Home FCA Handbook DISC DISC 8 DISC 8.2 Product governance
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DISC 8.2 Product governance

06/04/2026R
  1. (1) A manufacturer who is an unauthorised person must ensure, in relation to each consumer composite investment it manufactures:
    1. (a) there is a product approval process in place that ensures the consumer composite investment:
      1. (i) is designed to meet the identified needs, characteristics and objectives of the retail investors in its target market; and
      2. (ii) will provide fair value to the retail investors in its target market;
    2. (b) an appropriate assessment is carried out in respect of all relevant risks posed by the consumer composite investment to retail investors, including in particular consumers with characteristics of vulnerability; and
    3. (c) the distribution strategy for the consumer composite investment is appropriate, having regard to the consumer composite investment's target market and to the risks posed by the consumer composite investment to retail investors.
  2. (2) The requirement in (1)(a)(ii) does not apply if the consumer composite investment is an investment in a recognised scheme.
06/04/2026G

For the purposes of compliance with DISC 8.2.1R(1)(a)(ii), value has the meaning in PRIN 2A.4.1R.