Treasury and FSA have published their response to the Commission's review of the Insurance Mediation Directive (IMD). They stress the importance of focusing on desired outcomes and that any changes must take into account proportionality. The regulators also note it is critical to look at the IMD alongside other initiatives, particularly the MiFID Review and the Packaged Retail Investment Products (PRIPs) initiative. The response highlights areas where the UK regulators think it would be appropriate to have different requirements for direct sales and intermediaries (specifically on conflicts of interest and transparency). Generally, the UK Government favours a minimum harmonisation approach, to ensure national regulators have the flexibility to apply proportionate regulation to insurance intermediation. (Source: UK Authorities' response to the Commission Services' consultation on the Review of the Insurance Mediation Directive (IMD))