Update to proposed delay on the Insurance Distribution Directive (IDD)

On the 5th February both the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) released statements on the European Commission proposed delay to the application date of the IDD to 1 October 2018. The proposal is under consideration by the European Parliament and European Council.

The FCA states that Her Majesty’s Treasury has announced that the government will delay transposing the IDD into law until the outcome of this proposal has been confirmed.

The PRA has a released a consultation paper (CP4/18) which also proposes to delay the effective date of the IDD rules outlined in its policy statement PS31/17 until 1 October 2018.