EU warns insurers to get used to limited access

Written by Adam Cadle

08/12/2020

Britain will never again have the same access to the European Union as it did when the country was a member of the bloc, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness has said.

Brexit makes it “even more urgent” for the EU to develop its own capital market to cut reliance on the City of London, McGuinness told an event held by French asset management industry body AFG.

Many banks, asset managers and insurers in London have opened hubs in the bloc to avoid disruption to clients from limited direct access from the UK.

“A third country will never have the same rights and benefits as an EU member,” McGuinness said.

“We also need to regulate, supervise and manage our own risks and our own financial stability, and this is not possible if there is reliance on a third country.

“Complementarity with the City of London? Absolutely. Reliance? No.”

Related Articles