A two hour Insurance Institute of London (IIL) briefing presented by Branko Bjelobaba FCII, Senior Consultant on FCA Compliance and CII Accredited Advanced General Insurance Trainer.

Now that the Wholesale Insurance Brokers Market Study has just been published and the IDD has been fully implemented, this event, for FCA regulated firms only, (of relevance to general insurance firms – insurers and brokers), will provide an overview of the report and the new ICOBS rules that required implementation as from 1 October 2018. The report covers issues around: conflicts of interest, information disclosed to clients and contractual agreements between insurers and brokers. The new ICOBS rules covered changes to: compulsory training, marketing materials, conduct of business, product oversight and governance, conflicts of interest, systems and controls, PII cover, client money and ancillary insurance intermediaries together with HMT/FCA changes to introducing activity (under RAO33B).

The Insurance Mediation Directive has been with us since 2005 and make no mistake, the UK has enacted the IDD to ensure we trade with the rest of the EU on a level playing field as from 1 October 2018 despite Brexit. In addition, the FCA have launched a market study on general insurance pricing practices setting out key findings and expectations along with a (rare) Dear CEO letter.

Have you made all the changes to be compliant with the law? Come and join fellow market professionals and find out!