As European insurers move to London in their hundreds post-Brexit, perhaps there is some good news for the UK insurance industry.
Human2Human Consulting are helping European Insurers set up operations in the UK following Brexit as the industry seeks to readjust to the new landscape. e are working with insurance entities to help with all aspects of their proposed moves, including entering into the temporary permissions regime. The FCA previously stated that any European Economic Area passporting organisation wishing to continue their British operations will need to notify the regulator that they want to enter the TPR.
“After exit, firms who notified the FCA of their intention to use the TPR will be contacted and provided with a landing slot when they will need to submit their application for full UK authorisation,” noted the FCA. “Upon authorisation, we will generally expect firms to have a physical presence in the UK to help ensure effective supervision.”
From infrastructure needs to office space and staffing, the need for a local expert has never been greater. Whether you think that Brexit is a good or a bad thing, there will always be opportunities in any market or economic climate.
Chris Hunt ACII Chartered Insurer