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£82B At Risk For Insurers Under Cliff-Edge Brexit, FCA Warns

Law360, London (May 16, 2018, 1:31 PM BST) -- The Financial Conduct Authority’s chief executive warned insurers Wednesday that, unless the U.K. and European Union put safeguards in place for a cliff-edge Brexit, a “sudden and disorderly” end to passporting would put £82 billion ($110 billion) of insurance liabilities at risk.

It would not be a “small issue” for insurance companies across the European Union if the U.K. lost its passporting rights, the FCA chief says. (AP) In a speech at a British Insurance Brokers’ Association conference, Andrew Bailey said it would be no “small...
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