Head office involvement in financial product development

Head office involvement is very important in the development of new financial products, both in terms of the quantity and quality of this involvement. Long term strategies should be dealt with by head office, leaving shorter term tactical considerations to be dealt with at local level. It is also important that management strategies be proactive rather than reactive, especially if there is a danger of business being poached by other companies in the field, as happened, for example with the setting up of a credit card arm by Marks & Spencer.