Businesses should distinguish between a commercially available solution and a legal requirement.
The availability of a DPP platform does not mean that businesses are currently required to use it, nor does it necessarily mean that the solution will reflect the final requirements applicable to a particular product.
Before investing in a solution, businesses should discuss with stakeholders the implications of opting for the product and what is marketed. Below are some suggested signposts that businesses can use as a framework to ascertain whether the marketed product is beneficial to their business operations.
What legislation currently requires a DPP for the product?
What information is legally required?
Are the requirements already applicable?
Could the technology or data solution be adapted as the legislation develops?
By understanding the regulatory obligations and by applying the questions businesses will feel more well informed to make important decisions. This is especially important due to the nature of the investment often tied to a platform software agreement.
UKFT members can contact the Regulation & Compliance team with questions about DPP requirements. Email compliance@ukft.org for more details.
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