With EU leaders agreeing to the terms of the UK's exit plan, ABI Director General Huw Evans said:
“Today's agreement by EU leaders is another step forward. It remains 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.
“The crucial longer-term test is whether our future relationship with the European Union avoids our world-leading insurance and long-term savings sector becoming a rule-taker. It remains far too early to judge whether we will be able to avoid that fate.”