The financial crisis of 2007-2009 revealed multiple failures in the application of business ethics rules by entities in the financial sector, particularly regarding unacceptable sales practices (mis-selling). The result of extensive mis-selling was the harm caused to consumers of financial products and services, the entities themselves, financial stability, and the economy as a whole. In this context, the restriction of violations of business ethics rules, especially in the form of selling financial products to customers without duly considering their interests, became the focus of regulatory interest through preventive intervention at all stages of the construction and distribution of relevant products before their entry into the market, as well as repressive intervention, that is, after their introduction into the market.

This study attempts to highlight the frameworks governing the construction and distribution of investment, insurance, and retail banking products, mainly through the actions that the covered entities should or could adopt in order to achieve compliance by adjusting their internal governance and internal control system accordingly. The approach followed in the analysis of the above is determined by the belief that a properly designed and implemented product governance process is a fundamental prerequisite for a comprehensive framework for managing conduct risk and for the operation of a successful business strategy.