Within its latest quarterly consultation paper (CP20/23), the FCA is proposing changes to the minimum levels of indemnity for firms falling within the scope of the Insurance Distribution Directive (IDD).
Firms falling within the scope of the IDD are required to hold minimum levels of PII cover and these limits are reviewed periodically by the European Insurance and Occupational Pensions Authority (EIOPA) and revised by the EU Commission via regulatory technical standards. The latest review of these limits, as part of the 5-year review cycle, was concluded towards the end of 2019. The revised limits should have been applied from 12 June 2020, but the FCA delayed its consultation on these changes to avoid adding additional regulatory costs while firms were dealing with challenges arising from the Covid-19 pandemic.
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