Compliance officers are looking for these documents on our visits to your firms.
IFAC will ask for it.
New PII forms from Howdens brokers also ask for this document.
The document is a summary of an IFAs target market under Mifid2.
MiFID II lays down a number of product governance requirements (in Articles 16(3) and 24(2).
These state that product governance applies (regardless of any assessment of the appropriateness or suitability to be subsequently carried out by the IFA)
The target market requirements apply to firms who manufacture products and to the distributors of those products representing the different roles each plays in the product distribution lifecycle.
It is an essential requirement for the regulators, and PII underwriters also expect to see it for investment business.
MiFID ll requires Distribution firms to identify the target market at an early stage, before they proceed with day to day business.
It summarizes the range of products and services the IFA firm provides.
It is an obligation, and cannot be circumvented by a suitability assessment.
This document attached is a summary made for the average IFA doing investment business, and in our experience it is suitable for the majority of IFAs with some light changes to meet your own firm, with blanks for you to complete, and templates that would apply - again to the majority of IFAs.
available online from IFAC - Price £20Document Library
under "user guides"
(free to members, of course.)