Following publication by The Bank of England of an update on its regulatory approach to preparations for EU withdrawal, Jonathan de Beer, Senior Adviser to the Director General and EU Exit Co-ordinator at the Association of British Insurers, said:
“We are pleased to see the Bank of England take a pragmatic approach to regulation during the implementation period. This provides some much needed peace of mind for customers and firms currently using passporting rights in the UK. We’re also pleased to see the Bank raise the FSCS-protected liabilities threshold to £500m, bringing the insurance sector in line with the banking sector. We now hope for a common sense response from counterparts in the European Union."