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ABI calls for ‘clear commitment’ to a transitional implementation period following Brexit

The UK government should “make a clear commitment that it will seek an early agreement with our European partners on a high level transitional implementation period” following Brexit, Huw Evans, Director General of the Association of British Insurers (ABI) has said today.

Speaking at Insurance Ireland’s INED Seminar 2016 in Dublin, Evans also warned that without this commitment UK insurers most affected by Brexit could be forced to take decisions to leave the UK before a final Brexit deal is clear.

Huw Evans said:

”Underpinning our five key asks on Brexit is a sustained focus on the need for an implementation period which stretches from the end of the UK's membership in 2019 to a period when the new relationship can be broadly established. Not only will this be a sensible way of delivering such a momentous change for both sides, if agreed early it provides the option for the firms most affected by Brexit not to take swift decisions in 2017 on scaling back UK operations.

“We call on the Government to make a clear commitment that it will seek an early agreement with our European partners on a high level transitional implementation period which will help avoid economic shocks to both the EU and UK. This is in both sides’ interest, would not be a sign of negotiating weakness and is essential if we are to maximise the smooth running of the financial system after 2019.  

“Without such a commitment there is little incentive for insurers considering relocation to take a longer term view on whether to press ahead with a decision.”

The five key asks agreed by the ABI Board and set out in September are:

  • Securing a regulatory environment that is appropriate for the UK market.
  • Retaining the ability to passport out of and into the UK.
  • Closely mirroring the EU data protection regime to avoid a quagmire of complexity around how personal and non-personal data is protected.
  • An improved future migration policy that enables the employment of high-skilled professionals from both within and outside the EU.
  • A strong focus on regulatory dialogue and international agreements in overseas financial services markets, especially in India and China.

A full copy of the speech is available here.
- Ends –

Notes for Editors

1.    Enquiries to:
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2.    The Association of British Insurers is the leading trade association for insurers and providers of long term savings. Our 250 members include most household names and specialist providers who contribute £12bn in taxes and manage investments of £1.6 trillion.

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4.    More news and information from the ABI is available on our web site, www.abi.org.uk

Last updated 22/12/2016