With just days left for UK negotiators to secure a trade deal with the EU before the transition period ends on 31 December, our industry has little choice but to work on the assumption that there will be no deal – or, at best, a very thin deal.
Most brokers have anticipated and been planning for life after passporting for quite some time now. Hopefully you’re among the majority who’ve put alternative arrangements in place to ensure you can continue safeguarding the interests of customers affected by Brexit. If not, there really is no time to spare – see our contact details below!
Looking a little further ahead, with several promising vaccines now just over the horizon, we can anticipate a gradual return to something more like normality. Consumers’ thoughts will turn again to foreign trips.
For that, they’ll be looking for travel insurance and cover for driving abroad. If you offer travel insurance, it’s important you’ve fully understood how Brexit impacts the covers you offer.
You’ll need to have consulted fully with with insurers to understand what additional guidance you may need to provide to customers. You’ll need to move fast on the Green Card arrangements, and you will need to be confident your staff are fully equipped to answer any questions your customers may have.
It’s also essential you’re ready to comply with the signposting requirements applicable to travel insurance customers with serious pre-existing medical conditions.
Those are just a few of the more obvious issues Brexit raises for UK brokers and intermediaries. What the longer-term effects of our departure from the EU will be for the UK financial services sector remains to be seen.
The uncertainty that’s dogged our industry over the past few years will not suddenly disperse at the year end. The biggest uncertainty of all is whether the UK will mirror EU regulations or attempt to harness the benefits of a less closely regulated environment? Only time will tell.
For now, the UK general insurance sector has little choice but to continue planning for a range of possible outcomes.
For further information or support, please call our compliance experts on 01925 765777, or email us at firstname.lastname@example.org.