General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
December 15, 2017

FCA published the policy statement PS17/27, which sets out response to the feedback received to the consultation paper CP17/23 on Insurance Distribution Directive (IDD). CP17/23 and PS17/27 cover the implementation of most IDD Level 1 matters; these include the remaining conduct requirements for life policies and information disclosure in relation to non-investment insurance contracts, which were not covered in the earlier consultation CP17/7. The implementation date for PS17/27 is February 23, 2018.

FCA had earlier published the near-final rules as part of PS17/21 in September 2017, covering the matters consulted on in CP17/7, from March 01, 2017 to June 05, 2017. This was partly due to some of the proposed rules relying on domestic legislation that has not yet been made, interdependencies on the terms within the FCA Handbook Glossary, and certain overlapping requirements between CP17/7 and the later consultations. FCA is now continuing that approach by publishing additional near-final rules in PS17/27, which also reflects that CP17/33 included additional discussion on some of the same matters as CP17/23. Publishing near-final rules now gives firms earlier sight of the final proposals, so they have more time to plan for IDD implementation and allows the authority to avoid making sequential changes to the same rules. FCA will look to finalize the rules as soon as the legislation is amended and does not expect to make any substantive changes to the near-final rules.

FCA had received 53 responses to the consultation, most of which supported the proposals or asked for further guidance. FCA proposes to implement the consultation proposals with only minor changes to the consulted rules. The minor changes reflect amendments that have been made to implement MiFID II and the Financial Advice Market Review (FAMR). FCA aims to publish the third policy statement in January 2018, with an implementation date of February 23, 2018. PS17/27 will interest insurance and reinsurance companies, intermediaries, other firms and customers in the insurance market, and bodies representing these groups.


Related Links


Effective Date: February 23, 2018

Keywords: Europe, UK, Insurance, IDD, PS17/27, CP17/23, FCA

Related Insights

OFR Adopts Data Collection Rule on Centrally Cleared Repo Transactions

OFR adopted a final rule to establish a data collection covering centrally cleared funding transactions in the U.S. repurchase agreement (repo) market.

February 20, 2019 WebPage Regulatory News

FHFA Finalizes Rule on Federal Home Loan Bank Capital Requirements

FHFA published, in Federal Register, the final rule to adopt, as its own, portions of the regulations of the Federal Housing Finance Board pertaining to the capital requirements for the Federal Home Loan Banks.

February 20, 2019 WebPage Regulatory News

SRB Publishes Framework for Performing Valuations in Resolution

The framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.

February 19, 2019 WebPage Regulatory News

US Agencies Extend Consultation Period for the Proposed SA-CCR

US Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.

February 18, 2019 WebPage Regulatory News

FED Extends Consultation Period for Stress Testing Rule

FED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.

February 15, 2019 WebPage Regulatory News

EBA Single Rulebook Q&A: Third Update for February 2019

EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.

February 15, 2019 WebPage Regulatory News

SEC Proposes Rule on Risk Mitigation Techniques for Uncleared SBS

SEC proposed a rule that would require the application of specific risk-mitigation techniques to portfolios of security-based swaps (SBS) that are not submitted for clearing.

February 15, 2019 WebPage Regulatory News

FSB Report Examines Financial Stability Implications of Fintech

FSB published a report that assesses fintech-related market developments and their potential implications for financial stability.

February 14, 2019 WebPage Regulatory News

US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECL

US Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.

February 14, 2019 WebPage Regulatory News

FASB Proposes Taxonomy Improvements for the Credit Losses Standard

FASB proposed the taxonomy improvements for the proposed Accounting Standards Updates on Targeted Transition Relief for Topic 326 (Financial Instruments—Credit Losses) and Topic 805 (on Business Combinations—Revenue from Contracts with Customers).

February 14, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2617