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Implementation of IDD deferred until October 1st 2018

The European Commission is postponing the implementation of the Insurance Distribution Directive (IDD) to  October 1st 2018, after widespread calls for it to be delayed. EU member states, including the UK, must still transpose the IDD legislation into national law by the original date, that was previously set down as February 23rd 2018. Now the situation is that firms will not be required to comply with IDD until October 1st of this year.

This may accord some relief to advisory firms who were concerned about the implications to their future business of the IDD legislation, that will replace the current IMD (Insurance Mediation Directive) regime that was introduced into the EU in 2002. But this is a temporary respite and there is little likelihood of any further delays in its implementation in full. Financial services companies have had since 2016 to be prepared for IDD coming into force, so it is hard to see how further delays could be justified or expected.

 

 

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