Informa Insurance News 24
UK REGULATORS WARN OF BREXIT DISRUPTION AND VOLATILITY
UK regulators have warned insures to expect some “market volatility and disruption” from Brexit, particularly for EU-based
clients. In a joint letter to chief executives of insurance firms, the Financial Conduct Authority and the Bank of England
said insurers must prepare for a “range of scenarios” at the end of the transition period on December 31, 2020. “Financial
institutions are continuing to make preparations and engage with clients and customers to minimize any disruption, and it
is important that they continue to do so. Final steps by individual firms are required to ensure their preparedness for the
end of the transition period,” the regulators said. The letter sets out key areas requiring final preparations, including
contingency planning and continuity of cross-border business in respect of EU liabilities, Part VII transfers, data and EEA
passporting firms. Earlier this month the European Insurance and Occupational Pensions Authority (Eiopa) also set out its
expectations of the insurance sector ahead of the end of the transition period.