This is our first Policy Statement setting out our near final rules for our implementation of the Insurance Distribution Directive (IDD).
This Policy Statement sets out our near final rules based on the feedback we received to CP17/7. It covers:
This Policy Statement will affect a large number of firms we authorise, as well as some firms who are exempt from authorisation. The types of firms affected will be:
Consumers have a clear interest in financial markets that operate fairly and transparently, which is the rationale for the proposals in this CP. Some of the subjects covered, including the conduct of business rules, will be of significant interest to consumers.
Firms need to continue with their preparations for the application of the IDD on 23 February 2018. Firms also need to respond to:
We intend to publish our next Policy Statement in December 2017. This will cover rules for product oversight and governance, conduct rules for insurance-based investment products and the new Insurance Product Information Document.