Insurance Regulatory eBulletin - Brexit

Leaving the EU without a deal

The UK Government has consistently stated that a scenario in which the UK leaves the EU without agreement (a ‘no deal’ scenario) remains unlikely given the mutual interests of the UK and the EU in securing a negotiated outcome. However, on 23 August it published a series of technical notices setting out information allowing UK businesses and citizens to understand what they would need to do in a ‘no deal’ scenario.

The first batch of technical notices included “Banking, insurance and other financial services if there’s no Brexit deal”. The purpose of the notice is to provide stakeholders (including personal and business customers of financial services firms and funds, and financial services firms, funds and financial market infrastructure) with information about the impact of the UK leaving the EU without a deal, and the government’s approach to ensuring that there is a functioning financial services regulatory framework in any scenario.