Our product approval process
The Insurance Distribution Directive (IDD) requires insurers to have a product approval process in place and to maintain and review it on an ongoing basis.
What process do we have in place?
We have a well-established product governance process in place to oversee the design, approval and review of our products. Here’s a quick summary of what our product approval process looks like.
- New products and significant changes to existing products are subject to a formal product approval process.
- Our products are designed for clear target markets and to meet the needs of those customers, including identifying any customers the product isn’t suitable for.
- We test understanding of the product with the target market before we make the product available to customers
- Our product design considers the needs of vulnerable customers and supports our customer and adviser value statements, which aim to deliver the right outcomes for our customers.
- We regularly review our products to make sure they deliver fair value and continue to meet the needs of the target market.
You can find details of the target markets for each of our products here.
If you think a product’s failing to meet customers’ needs, you should speak to your usual Royal London contact.