All news by: Peter Allen

The Brexit white paper and its implications for the insurance market

What does this one say about the insurance market post-Brexit?
It says four main things:
  • the UK wants to be able to diverge from the EU in terms of financial services regulation;
  • passporting will no longer be possible and there will be no right of market access in either direction;
  • the UK will instead seek an enhanced equivalence regime that addresses some of the problems of the existing EU equivalence regimes and gives limited market access into the EU;
  • the starting position, at 1 January 2021, will be simply one of equivalence.
Let’s look at each of these in turn.