We will be making changes to the relevant sections of the CLC Handbook to ensure all of CLC-regulated Practices will be compliant with the Insurance Distribution Directive (IDD) when it comes fully into force on 1 October 2018.
The CLC is a Designated Professional Body regulating CLC Practices as Exempt Professional Firms under Part XX Financial Services and Markets Act 2000 (FSMA). This enables us to regulate CLC practices in the provision of Insurance Intermediary Activities (renamed Insurance Distribution Activities under the IDD).
We will only regulate your practice acting in the capacity of an Ancillary Insurance Intermediary (as defined). This means that the specific requirements for individuals to undertake 15 hours CPD relating to the provision of Insurance Intermediary Activities do not apply, although ‘All staff providing Insurance Distribution Activities must possess appropriate knowledge and ability to perform their duties’ (para 45 CLC’s Acting as Insurance Intermediaries Code (AIIC)).
Your practice must be regulated by the FCA if it wishes to carry out those insurance intermediary activities not specifically permitted under AIIC.
You can see the changes in advance of them coming into force in the documents below: