Make the Best of Brexit: ABI Sets out Five Priorities
According to the Director General of The Association of British Insurers, Huw Evans, regulation in the UK’s interest is vital to the future of the insurance and long term savings industry as it seeks to make the best of Brexit. Evans also urged the government to secure transitional arrangements between Brexit and what replaces it to avoid a protracted political timescale impacting on business location decisions. Speaking on 30th September he is quoted as saying, “The ABI Board has set out five areas it considers important for the UK to focus its efforts on as it prepares its initial negotiating position. Whether it’s retaining passporting and preventing a data protection quagmire, or seeking a new improved immigration system and opening up trade deals in key markets like India and China, we are determined to get the best possible outcome for the industry.” The ABI Board’s list includes securing a regulatory environment that is appropriate for the UK market; retaining the ability to passport out of and into the UK; closely mirroring the EU data protection regime to avoid a quagmire of complexity around how personal and non-personal data is protected; and an improved future migration policy that enables the employment of high-skilled professionals from both within and outside the EU. Lastly it calls for a strong focus on regulatory dialogue and international agreements in overseas financial services markets, especially in India and China.