CII responds to Theresa May's Brexit speech
Keith Richards, Managing Director of Engagement at the Chartered Insurance Institute, comments:
“The results of the latest Chartered Insurance Institute survey published this morning reveal that businesses and professionals in insurance are split down the middle regarding the nature of the UK’s future regulatory relationship with the EU. The Prime Minister’s clarification of some of the ‘hard facts’ of what this future economic partnership with the EU in relation to financial services will entail - that passporting will end as it is intrinsic to the Single Market that the UK is leaving, and that the City of London cannot simply become a ‘rule taker’ without having a say in how future regulations are shaped - is welcome. We’re also encouraged by the Prime Minister’s determination that financial services must be part of the trade agreement with the EU on terms broader ‘than ever before’.
“We will be listening carefully when the Chancellor sets out how financial services will be incorporated into the trade agreement with the EU in more detail next week.”
