The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024
Introduction
The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 (the “Regulations”) are a new set of regulations that will come into force on 1 April 2024. The Regulations will make a number of changes to the existing insurance distribution regime in the United Kingdom.
Key Changes
The key changes introduced by the Regulations include:
- Expansion of the definition of “insurance distribution activity”. The definition of “insurance distribution activity” will be expanded to include the provision of advice on insurance contracts. This means that anyone who provides advice on insurance contracts will be required to be authorized by the Financial Conduct Authority (FCA).
- Introduction of a new category of “limited permission” insurance intermediary. A new category of “limited permission” insurance intermediary will be introduced. Limited permission intermediaries will be able to provide advice on a limited range of insurance products.
- New requirements for insurance intermediaries. Insurance intermediaries will be required to meet new requirements, including requirements relating to training and competence, conflicts of interest, and complaints handling.
- New powers for the FCA. The FCA will be given new powers to supervise insurance intermediaries, including the power to conduct investigations and impose sanctions.
Purpose of the Changes
The purpose of the changes introduced by the Regulations is to improve the regulation of insurance distribution in the UK. The changes are intended to:
- Protect consumers from harm by ensuring that they receive appropriate advice on insurance products.
- Ensure that insurance intermediaries are competent and professional.
- Promote fair competition in the insurance market.
Impact of the Changes
The Regulations will have a significant impact on the insurance distribution industry in the UK. Insurance intermediaries will need to make changes to their businesses in order to comply with the new requirements. Consumers will benefit from the increased protection that the Regulations will provide.
Conclusion
The Regulations are a major piece of legislation that will have a significant impact on the insurance distribution industry in the UK. The changes introduced by the Regulations are designed to improve the regulation of insurance distribution and to protect consumers from harm.
The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024
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UK New Legislation a new article on 2024-11-27 14:51 titled “The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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