IDD
Are
you
IDD Compliant?
The Insurance Distribution Directive (IDD) is legislation which imposes regulatory requirements designed to improve consumer protections when buying insurance products. It has been in force since 2018 and is implemented through rules published and supervised by the Financial Conduct Authority (FCA).
Why
is
IDD
important?
You must comply with IDD if you sell insurance, or arrange insurance on behalf of your clients. As a provider of legal indemnity insurance, CLSQ tasked two external legal compliance agencies to research the requirements of IDD. We wanted to ensure that we were fully compliant, and in turn our clients and resellers are also compliant.
What
if
I'm
not
compliant?
Failure to comply with the IDD can have serious and damaging consequences for your firm. Did you know that you could be criminally prosecuted and fined? The insurance policies that you arrange could be invalid, meaning that your professional indemnity insurance could be at risk of having to meet the cost of any claims. You could find yourself in trouble with the regulators and you could have restrictions placed on your practising certificate, or worse, your practice could be closed down. Not to mention the reputational damage caused.
How
do
I
ensure
I'm
IDD
compliant?
The research has revealed that the requirements of IDD are not about obtaining multiple quotes and cheapest price for the customer. If you sell or arrange insurance, you must consider a number of factors, such as having an IDO (Insurance Distribution Officer) who is fully aware of the responsibilities of the role, being registered in the Financial Services Register as an EPF (Exempt Professional Firm), ensuring you provide Demands & Needs Statements and IPIDs (Insurance Product Information Documents) and much more. The wide-ranging obligations under IDD will be covered in detail in our webinar.
Compliance
with
the
Insurance
Distribution
Directive
Wednesday 15th of March at 11am
Join us for an informative and interactive webinar presented by Tracey Calvert of Oakalls Consultancy. Tracey Calvert has an SRA/Compliance background and has produced a detailed research paper on IDD and the requirements of the SRA/CLC members. This is an opportunity to gain a thorough understanding of IDD and ask questions.
Join us for an informative and interactive webinar presented by Tracey Calvert of Oakalls Consultancy. Tracey Calvert has an SRA/Compliance background and has produced a detailed research paper on IDD and the requirements of the SRA/CLC members. This is an opportunity to gain a thorough understanding of IDD and ask questions.
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