Update 22 February 2018: Following CP4/18 and updated PS31/17 ‘Responses to CP18/17 Occasional Consultation Paper – Chapters 7 and 8’.
Update 5 February 2018: After publication of the final rules in Policy Statement (PS) 31/17, the European Commission announced a proposal to postpone the application date of the Insurance Distribution Directive (IDD) from Friday 23 February 2018 to Monday 1 October 2018. The proposal will need to be agreed by the European Parliament and the Council in an accelerated legislative procedure. As a result the PRA is proposing to update the IDD-related rules made in PS31/17 to be effective from the updated application date of Monday 1 October 2018. Minor, non-IDD-related editorial changes will still be made on Friday 23 February.
Summary of proposals
In this CP, the PRA proposes to amend the effective dates of PRA rules related to the IDD following a proposal by the European Commission to postpone the application date of the IDD. The proposed changes do not represent a change in PRA policy, and the PRA does not consider that they will impact adversely on the firms to which they will apply.
Responses and next steps
This consultation closed on Monday 12 February 2018. The PRA invites feedback on the proposals set out in this consultation. While the PRA recognises that this is a relatively short period for consultation, Member States are still required to transpose IDD into national law by the original date of Friday 23 February 2018.
Please address any comments or enquiries to CP4_18@bankofengland.co.uk.