GEN TP 4 1Transitional Provision on early compliance with the Insurance Distribution Directive applying across the Handbook

1

Not applicable

G

The purpose of this transitional provision is to enable a firm to elect to comply early with one or more provisions implementing the Insurance Distribution Directive (IDD).

From 25 May 2018 up to and including 30 September 2018

Not applicable

2

Rules that will be amended or deleted by the Insurance Distribution Directive Instrument 2018 (other than forms in Annex O (SUP) part 2)

R

If a firm elects to comply with:

(1) a rule made, or amended

by, the Insurance Distribution Directive Instrument 2018 other than a form in Annex O (SUP) part 2;

or

(2) a provision of the IDD IPID Regulation, the IDD POG Regulation or the IDD Regulation, then the firm:

(3) must comply with that made, amended or draft provision as if it was a rule currently in force; and

(4) need not comply with the rule in column (2) that it will replace (if any).

From 25 May 2018 up to and including 30 September 2018

Already in force

3

Not applicable

G

In considering which new provision (or set of provisions) is replacing a current rule (or set of current rules), a firm should have regard to whether the new provisions are similar in purpose and provide similar or greater consumer protection. If a firm elects to comply with some but not all new provisions that replace a current rule, that current rule will continue to apply to the firm.

From 25 May 2018 up to and including 30 September 2018

Not applicable

4

Not applicable

G

A firm should make and retain a record of:

(1) any election it makes for the purpose of this transitional provision; and

(2) the new and replaced provisions to which that election relates,

in accordance with the firm’s general record keeping obligations.

From 25 May 2018 up to and including 30 September 2018

Not applicable