Brexit News

AIG Prepares for Brexit with Authorization of UK, Luxembourg Subsidiaries

American International Group Inc. announced the authorization of new insurance companies in the United Kingdom and Luxembourg in preparation for the UK’s exit from the European Union. The formation of the two new units provides clients certainty of uninterrupted UK …

Spanish Mayor Offers Gibraltar’s Insurers a Solution for Post-Brexit Access to EU

A small town mayor from southern Spain is offering Gibraltar-based insurers a way to retain access to the European Union single market after Britain leaves the bloc next year. Juan Franco of La Linea on the southern tip of the …

U.K. Insurance Exec Denies Misuse of His Firms’ Data to Influence Brexit Vote

A prominent campaigner to leave the European Union, Arron Banks, denied allegations on Tuesday by a former employee of political consultancy Cambridge Analytica that he had misused personal data for political purposes. Brittany Kaiser testified to a committee of British …

U.K. Businesses Against Uncertainty of Second Brexit Referendum

The plot to reverse Brexit is missing a key ally: U.K. business. Companies have been among the most outspoken critics of the split from the European Union, and many have much to lose from the divorce. But as a group …

London’s Status as Global Finance Center at Risk from Brexit, Warn Leading Bankers

Leading bankers warned on Thursday that Britain is yet to feel the real impact of Brexit which will undermine its status as a global finance center as companies prepare to shift jobs out of London to preserve access to Europe’s …

EU Regulators Urge Insurers, Banks to Take ‘Timely Action’ to Avoid Brexit Disruption

European Union regulators urged banks, investors and customers on Thursday to take “timely action” to avoid disruption to cross-border derivatives and insurance contracts caused by Brexit. Britain leaves the EU in March 2019 and a “standstill” transition deal until the …

UK Regulator FCA Calls for Coordination with EU to Assure Smooth Brexit

Britain’s financial watchdog called on Monday for immediate coordination with European Union counterparts to ensure that Brexit is as smooth and stable as possible for markets. The Financial Conduct Authority (FCA) has said financial firms should feel comfortable about relying …

UK Regulators Seek to Reassure Insurers, Banks About Brexit Transition Period

U.K. financial regulators sought to reassure banks and insurers that they can rely on a transition period to ease their adjustment to Brexit, putting pressure on the European Union to do the same. The statements on Wednesday from the Bank …

Brexit Effect: Fewer UK Financial Services Jobs Expected to Shift to EU, Says Reuters

The number of finance jobs to be shifted out of Britain or created overseas by March 2019 due to Brexit has dropped by half compared to six months ago to 5,000 roles, firms employing the bulk of UK-based workers in …

How Will London’s Position as Global Financial Center Be Affected by Brexit?

Is London’s position as the largest international center of finance slipping as a result of Brexit? London has been a critical artery for the flow of money around the world for centuries. The financial services sector accounts for about 12 …