passporting News

UK Insurers, Banks ‘Must Plan for Hard Brexit’ if Transition Deal Fails: Regulator

Britain’s banks and insurers must plan for a “hard” Brexit in case a transition period is not in place next March, a senior British regulator said on Thursday in a warning echoed by Brussels. “With eight months until we exit …

Financial Services Industry Slams Latest UK Proposal for Post-Brexit EU Trade Ties

Britain’s financial industry slammed U.K. Prime Minister Theresa May’s latest proposal for Brexit, with some calling it the worst outcome possible. In some of their most forthright comments since the referendum vote in 2016, industry executives said Thursday that her …

EU Dismisses UK Concerns About Post-Brexit Continuity of Insurance Contracts

The Bank of England’s warning that Brexit threatens trillions of pounds of financial contracts is falling on deaf ears in Brussels. Valdis Dombrovskis, the European Union’s head of financial-services policy, dismissed an alert issued by BOE Governor Mark Carney, who …

UK’s Top Brexit Officials Resign, Creating New Uncertainties for Business

Just as Prime Minister Theresa May softened her plan for leaving the European Union — a move that companies welcomed — the resignation of the U.K.’s top Brexit officials and foreign secretary creates new uncertainty for business. Carolyn Fairbairn, the …

Brexit Begins to Hit UK Financial Services as EU Counterparts See Big Gains: Study

Britain’s financial-services industry is suffering a drop in foreign investment while some of its European counterparts enjoy big gains, according to a new study that shows the starkest indication yet of Brexit’s impact on the sector. Investment from abroad in …

Luxembourg Runs Low on Large Offices for Insurers, Banks Seeking Post-Brexit HQs

Luxembourg is so tiny that map-makers have been known to give up and pretend it’s not there. So as the minuscule financial hub continues to draw London firms opening up a post-Brexit presence in the European Union, there’s a nagging …

International Underwriting Association Publishes Brexit Contract Continuity Clause

A Brexit clause has been published by the International Underwriting Association (IUA) to help companies manage insurance contracts as the UK leaves the European Union. The Brexit Contract Continuation Clause aims to clarify how firms will continue to pay claims …

EU Will Not Ease Post-Brexit Market Access for UK Insurers, Banks: Official

The European Union’s default market access for foreign financial firms will not be eased for Britain after Brexit and improvements to the equivalence regime will apply to all third countries, an EU official told Reuters. The official’s comments raise the …

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 …

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 …