Free guide
IDD checklist for insurance brokers
The Insurance Distribution Directive rules sit in the FCA's ICOBS and SYSC sourcebooks. This checklist covers the day-to-day points for each client file. It is a summary, not legal advice.
Before you arrange cover
- Record the client's demands and needs.
- Explain whether you are giving a personal recommendation or not.
- Tell the client the nature of your remuneration (fee, commission or both).
- Disclose any close links or contractual ties with insurers.
Product information
- Give the Insurance Product Information Document (IPID) where it applies, usually for consumer and small business clients.
- Explain significant exclusions, limits and conditions.
If you recommend a product
- Explain why it meets the client's demands and needs.
- Keep a record of your reasons.
Ongoing
- Keep training and competence records up to date (at least 15 hours of CPD a year for relevant staff).
- Review products and target markets under product governance rules.
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