FCA has published its third policy statement on IDD implementation, responding to feedback received on various consultations and providing near-final rules.
In relation to life insurance distribution business, it covers requirements relating to:
- Suitability and appropriateness; and
- Information and product disclosure.
In relation to all insurance distribution business, it covers requirements relating to:
- Conflicts of interest;
- Product oversight and governance;
- Perimeter Guidance;
- Regulatory processes; and
- Additional Handbook changes.
Regarding proposals for push-back of the implementation date, FCA intends to publish its final rules once the Treasury’s legislation is in force, and so expects affected firms to ensure compliance by that date, and not by any delayed date proposed.