Tag Archives: IDD
FCA has created a new page on its website explaining the basic advice regime under MiFID 2 and the IDD. It explains it needed to update its guidance to firms to explain the impact of these pieces of legislation. In particular, it addresses how it needed to apply some MiFID 2 requirements (or “at least […]
Following the publication of the provisional Directive text postponing the date of application of IDD to 1 October 2018, the Council has now confirmed that the directive has been adopted, and applies with retroactive effect from 23 February 2018.
Further to the European Parliament’s vote on 1 March 2018, the Council of the EU has published the provisional text of the Directive amending IDD as regards the date of application of Member States’ transposition measures (the Directive). The Directive is intended to apply with retrospective effect from 23 February. The next steps will be […]
The Lloyd’s Market Association (LMA) has published guidance on the IDD for UK coverholders. The guidance covers some aspects of IDD, including: product oversight and governance; product information (including the IPID); identifying client needs and advising; and information requirements. While certain part of the guidance are specific to the Lloyd’s market, the LMA has discussed […]
PRA has published an update on responses to certain parts of its CP18/17 Occasional consultation. The update explains how PRA prepared to bring into force rulebook changes relating to the implementation of the Benchmark Regulation, MiFID 2 and the IDD, pending completion of relevant legislative changes.
EU ambassadors have confirmed, on behalf of the Council, that the transposition deadline for the IDD should be delayed until 1 July, and the application date to 1 October. The EP and Council, however, are not expected to adopt the necessary amending Directive until March, after the 23 February transposition date, so that the delay […]
The PRA has published a consultation paper on amending the effective date of its rules implementing the IDD, in response to proposals from the European Commission to push IDD implementation back from 23 February 2018 to 1 October 2018. Proposals to amend the effective date to align with the Commission proposal do not represent a […]
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 […]
EIOPA consults on adaptation of requirements for insurance intermediaries’ PII and financial capacity
The Insurance Distribution Directive sets out in Article 10 base amounts of PII and minimum financial cover required by insurance and reinsurance intermediaries. It also requires EIOPA to review the prescribed levels of cover by 31 December 2017 and every five years thereafter, in order to take account of changes in the European index of […]
The European Insurance and Occupational Pensions Authority (EIOPA) has published official translations of guidelines under the IDD relating to insurance-based investment products (IBIPs) which incorporate a structure that makes it difficult for the customer to understand the risks involved. In so doing, the guidelines seek to minimise risks of consumer detriment arising from mis-sold IBIPs. […]