SRA update for firms advising or providing insurance: what you need to know

The SRA handbook was updated on 1st October 2018 to reflect new financial service rules. The rules were implemented to ensure compliance with the Insurance distribution directive (IDD), a new European directive that replaced the Insurance mediation directive (IMD). The directive was introduced primarily to ensure that there is consistency to all distributors of insurance products. Its primary aim is to further strengthen protection for consumers, particularly in respect of the information provided to them concerning the transaction(s). These new rules will impact law firms who participate in the distribution of insurance. Consequently, new working processes are required to be implemented.

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