Thursday 5 May 2011

Insurance Mediation Directive responses - done deal?

Having read through the mercifully brief responses on IMD consultation today (and having plenty of experience in cross border selling under the directive), I noted the following;

  • UK and Ireland pitched in with around half the responses - guess we know where the beneficiaries are!
  • Standard arguments on distributor pay, policyholder hidden charges and coverage of the directive to include bancassurers and PRIPs all in
  • Amusing piece from (I guess) the IFA industry on lower commission possibly leading to lower quality of advice
  • Little drive on efficiency of process, though some support for a central permissions bureau, which from my experience would be an excellent idea.
Strangely, no cross references to Solvency II, despite both pieces of legislation being ostensibly for the benefit of EU insurance consumers

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