Emma RadmoreFCA has published its policy statement and final rules which will replace the IDD Delegated Regulations with rules and guidance in the FCA Handbook. The Regulations included:
- the standardised IPID format;
- product oversight and governance requirements; and
- requirements relating to IBIPs.
Respondents to FCA’s consultation on the changes largely agreed with how it was planning to replicate the provisions with appropriate update, so it has made only a few clarificatory changes from its consultation. The changes will affect mainly:
- SYSC 3, 9 and 10 – one respondent asked whether it was not confusing still to refer to the IDD in relevant Handbook notes but FCA will keep the references there as background information;
- COBS 2.3A, 9A, 10A and 16A to replace where the relevant Delegated Regulation is currently replicated with actual rules;
- ICOBS 6 Annex 3 in respect of the IPID; and
- PROD 1.4 and 4 in respect of the POG Regulation.
The changes take effect on 5 April 2024, in line with Treasury’s timetable for repealing the relevant retained EU laws.