Select ONE product and explain the requirements of the regulations.

Classifying Financial Services by Product (Retail):

1. payments and deposits
2. retail and SME/midmarket lending and credit
3. retail investments
4. insurance
5. financial advisory.

Classifying Financial Services by Product (Wholesale):

1. wholesale credit
2. wholesale and specialist asset management
3. primary markets and origination
4. sales, trading, brokerage, and exchanges
5. settlement, custody, and ancillary services
6. advisory and research.