FCA statement on European Commission announcement on the Insurance Distribution Directive (IDD)

The European Commission has announced a proposal to push back the application date of the Insurance Distribution Directive (IDD) by seven months to 1 October 2018, following requests from the European Parliament and Member States for a postponement.

Member States (including the UK) will still be required to transpose the IDD into national law by the original date, 23 February 2018. However, under the current proposals, firms will not be required to comply with the IDD until 1 October 2018. The European Parliament and the Council will need to agree and confirm the new application date in an accelerated legislative procedure.