David Strachan calls for greater clarity
Deloitte Centre for Regulatory Strategy co-head David Strachan has expressed concern over the European Commission’s proposed revision of the Insurance Mediation Directive (IMD II).
Strachan said: “The Commission’s PRIPs and IMD II proposals are designed to level the playing field for the sale and disclosure of insurance and retail investment products and strengthen consumer protection.”
He added that the public should be made aware of the difference between direct insurance sales and intermediated sales, as both potentially fall under the scope of IMD II.
“Ensuring that consumers understand the context in which disclosures are made, and can make use of this information, will be important to avoid undermining the commission’s objective of a level playing field.”