Industry commentators believe that a future trade agreement on financial services and regulatory equivalence to remove barriers to cross-border insurance between London’s insurance market and European buyers is unlikely to be achieved anytime soon.
Commenting in an article in Commercial Risk, Director of Policy & Government Affairs, Alistair Kinley, said that despite being more than 1,000 pages in total, the Trade & Co-operation Agreement (TCA) has just five pages on financial services. A separate ‘declarations’ document indicates that the UK and EU will finalise a memorandum of understanding (MoU) on financial services by the end of March 2021, but that will only be a roadmap. “It’s going to take years to cover off the necessary detail,” according to Alistair.
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