Name: Product Approval Process Template
SKU: POL070
Price: 25.00 GBP
Availability: InStock

The Product Approval Process Template provides the approved stages to follow for compliance with the product and services and price and value consumer outcomes. For firms with obligations under The Consumer Duty it is a mandatory requirement to have a product approval process in place. This templates saves you time and money by providing customisable content that is pre-written and meets the PRIN 2A requirements and rules.

The process template comes with a user-friendly product approval form which can be completed for each retail product or service, It includes the mandatory assessment questions and criteria for approving retail products and ensuring good consumer outcomes. View other policy templates related to The Consumer Duty.

Benefit from simple document integration with our easy to use, customisable product approval process template. Build a compliant foundation for your Product Governance program without starting from scratch.

WHAT’S INCLUDED

Template Customisation Guidance
11-page Product Approval Process Template
9-page Approval Process Record Form Template

TEMPLATE CONTENTS

Introduction
Regulations
Product Governance & Approval Process
Product Oversight & Governance Team
Approval Process Stages
Product Idea & Conception
Target Market Identification
Target Market Vulnerabilities
Design and Product Development
Marketing and Distribution Strategy
Risk Identification and Assessment
Product Testing
Formal Approval
Fair Value Assessment
Outcome Monitoring Framework
Responsibilities

Key Details

Comply with the products & services outcome
Meet your responsibilties to retail customers
Fully customisable & easy to use
Instant download after payment
Developed by FCA experts
Market leading business documents
Affordable templates & toolkits
Used by over 8,500 organisations
Developed by experts with 20+ years experience

Product Governance Policy Template Overview

The Consumer Duty provides retail customers with a higher degree of transparency, protection and security for financial retail products. One of the main mandatory requirements of the Duty is to implement a product approval process for ensuring new and significantly changed products are fair, suitable and targeted.

This template provides firms with Consumer Duty obligations with a ready-to-use, fully customisable process for product approval. It has been designed to meet the consumer outcomes for products and services, as well as price and value. The process helps firms to identify and select the appropriate target market for their product, select distribution channels and record the associated risks and inherant vulnerabilities. The Product Approval Process template: –

Provides ready-to-use, customisable content which sets out the stages required under PRIN 2A.3 and 4.
Includes an approval template ready for completion with each retail product to evidence the approval process and assessment.
Helps you to define areas such as target market, distribution channels, marketing, risk profile and product nature.
Has been developed by a company who have been providing FCA compliant policies and procedures for over 10 years.
Saves you time and money by providing a professional, compliant process document that you can integrate into your existing program.

A Name You Can Trust

Market Leading Compliance The team at Know Your Compliance Limited have been developing regulatory policies and documents for nearly 20 years. With over 8500 organisations using our documents, we are market leaders when it comes to compliance templates.

Support and Guidance

Staff Support All templates come with guidance for using and customising the content. We know purchasing templates online can be daunting, which is why we are here to help whenever you need us.

Cost Effective Compliance

Cost Effective Compliance Our customers range from multi-national organisations and public bodies, through to sole traders. We keep our prices low so that our products are affordable for everyone. Quality you can trust at prices you can afford!

Why Choose Us?

Market leading business documents
Affordable templates & toolkits
Used by over 8,500 organisations
Developed by experts
20+ years experience & knowledge
Compliant, professional templates
Save time and money
Suitable for all business types

The customisable documents are available for instant download after payment and include:

Template Customisation Guidance
11-page Product Approval Process Template
9-page Approval Process Record Form Template

TEMPLATE Contents

Introduction
Regulations
Product Governance & Approval Process
Product Oversight & Governance Team
Approval Process Stages
Product Idea & Conception
Target Market Identification
Target Market Vulnerabilities

Design and Product Development
Marketing and Distribution Strategy
Risk Identification and Assessment
Product Testing
Formal Approval
Fair Value Assessment
Outcome Monitoring Framework
Responsibilities

FCA Compliant templates

We have updated several of our existing templates to comply with The Consumer Duty rules and obligations.

From SMCR and financial promotions, through to vulnerable customer awareness

View related Consumer Duty products

Frequently Asked Questions

Can The Documents be Customised?

All our templates and policies are fully customisable and we encourage you to edit the content to suit your industry and business type. Much of the content is ready to use, but an effective policy should accurately reflect what your business does. Therefore, you should customise the content to mirror your business processes and obligations.

What Format are the Documents in?

The templates are developed in Microsoft Office Word and are fully customisable and ready for corporate branding. They are compatible with most text editing software. Checklists and assessment templates are provided in an Excel format.

Are the Documents Suitable for my Business?

The content has been developed using the relevant standards, regulations and legislation. Therefore, our templates, manuals and toolkits are suitable for any industry and business type. We encourage you to customise the content to suit your sector and obligations and provide guidance where you are required to add your own content.

Are the Templates an 'Off the Shelf' Solution?

Every business is different and compliance documents need to reflect that. Whilst our templates and toolkits go a long way toward making you compliant, many of our documents do require some customisation to ensure that they are relevant and compliant. It is important that each document accurately demonstrates what your business does and how it does it.

The level of customisation required for each document will depend upon factors such as your size, scope and current compliance program. However, we are always on hand to answer any questions you may have and provide unlimited email support.

How Can I Access My Order?

All materials and templates are available to download immediately after purchase via the website. Once you have completed your payment online, you will be redirected to our order page where you can download your ordered document(s). We also send you an automated confirmation email which contains a copy of your download link. BACS orders are processed within 24hrs of payment being received.

Why Should I Buy From Know Your Compliance Limited

At Know Your Compliance Limited we are passionate about regulatory compliance! Our team has over 20 years experience and expertise in regulatory compliance and policy development. Serving a wide range of industries and business types, over 8000 organisations already use our templates and toolkits. We have delivered professional, compliant templates to hundreds of industries; including accountants, tax advisors, education and healthcare sectors, the NHS, Government departments, finance and credit, recruitment, charities, banks, estate agents and thousands of SME’s and sole traders.many more.

We offer a large library of templates for regulatory policies, procedures, checklists, toolkits, manuals and training packages. Utilising Microsoft Office for compatibility and easy customisation, we provide editing and usage guidance with all templates. When paying by credit/debit card, all documents are available to download instantly and come with the first annual update included in the price.

Do You Offer Refunds?

As our materials, packages and templates are downloaded digitally, they cannot be physically returned once purchased. For this reason we do not offer any refunds, however we do provide extensive information about each product on the relevant product page so that you know what you are getting before you buy. Please refer to our Terms and Conditions for further information.

If you have any questions about our templates, toolkits or training materials before or after purchase, please contact us at info@knowyourcompliance.com and we will be only too happy to assist you.

Can I Use the Templates With My Clients?

Documents are for use within the purchasing company only. However, we offer our Consultant Licence Scheme which enables individuals and businesses to utilise our policies and toolkits as part of their own service provision. More importantly, it means consultants, training providers and specialists don’t need to spent their time writing policy templates and reinventing the wheel!

If you are interested in using our templates as part of your service provision, please contact us at info@knowyourcompliance.com and we will be happy to assist you.