What is the Know Your Product (KYP) mandate
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Know Your Product, also known as KYP, is a regulatory mandate requiring financial advisors and firms to possess comprehensive knowledge of the financial products they offer. This encompasses an understanding of the product’s features, benefits, risks, and suitability for different types of clients. KYP ensures that advisors recommend products that align with the client's financial goals and risk tolerance, thereby promoting transparency, trust, and regulatory compliance within the financial industry.
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