FCA and BoE agree no-deal terms with EU insurance supervisors

The regulators have agreed Memoranda of Understanding (MoUs) with the European Insurance and Occupational Pensions Authority and EU insurance supervisors.

The agreements regard supervisory cooperation and information-sharing arrangements between the UK authorities and and EU/EEA insurance companies in the event the UK leaves without a withdrawal agreement and implementation period.

Last month, the FCA agreed MoUs with the European Securities and Markets Authority and EU regulators which covered exchange of information, supervisory cooperation and enforcement in the event of a no-deal Brexit.

Sam Woods, deputy governor and chief executive of the Prudential Regulation Authority, said: “We have agreed MOUs with EIOPA and EU member states which will ensure our continued cooperation in carrying out our supervisory responsibilities. We have enjoyed a strong working relationship with our European partners for many years and I am confident that this will continue.”

Andrew Bailey, chief executive of the FCA, commented: “I am pleased we have been able to agree these MoUs, which will allow for continued close cooperation in the event the UK leaves the EU without a withdrawal agreement. EU and UK insurance markets will remain interconnected in any scenario and therefore continued cooperation with our EU counterparts is of the upmost importance.”