Compliance Alert: Guidelines on Product Oversight and Governance Arrangements for Retail Banking Products

Summary: The EBA published a consultation paper on 10 November 2014 recommending good practice guidelines for both manufacturers and distributors of retail banking products. For manufacturers, the requirements cover internal control functions, target market identification, product testing, disclosure, product monitoring, remedial actions and the selection of distribution channels. The requirements for distributors cover their internal arrangements, identification and knowledge of the target market, and information requirements. Comments may be submitted until 10 February 2015.