Featured Product

    FCA Publishes PS17/27 on Feedback to CP17/23 on Implementation of IDD

    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

    Featured Experts
    Related Articles
    News

    BaFin Publishes Submission Deadlines Under Solvency II

    BaFin published quarterly and annual submission deadlines on the Solvency II reporting page on its website.

    February 25, 2020 WebPage Regulatory News
    News

    RBNZ to Address Cyber Risk Through Risk Management Guidance

    RBNZ announced that it is strengthening its efforts to enhance resilience of the financial system from cyber threats, including developing risk management guidance and promoting information-sharing in collaboration with industry and other public organizations.

    February 25, 2020 WebPage Regulatory News
    News

    FSI Convened Meeting on Climate Risk Assessment in Financial Sector

    The Financial Stability Institute (FSI) of BIS issued a summary of the meeting held in Basel from February 20-21, 2020.

    February 24, 2020 WebPage Regulatory News
    News

    BCBS Updates Basel III Monitoring Workbook in February 2020

    BCBS updated the workbook for Basel III monitoring to version 4.1.2, for the collection of December 2019 data.

    February 24, 2020 WebPage Regulatory News
    News

    Bank of Finland Updates Validation Checks for AnaCredit Reporting

    Bank of Finland published Version 1.8 of the validation checks for credit data collection under the AnaCredit Regulation.

    February 24, 2020 WebPage Regulatory News
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    PRA Removes References to LIBOR in SoP on Pillar 2 Capital and SS20/15

    PRA published a policy statement (PS3/20) that provides updates to certain supervisory statements (SS20/15, SS28/15, and SS35/15) and statements of policy (SoP).

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    BoE Updates Version 1.1.0 of Taxonomy for Form AS and Form FV

    BoE published the statistical notice 2020/01 that provides an update to Version 1.1.0 of the taxonomy for forms AS (MFI holdings of securities collection) and FV (Financial Vehicle Corporations return) and the associated validation rules.

    February 21, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4729