Compliance and regulation

You’ll also find below some information on some key areas, such as how MiFID II and the Insurance Distribution Directive will affect your clients.

Here you’ll find information relating to the requirements laid down by the Insurance Distribution Direction.

Standard Life, in line with the Insurance Distribution Directive, issue costs and charges letters to clients who hold Investment and International Bonds, with a policy anniversary between August and November, to cover the period of 21 July 2019 to 20 July 2020.

Following the introduction of the annual costs and charges disclosure requirements (MiFID II), the latest update to the Insurance Distribution Directive (IDD) has extended similar requirements to cover insured investment products, including life assurance bonds (but not pensions).

To meet the requirements of MiFID II,  disclosures are issued to customers in the Investment Bond and International Bond (both provided by Standard Life) from 27 August. The option of an ad-hoc summary is also available on request.

Standard Life provide yearly disclosures of charges as part of the annual statement. Consistent with MiFID II, the IDD requires the annual charges disclosure to include a breakdown into product and any advice costs, and for the figures to be shown as a monetary amount. Product charges include product, platform and investment level charges, while advice charges will include charges paid for advice.

These rules apply to all bond providers and we are sure they will be in contact with you in due course with further information.

For more information on the requirements of the Insurance Distribution Directive please visit the FCA’s web site.

For more information on our approach to MiFID II costs and charges disclosures please visit our support page.