MGAA calls on FCA to defer commencement of IDD
20 October 2017 - The Managing General Agents’ Association (MGAA) and its members are calling on the Financial Conduct Authority (FCA) to defer the commencement of the Insurance Distribution Directive (IDD) in line with moves in Europe for a six-month delay. The MGAA is echoing calls made the European Parliament’s Economic & Monetary Committee (ECON) committee of the European Parliament which has called on the European Commission to delay the implementation of the IDD to 1 October 2018.
The new directive which is set to come into force in February 2018 will replace the current Insurance Mediation Directive and will determine how insurance is sold across the EU.
Peter Staddon, managing director of the MGAA, said: “Our members are clear that the UK should not instigate a different commencement date for the IDD to our European counterparts. 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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Notes to Editors:
The Managing General Agents' Association (MGAA) is a UK based not for profit organisation dedicated to representing true MGAs.
Formed in 2011, the MGAA also aims to provide a better understanding of what MGAs are and the contribution they make to the insurance industry.
The MGAA currently has 122 full members representing over £3.6bn of underwriting capacity. They are joined by 37 market practitioner members and 50 supplier members.
The board of elected directors leads the organisation. In addition, five separate committees deliver benefits for members with a clear aim of shaping the future of delegated underwriting.
More information can be found at www.mgaa.co.uk and on Twitter @UKMGAA.