The London Insurance and International Brokers Association (LIIBA) has urged its members to consider how they will continue to service European Union (EU) clients’ needs in the event of a no-deal Brexit.
EU-UK negotiations are in a precarious state of limbo following a widely-criticised exit strategy outlined in the government’s White Paper.
LIIBA notes in its mid-year report that the potential for a no-deal come March 2019 has not been higher.
“The concept of mutual market access looks to be dead in the water,” said LIIBA’s Chief Executive Christopher Croft. “So, at this advanced stage of the game, it would be foolish to ignore the very real possibility of no-deal for the UK. That’s why we’re encouraging our members to address this scenario now.”
LIIBA is a member of the London Market Group (LMG) Brexit Task Force and has lobbied for the government to push a mutual market access regime as part of the negotiations of the future free trade agreement with EU.
LIIBA says it is working on the implications of this policy for members and its clients and is monitoring political developments that may or may not result in the White Paper representing UK’s negotiating position.
“We have been liaising closely with the Belgian government and regulators to assist any member who might consider Brussels as a location for such subsidiary,” added Croft.
