Regulation and Legislation

Canada Life Limited is authorised by the Prudential Regulation Authority (PRA) and is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (reference 110394). Canada Life must also take account of the requirements of Solvency II.

As well as the legislation regarding financial services, both Canada Life and our customers are subject to laws covering tax, employment, pensions, and data protection. We review our products regularly to ensure they remain compliant and continue to meet our customers’ needs.

Fair treatment of customers

The Financial Conduct Authority has set principles that companies must follow when providing financial services, which can be summarised as a need to consider the interests of customers and treat them fairly. This includes providing clear communications, no post-sales barriers and having proper complaints procedures.


At Canada Life we are committed to treating our customers and their employees fairly; we always aim to do what’s right and to place our customer at the heart of what we do.

Keeping up to date

Canada Life has in-house specialists who monitor any regulation and legislation changes closely. To support our understanding, we are active members of the following industry organisations:

The Government will put most legal and regulatory changes out to consultation before being implemented. Canada Life uses that time to feedback through these representative bodies where appropriate and prepare for the change.

Modern Slavery Statement

At Canada Life we recognise the importance of the Modern Slavery Act 2015 and its aims to combat modern slavery.  As a responsible business, we understand our duty to act ethically and with integrity.

Insurance Distribution Directive (IDD)

The Insurance Distribution Directive (IDD) forms part of EU legislation and is enforced by the Financial Conduct Authority. It sets out the regulatory requirements for companies that develop and sell insurance products. It replaces the Insurance Mediation Directive (IMD) and covers both insurance companies and advisers who sell insurance. Regulated firms must comply with the new measures from 1 October 2018.

IDD was introduced to ensure that customers can make better decisions based on knowing what they are buying, as well as who they are buying from. It requires advisers to “act honestly, fairly and professionally in accordance with their customers’ best interests”. It also sets out the information that consumers should be given before they buy an insurance product, as well as strengthening business conduct and transparency rules. IDD also requires firms to ensure an appropriate level of knowledge and ability among their employees by undertaking Continued Personal Development (CPD) on an annual basis.

Canada Life welcomes the changes that IDD is expected to bring in terms of fairer competition in the insurance market, improved transparency for our customers and enhanced knowledge for our own people.

Given that the IDD is all about “customers’ best interests”, it complements the values already embedded at Canada Life. Many of the IDD requirements are already met through our existing practices and procedures driven by our vision and values.

We believe IDD delivers wider business benefits, in particular enhancing our reputation with our customers as a well-managed, customer-focussed business that they can trust.

Further information can be found in our supporting documents:


We value and learn from all feedback whether it is positive or negative and we take all complaints seriously.  Our complaints handling process sets out how to send in a complaint about our products or service.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.