On 21 November 2018, HM Treasury published a draft version of the Insurance Distribution (Amendment) (EU Exit) Regulations 2019, together with an explanatory information document.
The purpose of the Regulations is to correct deficiencies in retained EU law relating to the Insurance Distribution Directive ((EU) 2016/97) (IDD) that arise from the UK leaving the EU, to ensure that the UK’s standalone insurance distribution regime will work effectively. The IDD will not be retained EU law as it is a directive that has already been implemented in the UK by way of domestic law and FCA rules. The Regulations intend to fix deficiencies in the directly applicable EU delegated regulations that have been made under the IDD (that is, Commission Delegated Regulations 2017/2358 and 2017/2359).