IDD amending directive – Council of the EU approves rules
The Council of the European Union has announced its agreement to postpone the application date of the Insurance Distribution Directive (IDD) for firms to 1 October 2018.
The delay will enable the insurance industry to prepare better for the IDD and for the changes necessary to comply with implementing rules. Member states will also have more time to transpose the IDD’s provisions.
The press release is available from: bit.ly/2EINbaB.
The CII’s IDD resource hub for members can also be viewed at: www.cii.co.uk/45833
In October 2017, the UK Financial Conduct Authority (FCA) revealed that it has been monitoring how firms have implemented the consumer renewal disclosure rules, which came into force in April 2017.
The FCA has issued the first of a series of consultation publications which form part of its mission.
Chief executive of the FCA, Andrew Bailey, delivered a speech at the Association of British Insurers’ annual conference...