LMA welcomes announcement of IDD delay

The LMA has welcomed the announcement by the European Commission to propose a delay to implementation of the Insurance Distribution Directive (IDD) until 1 October 2018.

Steve Morrell, LMA Head of Regulatory Affairs, said “We welcome regulation which is beneficial to consumers.  However, considering the FCA is still consulting on final rules, the previous implementation date of 23 February was unworkable.

This delay should provide the industry with the time it needs to comply fully with the new requirements.”

The LMA is publishing guidance on IDD for Lloyd’s managing agents and coverholders, along with an endorsement to its model binding authority agreement to allow efficient allocation of responsibilities under the new product oversight and governance requirements.

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Notes to Editors

For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 0207 327 8405
E james.milne@lmalloyds.com

About the Lloyd’s Market Association (LMA)

Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £30billion per annum. 

For more information visit: www.lmalloyds.com.