Most UK Insurers, Banks, Financial Firms Will Lose EU Access with No-Deal Brexit

Article 0 Comments Most banking, insurance and other financial firms in Britain would be cut off from the European Union if there is a no-deal Brexit, the bloc’s executive body said on Wednesday. Financial services are Britain’s most important tax-earning sector, with the EU its biggest customer. The European Commission […]

UK Insurers, Brokers Applaud Government’s Decision Not to Hike Premium Tax

Article 0 Comments UK insurers and brokers have applauded the UK Treasury’s decision not to raise premium taxes, which currently has an annual price tag for each household of an average of £200 ($256.40), according to the Association of British Insurers (ABI). The ABI is pleased that the Chancellor of […]

UK Insurers, Businesses Urge Government Not to Raise Insurance Premium Tax – Again

Article 0 Comments The Association of British Insurers is urging the UK Treasury not to further penalize insurance customers by raising the insurance premium tax (IPT), which would cost each household an average of £200 ($262) annually . The UK has the sixth highest IPT in Europe since the standard […]

EU Action Needed to Ensure Post-Brexit Continuity of Cross-Border Insurance: UK

Article 0 Comments Britons living in the European Union could lose access to their UK bank account services and businesses on the continent could be cut off from investment banks in London if there is a no-deal Brexit, the British government said on Thursday. In a document detailing contingency planning […]

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

Article 0 Comments 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 plan for a looser partnership with the […]

UK Regulator Warns Insurers, Banks About Responsible Use of Customers’ Big Data

Article 0 Comments Britain’s banks and insurers must take the lead in spelling out how they will use data collected from customers or they could face new rules, Financial Conduct Authority Chair Charles Randell said on Wednesday. Financial firms have been using Big Data on customers, which can include social […]

Avoiding Post-Brexit Chaos in Insurance Market Is Top Concern of Bank of England

Article 0 Comments Avoiding chaos in the insurance market due to Britain’s European Union exit is a top Bank of England priority and making sure cross-border contracts continue to pay out after Brexit is a major concern, its deputy governor Sam Woods said. But a senior industry official said that […]

Bank of England Will Not ‘Go Soft’ on Enforcing EU Solvency II Capital Rules

Article 0 Comments The Bank of England will not “go soft” on enforcing European Union capital rules for insurers, although it will look at ways to make it easier for new entrants to boost competition in the industry, its deputy governor Sam Woods said on Tuesday. The BoE’s Prudential Regulation […]