Regulatory Timeline: Distribution including the Insurance Distribution Directive
Status: FCA review complete. Lloyd’s review ongoing.
Regulator: FCA
The Insurance Distibrution review in its initial form commened with an FCA discussion paper in March 2017. Final handbook rule changes were confirmed in May 2018. Since then, the Lloyd’s market has implemented its own review of practices to determine whether further regulatory work is required and the FCA have continued to look at the effectiveness of implementation of individual elements as part of its review of Conduct Risk, including Product Governance, Customer’s Best Interests and annual training requirements. There are links with the work on General Insurance Pricing Practices and Vulnerable Customers which firms should be conscious of.
This timeline provides key dates in the regulatory calendar and links to ICSR articles and webinars on the subject. If you would like to discuss any aspects of Distribution, please contact us.
Product value and coronavirus: guidance for insurance firms
With the passing of the 3rd December deadline, the FCA begin a sample review of actions taken by around 40 firms.
Product value and coronavirus: guidance for insurance firms
The FCA issue guidance setting out expectations for insurers and insurance intermediaries to consider the value of their products in light of the exceptional circumstances arising from coronavirus (Covid-19). Firms given to 3rd December 2020 to complete the work.
FCA Finalised Guidance
FG 19/5 The GI distribution chain: Guidance for insurance product manufacturers and distributors
ICSR Article: Insurance Distribution Directive Implementation And The Lloyd’s Market
Kenneth Underhill looks at the Lloyd’s report on the implementation of the Insurance Distribution Directive (IDD) in the Lloyd’s Market.
ICSR Article: Bridging The Gap: Distribution Chains and FCA Expectations
Kenneth Underhill looks a the impact of the IDD on current practice and how firms can meet their obligations.
ICSR Article: The FCA’s Latest Warning: Value, Pricing, the GI Distribution Chain and the Customers’ Best Interest Rule
Craig Umbleja looks at key findings from the FCA report, what the FCA’s expectations are and outlines the next steps that firms will need to take.
FCA Guidance Consultation
GC 19/2: The GI distribution chain: Proposed guidance for insurance product manufacturers and distributors
ICSR Article: IDD: Been There And Bought The Postcard?
Kenneth Underhill looks back at the implementation of IDD to understand whether businesses have properly implemented the new requirements.
ICSR Article: Insurance Distribution Directive Deep Dive 3: Customers’ Best Interests
Kenneth Underhill looks at the new Customer Best Interests Rule and what it may mean for insurance businesses whether they be intermediaries, including MGA’s, or insurers.
ICSR Article: Insurance Distribution Directive Deep Dive 2: Customers’ Information and IPIDs
Kenneth Underhill looks at the changes in provision of information to customers and the Insurance Product Information Document (IPID) and what this may mean for insurance businesses.
ICSR Article: Insurance Distribution Directive Deep Dive 1: Product Governance
Kenneth Underhill looks at at one of the most significant issues arising from the introduction of the IDD: product governance.
FCA Policy Statement Released
PS18/1: Insurance Distribution Directive implementation – Feedback and near-final rules for CP17/23, CP17/32, CP17/33, CP17/39 and near-final rules for CP17/07
FCA Policy Statement Released
PS17/27: Insurance Distribution Directive implementation – Feedback to CP17/23 and near-final rules
FCA Policy Statement Released
PS17/21: Insurance Distribution Directive implementation – Feedback to CP17/7 and near-final rules
FCA Consultation Paper 3 launched
CP17/33: Insurance Distribution Directive Implementation – Consultation Paper 3
FCA Consultation Paper 2 launched
CP17/23: Insurance Distribution Directive Implementation – Consultation Paper 2
FCA Consultation Paper 1 launched
CP17/7: Insurance Distribution Directive Implementation – Consultation Paper I
