The Managing General Agents’ Association (MGAA) has called on the Financial Conduct Authority (FCA) to hold fire with the commencement of the Insurance Distribution Directive (IDD).
The European Parliament’s Economic & Monetary Committee has asked the European Commission to delay introduction of the IDD until October 2018 – it is currently scheduled to be implemented in February.
Now, Peter Staddon, managing director of the MGAA, has joined those calls for a six-month delay on the directive that would determine how insurance is sold across the EU.
“Our members are clear that the UK should not instigate a different commencement date for the IDD to our European counterparts,” he said. “We need to avoid the creation of a two-tier system around such an important piece of legislation.
“We are therefore urging the FCA to delay commencement for the benefits of the industry and consumers alike.”
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