FCA PROD product governance under UK MiFID II: scope, application to manufacturers and distributors, post-Brexit divergence, and ongoing relevance of ESMA guidance

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note outlines the UK framework for product governance that firms must meet for the design, approval, marketing and continuing oversight of products across their lifecycle, and explains how the requirements introduced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) were given effect in the UK, as set out in the Financial Conduct Authority’s (FCA’s) Product Intervention and Product Governance sourcebook (PROD), together with the present status of those requirements following the UK’s departure from the EU. For details on the EU’s MiFID II product governance regime, see Practice Note: EU MiFID II product governance requirements.

UK implementation of MiFID II product governance requirements

In September 2016, the FCA issued its third consultation on MiFID II implementation, CP16/29, which set out proposals to transpose the MiFID II product governance rules and Articles 9 and 10 of Directive (EU) 2017/593 (the MiFID II Delegated Directive). In July 2017, the FCA published policy statement PS17/14: Markets in Financial Instruments Directive II Implementation – Policy Statement II, giving feedback on the responses to its product governance proposals in CP16/10 and bringing PROD into effect as part of MiFID II implementation.

UK’s withdrawal from the EU and divergence 11pm...

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Web page updated on 21/05/2026

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