluable support for the business and our staff
Over the last 10 years, Mike Cranny and the team at Create Solutions have provided an invaluable service on a wide range of compliance issues which we face in our day to day business operations. With so many legislative changes taking shape in the wider UK insurance market, I would recommend anyone who is in need of guidance to seek out their advice.
Create Solutions are our constant in the ever changing world of FCA regulation. Fifteen years ago, they took the time to understand our business to enable them to provide the practical and proportionate solutions we needed to ensure our compliance and they have continued to deliver all our compliance needs ever since. Their patience, professionalism and knowledge is all delivered with genuine friendliness and enthusiasm. They make the world of compliance less painful and remain a pleasure to deal with.
We have been using Create Solutions for several years and find the services they are offer are invaluable to our busy brokerage. The Workout modules 1 & 2 tick all the boxes for staff training, not to mention helping towards CPD. With the changes in regulations over the past couple of years they have made the process easy to understand and to implement both through their workshops and additional help. Would highly recommend to any brokerage, their team are always available offering help and assistant.
We have used the services of Create Solutions for many years and the support we receive is invaluable to our business. There are times when we just need guidance to a relatively small query or more complicated situations such a change of Director within the company. Whatever is needed Create Solutions work with us to find the answers. They truly understand the complexities of the FCA and how this needs managing within a busy brokerage. I would recommend them to any broker as they reduce the worry of compliance and nothing is ever too much trouble.
Internal changes over the last twelve months led us to engage with the full service offered from Create Solutions. Their immediate compliance assistance, update on regulatory matters and training courses/ workshops over the year have been invaluable to us as a business in this ever changing regulatory environment. From a personal point of view, without having Create at the end of the phone for the last twelve months , I can’t imagine the additional work it would have caused me.
In the midst of increasing regulatory change, we took the decision to engage with Create over 2 years ago. Since then they have, provided quality compliance support to us when we need it, continually kept us informed of regulatory matters that we need to be aware of and have also helped us to establish a more solid compliance framework for the future. Pro-active compliance is their business…