Huw Evans, Director General of the Association of British Insurers, commented:
“It is vital for our industry’s customers that we have an orderly withdrawal process and transition period and any progress towards that is welcome. Regulatory co-operation is very important and must follow from any political agreement. We are pleased to see today’s commitment to assessing equivalence as soon as possible.
“The crucial longer-term test is whether our future relationship with the European Union avoids our world-leading insurance & long-term savings sector becoming a rule-taker. It remains far too early to judge whether we will be able to avoid that fate.”