passporting News

UK, EU to Create Financial Services Cooperation Forum for Market Access Talks

Plans by Britain and the European Union to set up a new financial cooperation forum by the end of March have made some progress but this will not automatically lead to market access, senior officials said on Tuesday. Britain’s trade …

About 1,000 EU Finance Firms, Such as Insurers, Eye Post-Brexit Outposts in UK

Around 1,000 European Union finance firms are expected to open their first offices in the UK after losing their passporting rights because of Brexit. Roughly two-thirds of the 1,500 money managers, payment firms and insurers that have applied for regulatory …

UK, EU Likely to Miss Deadline for Accessing Financial Services After Brexit: Sources

Britain and the European Union are set to miss their end-June deadline for assessing future cross-border trade in financial services, leaving just six months before a potentially messy UK exit, financial industry and EU officials say. Britain left the EU …

Brexit Impact on UK Insurers Dictated by Trade Talks, Possible Economic Hit: AM Best

From an operational point of view, the United Kingdom’s departure from the European Union on Jan. 31, 2020 will have little immediate impact on AM Best-rated insurers in the UK or EU, according to the ratings agency in a new …

U.K. Financial Services Firms Must Prepare for Failure of Brexit Trade Deal: Regulator

Financial firms in Britain should be ready in case no trade agreement is struck with the European Union by December, a senior U.K. regulator said on Thursday. Britain leaves the EU next week, followed by a “business as usual” transition …

U.K. P&C Insurers Face Strong Competition, Claims Inflation: AM Best Report

Market conditions for U.K. non-life insurers were difficult in 2019 as they continued to face strong competition and claims inflation, according to a report published by AM Best. Companies have had to contend with changes in the discount rate — …

City of London’s Unity Begins Cracking over Brexit Trade Deal: Opinion

Boris Johnson’s triumphant U.K. election victory makes Brexit a near certainty next month. For the City of London, Britain’s split from its biggest trading partner is a huge leap into the unknown; one that will test its cohesion like never …

U.K. Aims to Ensure Post-Brexit Strength of Financial Services Sector: Minister

Britain will do whatever it can to ensure that its financial sector remains a major global player after Brexit, financial services minister John Glen said on Monday. “This government absolutely believes in the City,” Glen told a conference in London, …

Now Boarding for Brexit: What Businesses Need to Do

Whether you are a U.S. firm or a firm from some other country and want to do business in the United Kingdom, the Brexit referendum may have changed your mind. In this article, we discuss some of the issues currently …

U.K. Prime Minister Rolls the Dice on City of London’s Future: Opinion

Not long after Britain voted to leave the European Union, the City of London’s chiefs grudgingly began hammering out plans for the worst: that Britain might eventually abandon the EU’s single market. Now the future is suddenly looking even more …