Release notes for SRA Handbook, Version 20

Index of release notes

1 October 2018

The twentieth version of the Handbook is published on 1 October 2018, and all the changes in this version come into effect on that date.

The changes are outlined in these notes: please refer to the Handbook itself for full details.

Insurance Distribution Directive – consequential changes

The Insurance Distribution Directive (IDD) imposes requirements for firms carrying on insurance distribution activities. Replacing the Insurance Mediation Directive, the IDD aims to strengthen protections for clients in relation to:

• professional and organisational requirements
• conduct of business requirements
• information requirements
• demands and needs of clients.

We have made changes to the SRA Financial Services (Scope) Rules 2001 and the SRA Financial Services (Conduct of Business) Rules 2001 to reflect the IDD requirements. We have also made consequential changes to the SRA Handbook Glossary 2012.

These changes reflect the requirements of the IDD without putting unnecessary burdens on firms. They do not make changes where existing duties already cover the requirements of the IDD.