BILA lunchtime lecture - Friday 16 th November 2012 Chairman: Michael Mendelowitz.

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Presentation transcript:

BILA lunchtime lecture - Friday 16 th November 2012 Chairman: Michael Mendelowitz

The European Commission’s proposal for a recast Insurance Mediation Directive Jonathan Foster

 Context  Factors driving review  Commission action  Remuneration  Legal form and structure  Content: Changes  Questions / discussion

 Implementation check outcome  2008 Financial crisis  G20 and consumer protection  Solvency II level 2

 Request for advice to CEIOPS, Q  Commission public consultation, Q4, 2010  Commission Public hearing, Q  Speech by Sharon Bowles, MEP, Chair, ECON  Speech By Michel Barnier, Commissioner for Internal Markets and Services (DG Markt)

er/mediation/index_en.htm#maincontentSec3

 Remuneration, transparency and conflicts of interest post 2008  Single market directive provisions

 Legislative basis  A recast directive (consolidation and amendment)  Post-Lisbon, post Lamfalussy  Delegation to the Commission  ESAs: binding technical standards and guidelines

LexUriServ.do?uri=COM:2012:0360:FIN:EN:PDF

 Not maximum harmonisation  Not Lamfalussy; but  Commission: delegated acts  Adequate knowledge and ability  Conflicts of interest  Customers’ best interests and suitability  EIOPA  Guidelines supervision of bundling  Guidelines sanctions  Binding Technical Standards on breaches reporting

Scope (Article 1) and Definitions (Article 2)

Definitions (Article 2)

Declaration procedure

Organisational measures: CPD, general good rules lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2000:0 43:0005:0027:EN:PDF

Conduct of business rules:  best interests;  fair clear and not misleading

General remuneration provision

Additional consumer protection for insurance investment products

Article Repeats requirement to act honestly, fairly and professionally in accordance with the best interests of its customers 5. If advice is given on an independent basis the intermediary cannot accept or receive fees, commissions or any monetary benefits paid or provided by any third party... in relation to the provision of the service to customers. Additional consumer protection for insurance investment products

The European Commission’s proposal for a recast Insurance Mediation Directive Jonathan Foster

BILA would like to give their thanks to Jonathan Foster for his talk today. Next lecture December 7th