Brexit —the next steps?
The UK has on many occasions been a driver for change within the area of European insurance regulation, with Solvency II influenced by the UK individual capital adequacy regime and EIOPA adopting some of the FCA’s initiatives within its conduct framework, for example its proposed guidelines on product oversight and governance, its report on mobile phone insurance and its opinion on payment protection insurance. This anecdotally suggests that Brexit will not have a significant impact on the underlying legislation and supervisory approach, although the loss of passporting rights in particular would have a significant business impact.
© 2017 KPMG, an Irish partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.