Insurance conduct requirements

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This overview is a guide to the Financial Services content within the Insurance conduct requirements subtopic, with links to the appropriate materials. The subtopic focuses on the conduct requirements that are applicable to insurers and insurance intermediaries in the Conduct of Business sourcebook (COBS) and Insurance Conduct of Business sourcebook (ICOBS). It also covers the conduct of business requirements introduced by the Insurance Distribution Directive (Directive (EU) 2016/97) (IDD). Finally, it explains the restrictions on financial promotions and how to determine whether an insurance related communication is subject to the financial promotion regime.

Application of conduct requirements

On the transfer of the Financial Services Authority's functions to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in April 2013, the PRA became responsible for the authorisation and prudential regulation of firms that carry on PRA-regulated activities (such as insurers and banks). For more information about PRA-regulated activities, see Practice Note PRA-regulated activities and the scope of PRA regulation.

PRA-authorised firms are also regulated by the FCA for conduct purposes. By contrast, firms that do not carry out PRA-regulated activities (such as insurance intermediaries)

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