Impact of Brexit: Insurance distribution—quick guide
Impact of Brexit: Insurance distribution—quick guide

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Impact of Brexit: Insurance distribution—quick guide
  • Overview of onshored and preserved EU-derived law post-IP completion day
  • Relevant retained EU law and UK legislation—the Insurance Distribution Directive
  • Key changes introduced by the Insurance Distribution (Amendment) (EU Exit) Regulations 2019
  • Transfer of functions to HMT
  • Product oversight and governance
  • Conflicts of interest and conduct of business
  • The creation of a Temporary Permissions Regime (TPR)
  • Financial services contracts regime
  • Changes to FCA rules relating to insurance distribution
  • More...

This insurance distribution quick guide details current UK legislation and retained EU legislation in relation to insurance distribution requirements that were amended and/or revoked by the Insurance Distribution (Amendment) (EU Exit) Regulations 2019, SI 2019/663 (ID Exit Regulations 2019) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) rules and guidance.

Overview of onshored and preserved EU-derived law post-IP completion day

The ID Exit Regulations 2019 were made on 25 March 2019. The SI is part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 EU(W)A 2018 dealing with contingency preparations for a ‘no deal’ Brexit. This SI forms part of the process of domesticating EU law to ensure legal continuity at the point of the UK’s exit from the EU. EU(W)A 2018 ‘onshores’ and preserves most EU and EU-derived law as it stood immediately before the UK’s departure.

EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020, which made provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU.

The Withdrawal Agreement sets out the arrangements for UK withdrawal from the EU. It included a transition period (or, to use the UK government’s phraseology, the ‘implementation period’) beginning on 31 January

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