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ARTICLE · 20 NOVEMBER 2024

FCA's 'Co-Manufacturer' Classification And Its Impact On Financial Services

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The FCA has classified FNZ as a 'co-manufacturer' of financial products, heightening its accountability in product governance to ensure consumer protection. This designation sets a precedent, urging platform providers to rigorously evaluate their roles and compliance with FCA product governance standards.

United KingdomFinance and Banking
Andrew Wingfield
Andrew Wingfield
John Verwey
John Verwey
Rachel E. Lowe
Rachel E. Lowe
Amar Unadkat
Amar Unadkat
Sulaiman Malik
Sulaiman Malik
Michael Singh
Michael Singh
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In the evolving landscape of financial services, there have been reports that the Financial Conduct Authority (FCA) has recently classified FNZ, a prominent wealth management platform provider, as a 'co-manufacturer' of financial products. This designation carries significant regulatory implications, underscoring the critical role of product governance in ensuring consumer protection and market integrity.

Understanding the 'Co-Manufacturer' Designation

The FCA's Product Intervention and Product Governance Sourcebook (PROD) outlines the responsibilities of firms involved in the creation and distribution of financial products. According to PROD 4.2.13, when multiple firms collaborate in manufacturing an insurance product, they must have a written agreement specifying their collaboration to comply with the requirements for manufacturers, including procedures for identifying the target market and their respective roles in the product approval process.

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