The FCA has confirmed its proposals in the event of a no-deal Brexit. The regulator has published near final rules and guidance which will apply in the event that the UK leaves the European Union without a deal in place on 29 March 2019.
They have published specific information for firms in different sectors in a no-deal scenario. Guidance for general insurance firms can be found here.
Executive Director of International at the FCA, Nausicca Delfas has stated that, “the FCA has been preparing for a range of scenarios, including the possibility that the UK leaves the EU in March 2019 without an implementation period. The documents published today are a significant milestone in this work: they ensure that there is a functioning regulatory regime from day one, and that firms are clear as to the requirements they need to meet by end March 2019 and beyond, so they can continue to meet the needs of their customers.”
Whilst at this stage, it remains unclear as to what exactly will happen regarding Brexit, we urge all insurance brokers to review the FCA guidance pages on a regular basis.