Update to SRA Handbook effective 1st October 2018
The twentieth version of the Handbook was published on 1 October 2018 (with no changes to the SRA’s Accounts Rules).
In summary the changes are in relation to:
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.
Changes have been made to the SRA Financial Services (Scope) Rules 2001 and the SRA Financial Services (Conduct of Business) Rules 2001 to reflect the IDD requirements. Updates for consequential changes to the SRA Handbook Glossary 2012 have also been made.
The SRA’s view is that these changes reflect the requirements of the IDD without putting unnecessary burdens on firms.
