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.

Back to Regulatory Timeline: Overview

March 2017

FCA Consultation Paper 1 launched

CP17/7: Insurance Distribution Directive Implementation – Consultation Paper I

Read Consultation Paper

July 2017

FCA Consultation Paper 2 launched

CP17/23: Insurance Distribution Directive Implementation – Consultation Paper 2

Read Consultation Paper

September 2017

FCA Consultation Paper 3 launched

CP17/33: Insurance Distribution Directive Implementation – Consultation Paper 3

Read Consultation Paper

September 2017

FCA Policy Statement Released

PS17/21: Insurance Distribution Directive implementation – Feedback to CP17/7 and near-final rules

Read Policy Statement

December 2017

FCA Policy Statement Released

PS17/27: Insurance Distribution Directive implementation – Feedback to CP17/23 and near-final rules 

Read Policy Statement

January 2018

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

Read Policy Statement

May 2018

FCA Handbook Changes

Handbook Notice No.55

Read Handbook Changes

15th August 2018

ICSR Article: Insurance Distribution Directive Deep Dive 1: Product Governance

ICSR Product Development Lifecycle

 

 

 

Kenneth Underhill looks at at one of the most significant issues arising from the introduction of the IDD: product governance.

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6th September 2018

ICSR Article: Insurance Distribution Directive Deep Dive 2: Customers’ Information and IPIDs

Consumer Protection - IDD and IPID

 

 

 

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.

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27th September 2018

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.

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25th February 2019

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.

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10th April 2019

Dear CEO letter

FCA expectations of general insurance (‘GI’) firms

Read Letter

10th April 2019

FCA Guidance Consultation

GC 19/2: The GI distribution chain: Proposed guidance for insurance product manufacturers and distributors

Read Guidance Consultation

29th April 2019

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.

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9th July 2019

ICSR Article: Bridging The Gap: Distribution Chains and FCA Expectations

City of London image

 

 

 

Kenneth Underhill looks a the impact of the IDD on current practice and how firms can meet their obligations.

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28th October 2019

ICSR Article: Insurance Distribution Directive Implementation And The Lloyd’s Market

Lloyd's Building

 

 

 

Kenneth Underhill looks at the Lloyd’s report on the implementation of the Insurance Distribution Directive (IDD) in the Lloyd’s Market. 

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19th November 2019

FCA Finalised Guidance

FG 19/5 The GI distribution chain: Guidance for insurance product manufacturers and distributors

Read Finalised Guidance

3rd June 2020

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.

Read FCA Guidance

3rd December 2020

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. 

Read FCA Guidance

Advisory | Resourcing | Training

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