Treasury delays transposition of IDD until the application date is confirmed

The European Parliament and European Council are considering the proposal to delay the application date of IDD until 1 October 2018.

The Treasury has updated its webpage to explain that it will delay making the Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 until the proposal to delay the application date is confirmed. This is expected to be after 23 February 2018, the date when the IDD was due to apply originally.

The Treasury explains that when the Order comes into force the FCA will be able to finalise its rules. The Treasury will provide a further update following the outcome of the European Parliament and European Council’s decision.