Regulatory Alerts2023-09-04
Added · Updated
PS23/18: Smarter Regulatory Framework: The Insurance Distribution Directive
The FCA transfers retained EU law provisions from the Insurance Distribution Directive delegated regulations into the FCA Handbook, specifically amending the SYSC, COBS, ICOBS, and PROD sourcebooks. These changes replace repealed regulations with equivalent rules and guidance, utilizing minor drafting adjustments such as replacing 'shall' with 'must' and updating defined terms, without introducing new or removing existing regulatory requirements. The instrument is intended to come into force on 5 April 2024 to align with the Treasury’s repeal timetable.
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