There are some important changes around the corner for practices that operate a Tax Fee Protection Insurance scheme under a DPB licence.
In this respect the ICAEW have just issued DPB update 11, which can be viewed by clicking here –
The changes come into effect on the 1st Oct 2018 and have been prompted by the Insurance Distribution Directive, which aims to harmonise insurance regulation across Europe, creating a consistent regulatory framework.
We recommend that you read the full update. In particular firms operating a Tax Fee Protection Insurance scheme under a DPB licence need to consider the following, which will apply from the 1st Oct 2018:
The ICAEW have confirmed that these changes will not be impacted by Brexit.
Your BDM will be able to discuss these changes in more detail with you at your scheme renewal and there are alternatives to providing Tax Fee Protection under a DPB licence.
However if you wish to discuss in the meantime please contact your BDM or call us on 0116 274 9123
0116 274 9123