Regulatory Alerts2018-01-16
Added · Updated
PS18/1: Insurance Distribution Directive implementation - Feedback and near-final rules
The Financial Conduct Authority publishes near-final rules to implement the Insurance Distribution Directive, incorporating feedback from Consultation Papers 17/33, 17/23, 17/32, and 17/39. The document establishes requirements for life insurance distribution, including inducements, suitability, appropriateness, and product disclosure, while applying conflicts of interest rules to general insurers and aligning product governance with MiFID II. A formal transition period is included to allow firms to adopt IDD requirements early if they provide similar or greater consumer protection. Final rules will be published once the Treasury's transposition legislation is in force, with effective dates subject to potential delays in the IDD application date.
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