EC’s IMD reform halted

McCreevy tells the UK it is “not the right time” for changes

The UK’s call for urgent reform of the Insurance Mediation Directive (IMD) has been turned down by the European Commission. The Financial Services Authority and HM Treasury teamed up last year to lobby for changes to the legislation, and in particular they wanted to see revisions to the scope of the directive and “a proper assessment of the costs the Directive imposes on firms, and an assessment of its impact on cross border business”.