A good starting point on IDD from Sian Fisher
My experience is that insurers are constructing IDD compliance engines which can generically comply with the regulations both now and as they evolve.
With the implementation of the Insurance Distribution Directive less than six months away, now is the time to put preparations in place, especially on training and competence. As with most regulation, the best way to tackle this challenge is to think about what you do already, and whether or not that lives up to regulatory expectations. A lot of focus has been on the new requirement on everyone involved in selling insurance to do a minimum of 15 hours training a year. However, the more important principle, enshrined in the legislation, is that staff should ‘possess appropriate knowledge and ability’ to perform their roles adequately.