Responding to the publication by the Bank of England of their approach to the authorisation and supervision of international banks, insurers and central counterparties, Hugh Savill, Director of Regulation at the Association of British Insurers (ABI), said:
“The pragmatic approach being taken by the British authorities marks a breakthrough in Brexit preparations for the UK’s financial sector. By taking unilateral action to pursue openness, important clarity has been provided for insurers - as we have long called for. There is also welcome reassurance for policyholders in the UK that cross-border contract commitments will be met after the end of March 2019.”