Brexit pragmatism

A welcome breath of Brexit pragmatism, in the interests of business and its customers, from Andrew Bailey at the City Banquet, Mansion House, last Thursday. Particularly welcome is FCA's support of the statement by Lloyd's of London that in the event of a hard Brexit, with no transitional arrangements, it will still be business as usual for the payment of claims. This is helpful for the financial services industry generally, not just the insurance sector.

We have given our public support to the statement by Lloyd’s of London that in the event of the UK leaving the EU with no transition or implementation period, Lloyd’s underwriters will continue to honour their contractual commitments including the payment of valid claims.