Insurance Distribution Directive
StuartBFM
Member
Sorry for the uninteresting title but my usual quick wit has been severely dulled by this legislation.
Can anyone point me in the direction of some useful resources on IDD? I've searched our compliance support's website and there is very little recent information and the 400+ page FCA policy statement from earlier in the year has left me staring out of the window... aren't trees amazing, what can you do when a family of foxes decide to take up residence and I really should get round to filling the garden bin before they come on Friday.
This legislation did come into effect on 1st October didn't it? I'm pretty sure it did, but I can remember maybe one email in the last two weeks from anyone about it and that was wishy washy drivel from a provider that told me nothing useful.
Comments
Our compliance support (Paradigm) have give lots of guidance on this, but assuming you already meet Mifid2 / ESMA requirements there does not seem to be a lot extra due to this other than treating bonds like you would Mifid2 plans. We had to make a few changes to our disclosure documents and staff training docs (making sure meet the CPD reqs etc), but as all advisers here are investment and protection, plus all staff came under Esma requirements there were no massive changes for us. Yep, this is more wishy washy info, but hopefully gives you something to look for..!
So when you say treat bonds (and presumably pensions) the same way you treat MIFID investments, are you currently doing annual post cost disclosure reporting on those products and if so where are you getting the data from?