Partner Article

IDD will enhance professionalism, integrity and fair treatment of clients

October 1st marks the day when the Insurance Distribution Directive comes into force for UK and European business.

In summary, this seeks to reinforce and enhance the knowledge of brokers and those involved in insurance, as well as ensuring suitable checks and procedures are being conducted in relation to the customer, and also internally, so the customer receives the most appropriate service for their needs. Areas to focus on include:

• Knowledge enhancement through training • Customers Best Interest Rule • A range of topics designed to promote best practice in relation to the service provided to the customer.

An important step in the insurance industry, it is imperative that all companies are ready to implement the changes in policy, with Mike Brown, On Insurance National Insurance Sales Manager, highlighting the importance of these directives.

“The Insurance Distribution Directive will enhance professionalism, integrity and the fair treatment of clients within the insurance industry not only within the UK but throughout Europe. There will be a number of FCA initiatives in the next 12 months that will enforce this philosophy.”

This was posted in Bdaily's Members' News section by On Insurance .