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The United Kingdom

  • Matthew ChannonEmail author
Chapter

Abstract

This Chapter aims to offer an overview of the law relating to the distribution of the Insurance Based Investment Products in the UK. Both the Insurance Act 2015 and the Consumer Insurance (Disclosure and Representations) Act 2012 will be discussed in this context alongside EU Law. Moreover the Financial Conduct Authority Handbook will further be examined. Finally, the potential impact of the UK’s departure from the European Union with further be discussed.

Abbreviations

CIDRA

Consumer Insurance (Disclosure and Representations Act) 2012

ECA

European Communities Act 1972

EU

European Union

FCA

Financial Conduct Authority

FSMA

Financial Services and Markets Act 2000

IBIPS

Insurance Based Investment Products

KFI

Key Features Illustrations

KID

Key Information Document

SYSC

Senior Management Arrangements, Systems and Controls sourcebook

UK

United Kingdom

References

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  1. Merkin R (2016) Colinvaux and Merkin’s law of insurance (Sweet and Maxwell, 11th edn, [14-018]Google Scholar

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Consultations

  1. See Financial Conduct Authority, “Insurance Distribution Directive Consultation Paper 1” CP 17/7 https://www.fca.org.uk/publication/consultation/cp17-07.pdf [Accessed 12/07/2017]
  2. Financial Conduct Authority Consultation Paper “Changes to disclosure rules in the FCA Handbook to reflect the direct application of PRIIPs Regulation” (CP16/18, July 2016)Google Scholar
  3. UK Law Commission Insurance Contract Law webpage containing all of the consultation documents https://www.lawcom.gov.uk/project/insurance-contract-law/ [Accessed 09/10/2017]
  4. Financial Conduct Authority “Insurance Distribution Directive implementation – Feedback and near-final rules for CP17/23, CP17/32, CP17/33, CP17/39 and near-final rules for CP17/07”, January 2018, Policy Statement PS18/1Google Scholar
  5. FCA ‘Handbook Notice no 55’, May 2018, available here https://www.fca.org.uk/publication/handbook/handbook-notice-55.pdf [Accessed 02 June 2018]
  6. Financial Conduct Authority, ‘Priips Disclosure: Key Information Documents’ https://www.fca.org.uk/firms/priips-disclosure-key-information-documents [Accessed 1 Sept 2017]
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  8. Financial Conduct Authority, “Insurance Distribution Directive Implementation – Consultation Paper 2” (CP17/23, July 2017)Google Scholar
  9. Financial Conduct Authority, “Insurance Distribution Directive Implementation – Consultation Paper 3” (CP17/33, September 2017)Google Scholar

Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.University of ExeterDevonUK

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