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FCA: PS17/21: Insurance Distribution Directive Implementation

This Policy Statement (PS) sets out the near final rules and the FCA's response to the feedback received to Consultation Paper 17/7 (CP17/7), which was the first of three consultation papers on the Insurance Distribution Directive (IDD). It covers: the scope and application of the IDD, including the regimes for ancillary insurance intermediaries; professional, organisational and prudential requirements for insurance distributors; complaints and out-of-court redress and conduct of non-investment insurance and pure protection business. As a result of feedback, FCA has revised ICOBS guidance on the choice given to customers on how they receive information and included guidance on the means of providing information on renewal to customers who took out their policy before 23 February 2018. FCA notes that it is also considering whether further guidance is needed on the IDD rule which prohibits remuneration of a firm that conflicts with the duty to act in their customers' best interests. Final rules are likely to be published alongside the next PS (likely to be in January 2018).
 

See the Policy Statement.