Best in class free trade agreement including services

BIBA wants any deal on Brexit to be accompanied by a political declaration that calls for a best in class free trade agreement with the EU27. 

Such an agreement could guarantee frictionless trade in goods and financial services. Specifically, it could guarantee that existing ‘passporting’ rights enjoyed by UK brokers are preserved, enabling them to service clients with risks domiciled in the EU27 without establishing a physical presence and needing local authorisation. 

 

 

EEA market access for UK insurance brokers must be resolved. This is a matter of urgency as differing members of the EU27 have already issued varying run-off periods and restrictions as to how policies and claims can be handled after a transition period. These can be as little as six months. 

There are also concerns about being able to continue with an  insurance policy after a mid-term adjustment.

CALL FOR ACTION

For Government to agree a new frictionless trade agreement including financial services, replicating current ‘passporting’ rights to trade in the EU and implement it as soon as possible, ideally when the implementation period expires.

BIBA has more than 1,800 individually FCA regulated firms registered as members. 

With more than 600,000+ enquiries through our
Find Insurance services in the last year.