There’s a good chance 2018 will be remembered by many for its giant raft of simultaneously arriving regulations.
The big three were GDPR, IDD and SM&CR. We’ve talked about all of these before, but here’s a quick re-cap!
The General Data Protection Regulation (GDPR) came into force on 25th May 2018. It represents one of the biggest changes ever to data protection rules. All businesses that hold and process personal information must now have proper processes and policies in place for handling this type of data. Find out more by attending one of our workshops, click here or check out our e-learning option.
The Insurance Distribution Directive (IDD) replaces the Insurance Mediation Directive (IMD). It aims to enhance consumer protection for people buying insurance and to support competition between insurance distributors.
The IDD covers the authorisation, passporting arrangements and regulatory requirements for insurance and reinsurance intermediaries. However, the application of the IDD is wider, covering organisational and conduct of business requirements for insurance and reinsurance undertakings, as well as introducing requirements in new areas, including product oversight and governance, and enhanced conduct rules for IBIPs.
Hopefully, if you’re a dual-regulated firm, you have already submitted your documents. You can check what paperwork your firm must submit by reading the FCA’s Guide to the SM&CR for Insurers.
By 10 December, you should have both identified your Certification Staff and trained your Certification Staff and Senior Managers in the relevant Conduct Rules.
If you are solely regulated by the FCA, the regulations started on 10 December 2019 – see policy guide.
Our recommendation is that the sooner you start your preparations the better. To help you build a complete picture of the requirements relating to the Certification Regime we are offering half-day workshops at various UK locations.