Our recent research revealed more than a third of brokers don’t feel fully prepared to meet the requirements of IDD, and with only 8% of UK brokers saying they ‘know everything they need to know’, we take the opportunity to look at the impact of IDD on scheme creation and distribution.
Manufacturers and distributors of insurance products must now comply with additional IDD requirements that ensure the interests of the consumer are taken into account throughout the lifecycle of the product. This has particular relevance to brokers that operate schemes.
The IDD brought in a “beefed up” set of Product Oversight and Governance rules (POG). These are contained in their own FCA rule book “PROD” and in particular, Chapter four (PROD 4).
Download this broker guide to find out more.
• What is PROD 4?
• Practical steps brokers can take.
• Following processes.
• Eight areas to demonstrate knowledge.