Retail product distribution
Produced in partnership with Dentons

The following Financial Services practice note produced in partnership with Dentons provides comprehensive and up to date legal information covering:

  • Retail product distribution
  • Background
  • Which products and services are subject to distribution rules?
  • What are the typical regulatory requirements imposed on firms under FCA conduct of business rules?
  • High-level FCA regulatory standards applicable to product distribution
  • FCA regulatory guides
  • FCA product intervention and enforcement powers
  • Right of action for damages for contravention of FCA rules
  • FCA's continuing review of firms' compliance with the RDR changes
  • Issues with adviser charging disclosure post-RDR implementation
  • More...

Retail product distribution

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background

The regulatory requirements applicable to the distribution of financial products by financial services providers and intermediaries in the retail markets continue to be a key focus of UK and European regulators. The range of legislation and regulatory rules and guidance has never been more extensive or onerous, as governments and regulators have moved away from the light-touch and principles-based regulatory ideology that held sway in the mid-2000s in response to various mis-selling scandals in the retail financial markets (eg pensions, payment protection insurance, traded life policy investments, to name but a few). This has resulted in prescriptive product design, marketing, sales and ongoing product servicing obligations across nearly all retail financial services products, as regulatory requirements become standardised for specific products, with the broad aim of enhancing consumer protection throughout the entire product life-cycle. This change has also been combined with an increased focus on areas of the retail market

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