Tag Archives: IDD

Treasury publishes response to IDD consultation

In February 2017, the Treasury opened its consultation on the UK transposition of the IDD. The Treasury has now published the results of that consultation, and also the draft statutory instrument. The consultation response document indicates that the draft statutory instrument will be laid before Parliament ‘in due course’. It also notes that the proposal […]

EP creates IDD delay file

The EP’s legislative observatory has opened a file for the debate on delay of the implementation date for the IDD, but as at 9 January no date had been set for debate.

EC publishes proposal to delay IDD application date

The European Commission has today published a legislative proposal to push back the application date of IDD until 1 October 2018, at the request of the European Parliament and Member States. Member states will still be required to transpose IDD into national legislation by the current implementation date of 23 February 2018. The European Parliament […]

FCA publishes second IDD policy statement

As the implementation date for the Insurance Distribution Directive (IDD) approaches, the FCA has published the second of its three policy statements on the implementation of IDD, PS17/27.  This policy statement contains near-final amendments to the FCA’s rules to enable firms to be able to prepare based on the substance of what the final versions […]

EIOPA publishes editable IPID template

EIOPA and the European Commission have developed an editable version of the IPID template. Under the IDD, the IPID is required to be provided for non-life insurance products to enable the customer to make a more informed decision. FCA has proposed  for the IPID requirement to only apply to retail customers rather than commercial customers. The […]

EIOPA publishes Opinion on monetary incentives and remuneration between asset managers and insurers

EIOPA has published an Opinion, addressed to national competent authorities (NCAs), which focuses on consumer protection issues related to monetary incentives and remuneration between providers of asset management services and insurance undertakings. While not an issue in all member states, EIOPA has found that unmitigated conflicts of interest and the management of unit-linked policies by insurers […]

FCA publishes quarterly consultation

FCA’s latest quarterly consultation proposes minor changes to: DEPP due to a change in FCA’s governance structure LR, in the meaning of Premium Listing Principle 6 and, to DTR, on where diversity reporting may be located under corporate governance reporting requirements DISP relating to access to FOS for PEPs, and referrals to TPO the Glossary definition […]

Up next from FCA

FCA’s latest Policy Development Update promises the following publications before the end of 2017: Policy Statement on formalisation of the debt concession for smaller credit unions Policy Statement on market infrastructure providers’ fee rates Policy Statement on the second consultation on FAMR implementation Policy Statement on the second IDD implementation consultation (with a PS on […]

Up next from FCA

FCA’s latest Policy Development Update promises, before the end of the year: policy proposals for regulatory fees and levies policy statement on the second consultation on FAMR implementation policy statement on IDD consultation CP17/33 feedback on certain parts of occasional consultation and quarterly consultations  

European Parliament calls for delay of IDD application until 1 October 2018

The European Parliament has published decisions, which raise no objections to the IDD delegated acts on: product oversight and governance requirements for insurance undertakings and insurance distributors; and information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. The Parliament considers that the deadline for transposition of IDD should remain 23 February 2018, […]