European Institute of Management and Finance | Investor Protection Updates: Unit Linked Products and IDD
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Investor Protection Updates: Unit Linked Products and IDD

Investor Protection Updates: Unit Linked Products and IDD

 

The IDD (Insurance Distribution Directive) regulates the way investment products linked with insurance are designed and sold both by insurance intermediaries and directly by insurance undertakings in the EU as from the 1st of October 2018.

 

The IDD sets an extensive mechanism regarding product design/presentation and consumer support, and all persons involved in the insurance industry must now have sound knowledge and a clear understanding of this.

 

The main focus is provided within the IDD Framework on the distribution of unit linked products. Special rules apply regarding the cost of such products and the relevant information to be provided.

 

The seminar will clarify the requirements of the IDD both on the documents and the information required to be provided. The programme will focus on the fit and proper test when selling a product to an old and new customer, to the notion of distributing a product against the advice provided and to the requirements of filling or composing a questionnaire in order to apply the fit and proper test.

 

 

Training Objectives

 

By the end of the programme, participants will be able to:

 

  • Comprehend the requirements of the IDD regarding unit linked products
  • Learn how to implement the documentation’s and the “provision of information” requirement regarding unit linked products
  • Examine the applicability of the fit and proper test on different occasions
  • Become familiar with the different obligations when approaching a new client, or when extending the business relationship with an old customer regarding unit linked products

 

 

Training Outline

 

Introductions: The aim and scope of the IDD and its requirements regarding unit linked products

 

Information to be provided regarding unit linked products

  • Necessary documents
  • The rights of the customers

 

Conflicts of interest while distributing unit linked products

  • Case law
  • The IDD requirements
  • Rights and claims

 

Unit linked products

  • Priip’ s
  • Kids

 

The fit and proper test

 

Selling against the advice

 

Practical examples and methods of resolving them

 

 

Training Style

 

The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies and practical examples, by the presentation of the IDD framework. Participants will also benefit from customised feedback on the elaboration of the crucial aspects of the IDD requirement at the end of the programme and take away the knowledge gained to be transferred at their workplace.

 

The programme will focus mainly on the unit linked products and the special regime while distributing such that will help participants understand how to prevent customers’ complaints and cases of conflict of interest.

 

 

CPD Recognition

 

This programme may be approved for up to 5 CPD units in Insurance Services. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

 

Professionals requiring CPD units to meet the education requirements for an occupational licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Insurance Services, are advised to consider training subjects in categories that indicate CPD training in Insurance Services.

 

 

Who Should Attend

 

The programme is ideal for:

 

  • Insurance intermediaries
  • Bank employees
  • Lawyers
  • Insurance employees