Aviva Gets Court Approval to Move Assets to Ireland as Part of Wider Brexit Wave

Article 0 Comments England’s High Court on Tuesday gave Aviva, Britain’s second largest insurer, approval to transfer around 9 billion pounds ($11.69 billion) in assets to a new Irish company just before the starting gun is fired on Brexit. The move, timed for 2259 GMT on March 29, is part […]

EU Markets Regulator Seeks Rapid Response Powers for Post-Brexit Problems

Article 0 Comments The European Union’s markets regulator urged lawmakers on Wednesday to give it “rapid” response powers to deal with problems that may arise after Brexit. The European Parliament has proposed that the European Securities and Markets Authority (ESMA) should have powers to issue “no action letters” that tell […]

UK’s Financial Services Industry Still Unscathed from Brexit Uncertainty: Reuters

Article 0 Comments Britain’s financial services industry has emerged largely unscathed so far from the build-up to Brexit, with about 2,000 roles expected to have moved or been created overseas even as the risk of a disorderly exit grows, a new Reuters survey showed. Many bankers and politicians predicted Britain’s […]

AXA Real Estate Unit Confident About Its London Skyscraper, Despite Brexit Uncertainty

Article 0 Comments It was a tricky time for the commercial real estate business in London. Within days, Britons would be voting on whether to remain in the European Union or leave. The French insurance giant AXA SA was trying to figure out how the outcome would affect its investments […]

UK Financial Sector Wants Deeper EU Access After Brexit Than Non-EU Countries

Article 0 Comments Britain’s financial sector needs stability to secure its future, along with deeper access to the European Union market after Brexit than what non-EU countries normally get, a senior industry official said on Wednesday. Britain is due to leave the bloc on March 29 but has yet to […]

Brexit Update: City of London Prepares for Worst, Hopes for Best

Article 0 Comments Dismay, confusion, relief — and hope. The City of London had a range of reactions to the U.K. Parliament’s overwhelming rejection Tuesday night of Prime Minister Theresa May’s blueprint for quitting the European Union, and her sprint to cobble together a new one by Monday. As money […]

Uncertainty over Brexit Takes Toll on UK Financial Services Sector: Survey

Article 0 Comments Uncertainty over Brexit and the economy have led demand for Britain’s financial services to shrink for the first time in five years, with no immediate sign of an improvement, a survey by business group CBI and PwC showed. And profitability in the sector which raises most tax […]

Brexit to Cause Irreversible Damage to UK Financial Services, Say Industry Leaders

Article 0 Comments Life in London’s financial district will appear little changed when Britain leaves the European Union on March 29, defying predictions of an exodus of high-flyers to rival centers like Paris, Frankfurt and Dublin. But as chaos reigns in Westminster, the mood in the capital’s historic “Square Mile” […]

Post-Brexit Free Trade Would Still See U.K. Insurance Services Exports Fall 19%: Think Tank

Article 0 Comments U.K. financial-services exports to the European Union could be 59 percent lower after Brexit, even if Prime Minister Theresa May secures a free-trade agreement, according to the Centre for European Reform. “Any arrangement that sees the U.K. leave the single market will inevitably lead to new barriers […]

U.K.-EU Brexit ‘Working Group’ Tasked with Fate of Insurance Policies

Article 0 Comments The European Central Bank and the Bank of England have been drafted in to study the threats that Brexit poses to financial services. Just don’t expect this “technical working group” to save the day. Brexit’s potential to disrupt trillions of dollars of derivatives contracts and tens of […]