Brokers may find this information useful for your motor trade clients.

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The Financial Conduct Authority (FCA) has published its Annual Report on its Activities for the year 2018/19. In its report the FCA highlights key achievements including:

• Preparing for EU Withdrawal (including as an advisor to the Government);
• Making financial services more accountable (with the roll-out of SM&CR to insurers);
• Improving protection for users of high-cost credit; and
• Strengthening its presence in Scotland.

Alongside the Annual Report, the FCA has published its:

• Anti-Money Laundering Annual report 2018/19 (PDF) – covering its activities to make the UK’s financial sector a tough target by ensuring that the firms we regulate establish and maintain effective systems and controls for countering the risk of being exploited by criminals.
• Competition Annual report 2018/19 (PDF) – with sections on identifying potential harm, diagnosing the cause of harm, choosing remedies to address harms and measuring impact.
• Diversity Annual report 2018/19 (PDF) – which outlines the FCA’s work and research on all aspects of diversity.
• Enforcement annual performance report 2018/19 (PDF) – providing an overview of the FCA’s enforcement activities during 2018/19.

BIBA members may access the reports here.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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As part of its roll-out of the Senior Managers and Certification Regime, the Financial Conduct Authority (FCA) has made its Form O available, allowing Core and Limited Scope firms that wish to ‘opt up’ to the Enhanced Regime, to do so.

Section 12 of the FCA’s SM&CR Guide for solo-regulated firms states:

‘If firms choose to opt into the Enhanced regime (or from Limited Scope to the Core), they must be ready to comply with all the rules of the Core or Enhanced regime three months after the date Form O is submitted. More information on opting up is in SYSC 23 Annex 1.’

The FCA’s page for solo regulated firms, which includes a link to its SM&CR Guide for solo-regulated firms, may be accessed here:

https://www.fca.org.uk/firms/senior-managers-certification-regime/solo-regulated-firms

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk.

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On Wednesday 15^th May 2019 the second BIBA Hackathon kicked off. Eight teams of eight individuals from all across the insurance industry battled it out, completing challenges and finding solutions to real-world insurance problems.

The hack lasted for 6 hours, at the end of which each of the teams was required to present their idea to our panel of hack judges.  The panel had to quickly decide on their top three solutions, and those three teams, Red, Grey and went through to the final.

On Thursday 16 May the finalist hacksters presented again, this time to the #BIBA2019 audience who, using the BIBA Conference App voted for their favourite solution.

And the vote went to …. The Grey team for their FAQuality solution to supercharge interactions between brokers and insurers.

The Grey team get their award

Coming up with the winning idea

The Grey team, led by Laurence Hunter of Laka with Ben Rose, Shannon Fort, Sean McConnell, and David Treen all of Aon; Scott Mewse of Towergate; Jack Collison of Marmalade; and Caspar Mackensie of Konsileo began by deciphering what exactly the problems were with broker-insurer interactions. The team asked their question of conference attendees all of which were either brokers or insurers and concluded that the quality of submissions was the biggest issue.  They found that often insurers want different information to that submitted for a quote and results in the insurer asking for more information, ultimately delaying the whole process and wasting valuable time.

FAQuality was the result.  The team decided to create a real-time data library which would rank the most frequently asked questions from insurers, specific to a line of cover and industry of applicant, to help create better quality submissions and reduce additional questions from insurers.

On the planned FAQuality platform insures would log on and upload lists of question sets which would allow brokers to have visibility over what types of questions are applicable for different areas of cover. The questions would be ranked in real-time by how frequently they were asked, and insurers could have the option to provide contact details if they have expertise and appetite in one of the specific areas.

The idea was loved for the problem it seeks to solve and its simplicity.

The team firmly believes that with the work they have already put into building an app solution, with the right backer behind it, a fully functioning FAQuality could be available by the end of the year so watch this space.

Watch the winning presentation here

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Since the Foreign and Commonwealth Office (FCO)  issued advice against all but essential travel to Sri Lanka last week because of the increased risk of terrorist attacks,  BIBA has been able to clarify further the position around travel insurance.

People with an existing booking to travel to Sri Lanka with travel insurance in place

If you choose to cancel your plans you should, in the first instance, check the position with your holiday company, tour operator or airline to see what provisions they are making.

You can then contact your insurance broker or company as you may be able to claim for any financial loss as a result of cancellation.

If you make arrangements to travel elsewhere, some travel insurers, including DTW1991 which provides the cover that BIBA members can arrange, will simply transfer the cover to the new destination and dates (though some trips may result in an increase in premium depending on the destination ).  If no alternative trip is available, you may be able to seek a return of premium if you have not made any other claim on your policy.

If you have a trip booked further in the future and you have travel insurance it may not be necessary to cancel or change your trip or the insurance you have in place because FCO advice may change before you travel.

People who are currently in Sri Lanka with travel insurance in place

People currently in Sri Lanka need to find out from their travel operator or airline whether provision is being made to bring people home early.

If this is not the case or you are an independent traveller your travel insurance may cover you for financial loss arising from curtailing or shortening your trip and your broker or insurer will be able to give you more details.

If you choose to remain in Sri Lanka until the planned end of your trip you need to be contact your insurance broker to see what cover remains in force under your policy. Some insurers may only continue cover for a short period following the publication of FCO advice to allow you enough time to make arrangement to leave the island.

If your travel to Sri Lanka is ‘essential’*

Some specialist insurance providers (which can be accessed by BIBA member brokers) can continue to provide cover to people whose travel to the island is necessary. The www.highriskvoyager.com travel insurance policy covers both business and leisure for people who still plan to go to Sri Lanka so you can travel with insurance protection in place.

PJ Hayman & Co can cater for high-risk travel through www.pjhaymanworldwide.com – click on the link for High Risk Areas or use the contact form at http://www.pjhaymanworldwide.com/contact

Tangiers Insurance can make arrangements to cover you if you must travel to Sri Lanka you can call them on p: +44 (0) 1732 897 867 or email psimmonds@tangiersinsurance.com

*See FCO advice https://www.gov.uk/foreign-travel-advice/sri-lanka

If you are a BIBA Broker with clients insured via BIBA scheme providers  DTW1991 or AllClear

Both BIBA travel insurance scheme providers are able to consider claims for cancellation of a planned trip to Sri Lanka and where insured travellers on the island need to change their arrangements.

The BIBA Holiday Travel Insurance Scheme provider, DTW1991’s claims line can be contacted on: 01623 683 585 or claims@ias-health.com .

The BIBA Medical Travel Insurance provider, AllClear, can be contacted on 01708 33902

Useful contacts

Voyager
Tel: +44 (0) 1483 806 904
Mob: +44 (0) 7802 828 427
www.voyagerinsurance.com

P J Hayman & Co Ltd

Tel: 02392 419070

info@PJHayman.Com
www.pjhaymanworldwide.com/contact

Tangiers Insurance Services

p: +44 (0) 1732 897 867
f: +44 (0) 20 3608 1283
m: +44 (0) 7791 335 040
e: psimmonds@tangiersinsurance.com

All Clear

https://www.allcleartravel.co.uk/contact-us/

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The new scheme offers competitively priced intellectual property insurance to companies with products, brands and know-how to protect from competitor predators and infringers. Insurance cover can also help businesses defend themselves should they inadvertently infringe on others’ styles and copyright.

The policy offers specialist legal expenses cover for pursuit and defence costs, which protects from the often devastating effects of litigation. Above and beyond this, the policy is also designed to cover the financial losses incurred when changes to a business are needed after losing a case.

Backed by A-rated Lloyd’s security, OPUS is committed to developing IPI in the UK broker sector.  This scheme will allow brokers to attract new clients from what is predicted to be a fast-growing market as ‘tech’ and branding become ever more important assets.

The BIBA IPS 1000 scheme offers members the following benefits:

• Comprehensive and reliable cover – between £100,000 and £1million
• A quote and buy IPI portal offering instant quotes and documentation
• Access to ‘landscape’ analytics to carry out IP due diligence and licensing checks for clients
• Fast and efficient referral system for non-standard quotes
• Specialist lawyers/solicitors in the event of a claim
• Underwriting and broker support from OPUS specialist and dedicated team

Sam Bobo, Managing Director of OPUS Underwriting, said: “The latest Government study¹ shows that 70% of a typical company’s value lies in its intangible assets. With this package brokers now have a real opportunity to consider IPI as a future market and GWP generator. We are delighted to partner BIBA and offer its members the innovative BIBA IPS 1000 product.”

Mike Hallam, Head of Technical Services at BIBA, said: “IPI is a market for todays ‘IP-rich’ economy and has the potential for significant future growth. Our members are now increasingly familiar with abstract insurance products and we see access to BIBA IPS 1000 and the support team and expertise at OPUS, as essential for our members in this exciting and emerging market. We look forward to seeing the success of this new partnership in the months ahead.”

Ends

¹ 2017 publication by The UK IPO “Hidden Value”

Media contacts

BIBA

Pam Quinn, Head of Communications

+44 (0)20 7397 0220

Leighann Forsyth, Deputy Head of Communications

+44 (0)20 7767 2111

OPUS

Sam Bobo, Managing Director and Head of Underwriting

020 3923 2563

Murray Fairclough, Development Underwriter

020 39232704

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As a result of the recent attacks there, the FCO now advise against all but essential travel to Sri Lanka.  

This means that elements of your travel insurance may not apply if you now do choose to travel there, however electing not to make a planned trip because of the current situation on the island may be covered by an existing travel insurance policy.  You will need to speak to your insurance broker or provider about your particular circumstances.  If you have not yet set out on a planned trip, in most cases your tour operator and travel agent are likely to be the first point of contact if you prefer to cancel your trip or to change your destination.

The information from the FCO is available here which may be useful to help you familiarise yourself with the current situation.

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If you have any queries in this respect please contact our conference team on 0207 397 0248 or 0207 397 0221.

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Morgan Clark will bring a wealth of industry knowledge and expertise on claims management. They have a vast experience of commercial and residential insurance claims, offering free help, advice and guidance to those who have a suffered a fire, flood, burst pipe or other natural disaster.

Morgan Clark has worked with many of the industry’s most highly respected insurance brokers, alongside the major UK insurance companies and, as a result, are very well regarded in the industry. Morgan Clark work with the broker to reach the joint goal of ensuring their client receives the very best settlement under the terms of their insurance policy.

Working side by side with insurance brokers, the assessor will become an addition to their client service. They give brokers the opportunity to offer their clients a 360 degree approach, with both the knowledge to place insurance and a professional to manage and negotiate their client’s claims.

Phil Morgan, Chair of Morgan Clark, said: “We are delighted to have joined BIBA as an associate member. We have strong relationships with a number of brokers, assisting them with their clients’ insurance claims, so this brings a great opportunity to continue to build relationships, support brokers and keep up to date with the industry. We look forward to working with BIBA”.

Steve White BIBA CEO said: “We are delighted Morgan Clark have chosen to be associated with us. Working with their team will provide another expert prospective on issues that affect our members.”

ENDS

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Steve White BIBA Chief Executive said: “The fact that the FCA closed this assessment at an unprecedented early stage is a welcome step and validates our view that the wholesale insurance market is a highly competitive place. It is also welcome that the FCA intends to deal with any follow up matters on a business as usual supervisory-led basis.

“There are many positives in the report and our members will be pleased to see that the regulator recognises that the sector meets client demands successfully. We have regularly asserted that this sector provides customers with broad cover, competitive premiums quality paper and a full range of services that clients appreciate. The positive nature of this report reinforces this.”

Moving forward BIBA will work closely and constructively with the FCA and our members on any matters arising.

ENDS

Read the report here

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Graeme Trudgill, BIBA Executive Director said: “The changing nature of the risk terrorism over recent years highlighted the need for reform in regard to terrorism cover for business interruption insurance. This legislation is something  BIBA has  campaigned for with the support of our members, Pool Re itself and Members of Parliament including Neil Coyle MP whose constituency includes Borough Market which was badly affected by an attack in 2017.”

The changes contained in the Act will help businesses and increase resilience.

Trudgill concluded “The changing nature of terrorism is leaving businesses exposed. This new Act is good news for all businesses.  We also recognise the need to encourage more small businesses to buy any kind of  terrorism cover as fewer than 3% of SMEs take up any cover at all and we will in conjunction with Pool Re be delivering a guide to help businesses understand their risks and helping brokers to access insurance for their clients.”

Read more about the Act here.

Read BIBA’s Manifesto call here.

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The British Insurance Brokers’ Association (BIBA) has announced the speaker line-up for its 2019 Conference and Exhibition themed ‘Leading the Way’.

The conference which will take place at Manchester Central on 15 and 16 May 2019 is expected to attract around 8,000 attendees principally connected to the UK insurance sector.

This year’s host will be BBC broadcaster Huw Edwards, who will introduce an eclectic mix of speakers and panelists.

Baroness Manningham-Buller LG DCB, former head of MI5 will be the opening keynote. In what promises to be an enlightening session she will share her thoughts on leadership in these uncertain times from her own experience leading the Security Service amid the 9/11 attack on New York and the threat from Al-Qaeda. During her time as Director General, MI5 doubled in size, opened eight new offices and developed a training academy to aid professional development.

A panel of key insurer leaders take to the stage in the afternoon keynote session, debating what future issues and opportunities face the sector. Speaking out will be; Jon Dye, Allianz, CEO; Tulsi Naidu, Zurich, CEO; John Neal, CEO of Lloyd’s and Rob Townend, MD, Aviva UK General Insurance. Asking the questions will be BIBA Deputy Chair, Julie Page, CEO of Aon UK.

Mental wellbeing returns to the conference agenda on Thursday 16th with an amazing collection of household names who have had direct experience of living with mental health issues and who lead the way in developing openness on the subject: ‘Freddie’ Flintoff – one of England’s most successful cricketers, Professor Green – award winning rapper, singer, songwriter, actor and maker of five critically acclaimed documentaries on mental health issues is also patron of anti-suicide charity CALM and Katie Piper – Strictly star, survivor of a horrifying acid attack and head of the Katie Piper Foundation. These people that can really share insight on the things that might trigger issues with mental wellbeing.

The conference will be closed by recent Foreign Secretary, Boris Johnson MP. He will talk about what’s next for the Conservative Party and the country following the latest twists and turns around Brexit. Not a session to be missed!

Elsewhere at BIBA 2019, the BIBA Hackathon makes a repeat visit following its successful appearance last year. Once again teams face challenges to create tech-led solutions for brokers and excitingly this year, on Thursday, delegates will be able to attend the pitches put forward by the three shortlisted Hack teams and take part in voting for the winning solution.

As in previous years the keynote sessions will be backed up by a seminar programme giving a choice of three sessions on each day. Subjects include; Claims, Innovation, Regulation, Brexit and Access to insurance.

The annual BIBA event is widely viewed as the leading insurance intermediary conference and exhibition. Brokers can, for free, visit more than 200 exhibitors showcasing their latest products and services. All employees of BIBA member firms have free access to the exhibition, keynote and seminar sessions and, of course, the fringe programme.

The BIBA Conference & Exhibition is an unmissable, unique networking opportunity for all those involved in insurance. More information is available at biba2019.org.uk

Ends

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John Glen MP, the Economic Secretary to the Treasury said: “The UK’s Insurance industry is among the best in the world, and I’m committed to ensuring it maintains this reputation. Insurance brokers are a crucial part of this industry, helping consumers and businesses find the most appropriate policies for them, whilst making a significant contribution to our economy. BIBA’s Manifesto will ensure that this important area of insurance remains world-class.”

Changing landscape

The changing landscape seen by BIBA members and their customers means that BIBA’s agenda – its Manifesto – must be reinvented every year. Along with some enduring themes, new issues impacting the insurance broking sector also need addressing.  This year more than others, BIBA has identified a need to relevel the broker landscape.

Graeme Trudgill, BIBA Executive Director explained: “Members have made clear to us that we need to address the impact of external factors such as sweeping changes to market practices, changing regulation and legislation as well as Brexit that hinder innovation, provision of customer service and opportunities in the insurance broking sector.   Having said this, there are positive signs of progress to help those people with challenging insurance needs through developments in creating smarter signposting to appropriate insurance providers including brokers. We will be building on that during 2019.”

Regulation

On the subject of regulation, BIBA’s Chief Executive, Steve White commented: “These are the sorts of challenging times when the importance of insurance is at its highest.  Insurance brokers can help clients take up opportunities by the provision of suitable insurance, but they sometimes find their time divided between helping clients and managing their regulatory obligations. Since its inception in 2013 the FCA has issued 145 consultation and discussion papers, calls for evidence and thematic reviews which take insurance brokers’ focus away from helping individual and business customers and we ask for a period of stability allowing time to embed current requirements before introducing new ones.”

Innovation

With a focus on the potential opportunities for the insurance broking sector and the businesses they serve the 2019 Manifesto, Risks & Opportunities has a whole section on innovation and the opportunities that will come from InsurTech. BIBA is committing to help its members digitally upskill and will also in 2019 be creating a ‘dating-service’ to put members in contact with the technology providers that can help them maximise the opportunities arising from the digital revolution as well as the changing risks faced by their clients.

Graeme Trudgill added: “The Manifesto is built on feedback from members and they have been united in their view that risks are changing and the commitments we have made for 2019 reflect this. We will be providing new guidance on terrorism insurance in conjunction with Pool Re. We will also provide information that members can use to help clients understand their cyber-risk.” 

Change

Of course, in creating the 2019 Manifesto one topic could not be ignored; Brexit.  The matter of the UK leaving the EU continues to create immense uncertainty for insurance brokers and their customers and seven Calls to Action, ranging from trading solutions to motor insurance have been made.

Steve White continued: “While our sector, along with all of the UK, is facing a time of unprecedented change we are upbeat about the future. With risk comes opportunity it is a matter of mitigating the risk and grasping the opportunities.  I’m very proud that we have some very positive messages in our 2019 Manifesto; examples of brokers helping both businesses and individuals; the progress that is being made in our sector in respect of Diversity & Inclusion and mental health; and the engagement of younger brokers. For the first time our BIBA Young Ambassadors feature in the Manifesto committing to help us position insurance broking as the exciting, challenging and rewarding career that it is.”

BIBA’s Chair, Lord Hunt of Wirral, concluded: “BIBA has made 30 Manifesto calls to action and 26 commitments on the issues that are impacting general insurance brokers and their customers.  Acting on these calls and commitments will benefit insurance brokers, members and their customers.  Insurers, trade bodies, Ministers, public bodies, BIBA young ambassadors and brokers are all quoted in this year’s Manifesto and are offering support to help the UK realise the tremendous opportunities in front of us.”

Read the 2019 BIBA Manifesto here

-ENDS-

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The UK Government and the CoB have made representations to the European Commission (EC) that because the UK will remain as part of the CoB post EU-exit and have made a unilateral agreement with all CoB member countries; Green Cards should not be required. Unfortunately, other than acknowledging the representations, the EC has maintained the position that ‘nothing is agreed until everything is agreed’ and will not concede on this issue.

Accordingly it is important, as per our technical guidance 4th October 2018 ‘Green Cards post EU-Exit’ for you to both:

• engage with your motor insurer panel to understand their intended procedures for issuing Green Cards; and
• engage with your customers; particularly to understand as part of your customers’ ‘demands and needs’ if they will be traveling abroad in their vehicle; and alert them to the possibility that the may require a Green Card post 29 March 2019.

Some key points arising from our meeting with the CoB etc are summarised below

Requirement for a Green Card

• The requirement to have a Green Card is an issue for the insured not for the victim of a road accident. An innocent victim will be compensated irrespective of whether or not a card has been issued.
• If the UK becomes a ‘third country’ (i.e. no longer a European Economic Area [EEA]country) post EU exit, authorities in EEA countries are allowed to stop UK motorists at borders to check they have a Green Card.
• What border checks are undertaken is at each country’s discretion. The CoB are aware that the Netherlands are gearing up, employing 50 people at Rotterdam port for Green Card checks. The position in France is unclear.
• There are 300 plus crossing points on the Ireland/Northern Ireland border (in addition to private land straddling the border).
• In some EEA countries not having a Green Card is a criminal offence as it is proof of insurance. This is the case in Belgium.
• When UK becomes a third country motorists from EEA countries should have a Green Card when traveling into the UK.
• In Belgium, France and Czech Republic the Green Card is also the domestic proof of insurance, so is issued automatically by insurers. This is not necessarily the case in all EEA countries.

Issue of and format of Green Cards

• The MIB is ultimately responsible for issue of Green Cards within the UK, but delegates the actual issue to each insurer member. An insurer may permit a broker to issue a Green Card on its behalf.
• Each Green Card must have a unique, identifiable number.
• A policyholder has the right to request a Green Card from their insurer. If a request has been made, a Green Card must be issued for a minimum of 15 days, irrespective of whether this straddles the expiry date of the motor policy. It is down to national bureau (in the UK – the MIB) and the insurer to decide who would handle a claim for a Green Card issued beyond expiry date.
• An insurer is not obliged to issue an annual Green Card but may wish to do so to save on administration costs.
• Recovery of Green Cards post cancellation. Since a Green Card is a nationally recognized evidence of insurance an insurer must recover an unexpired Green Card on a policy cancelled mid-term, otherwise the insurer or the national bureau remain on risk.
• It is possible for a Green Card to be e-mailed by a broker to a policyholder, but instructions must be given that when printed, it MUST be on green paper or with a green background. If this is not possible the broker should issue a paper Green Card to the policyholder.
• The actual pantone of green is not important (and is not defined in CoB rules) – the only requirement is that it’s not a ‘glittery’ green.
• If an insurer does not want to cover certain countries (e.g. Russia) the country square on the Green Card must have single cross out, not greyed out or multi crosses – just one single cross from corner to corner of country square.
• Administration fee – a fee may be charged by a broker to issue a Green Card, but no premium may be charged for the actual cover provided.

Electronic Green Cards

The United Nations (UN) has oversight of the issue of Green Cards and the CoB has obtained agreement from the UN for electronic Green Cards to be issued. This was due to be discussed by CoB members at a December 2018 meeting.

The UN is still to officially confirm that an electronic Green Card held on a smartphone, or other electronic device, is delivery or proof of insurance.

Some EU national laws refer to possession of a Green Card document as proof of insurance, meaning reality implementation of an electronic solution for delivery is someway off (possibly January 2020).

Trailers

The question of how trailers are to be insured and how they are shown on a Green Card is unclear. The CoB recognises this and is consulting with their members.

The current UK position is that an attached trailer is insured under the towing vehicle’s motor policy whilst it is attached. In the UK, under the Road Traffic Act 1988, a detached trailer does not require EU Motor Insurance Directive compliant motor cover. In respect of a detached trailer in the EU, the MIB is responsible for handling claims (if UK owned or operated).

The UK Government has ratified the 1968 Vienna Convention and has passed the Haulage Permits and Trailer Registration Act (see http://www.legislation.gov.uk/ukpga/2018/19/contents/enacted ), so UK owned commercial trailers used outside UK will now need to show a separate registration plate.

It is currently unclear where the same insurer insures the towing vehicle and trailer on the same policy whether it is acceptable to show both the vehicle and trailer on one Green Card. Some EEA countries require a separate Green Card for a trailer. This issue is picked up in the CoB consultation on trailers.
The CoB hopes to have information available on trailers on their extranet by January 2019 and we will ask the MIB to share this guidance once it is available.

European Accident Statement

There is no CoB requirement to issue a European Accident Statement with a Green Card.

Spanish Bail Bonds

Bail bonds were never under CoB jurisdiction. Spain dispensed with the need for a bail bond in 2007 as they were no longer permissible under EU law.

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Daniel Wright – Active Underwriter, DTW1991 said:
“The BIBA endorsement is important to our business and key in developing our travel expertise. The renewal provided us the opportunity to review our offering in detail and to discuss feedback from our BIBA partners. Through this process we have enhanced our underwriting and claims response for the benefit of the customer.”

The DTW1991 Holiday Travel+ product offers broad cover to the holiday traveller, it has now been enhanced to include the following:

• “All Risks” Cancellation cover
• Missed Departure for any leg of the client’s journey
• Cover for pre-existing mental health medical conditions (subject to medical screening)

DTW1991 continues to offer BIBA brokers a direct relationship with its experienced underwriting team for referrals, advice and onsite training.
Business is transacted through the DTW1991 online platform to produce quotes, bind polices, process endorsements and manage renewals. The system can be embedded into a broker’s own website.

Steve White – Chief Executive BIBA said:
“The team at DTW1991 has worked closely with us to respond to the changing demands of holiday travel insurance customers and we welcome the new ‘All Risks’ cancellation cover. Our members find this flagship scheme easy to sell and their customers will find the cover to be extensive. They have the benefit of direct access to specialist underwriters so we’re delighted to have appointed DTW1991 as the BIBA Holiday Travel Scheme provider for a further three years and we look forward to working with them on this key member scheme.”

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Since the UK referendum BIBA has been considering all of the potentially serious implications of Brexit for our member brokers and their customers. We have been calling and hoping for mutual recognition, a smooth transition and clarity on many matters that affect our sector.  We welcome any progress that Government has made in the complex and delicate negotiations for our ordered withdrawal along with the important transition period and we continue to work on how the proposed withdrawal agreement meets the needs of our sector.

In Theresa May’s Lancaster House speech she called for “a bold and ambitious free trade agreement with the European Union which should allow for the freest possible trade in goods and services”. To deliver upon that commitment we urge the Government to continue to negotiate to achieve, as a minimum, something akin to the provisions in MIFID II or even further in order to achieve the broadest possible access.

It is important to understand that Brexit negotiations are not over.  The draft agreement deals with the withdrawal (i.e. the divorce) and does not set out the future relationship for financial services in any detail. The agreement is still in draft and there is no certainty it will be adopted by Parliament.

Our biggest concern is that as things stand at the moment the arrangements do not work for insurance brokers. It is vital that this gaping hole is resolved, therefore we are particularly interested in how the agreement in this area could aim to be as closely related as possible to our current market access going forwards.

Key points:
The draft agreement deals with the withdrawal (i.e. the divorce) and does not set out the future relationship for financial services in any detail.

• Article 127 envisages an implementation period until 31 December 2020, but this is subject to the deal being ratified by 29 March 2019.  EU law will continue to apply during the implementation period.  UK does have the right to extend the transition period.
• The agreement is still in draft.  There are still a number of significant hurdles (i.e. getting UK parliament) to get to a position of adopting the deal.
• It is important to note that equivalence points in the proposal are not relevant to brokers so it is unlikely to be helpful in continuing access for retail customers. This is because the IDD has no provision for equivalence.
• The Brexit documents mention “Provisions on market access and national treatment under host state rules,” which in our view is a clear confirmation that passporting rights are not envisaged for financial services firms.
• We understand the EHIC and motor green card issues will be negotiated as part of the future partnership, once we leave the EU.
• The declaration on future trading relations between the UK and EU contained three paragraphs of text relating to the financial services sector, which are detailed in full below:
• Commitments to preserving financial stability, market integrity, investor protection and fair competition, while respecting the Parties’ regulatory and decision-making autonomy, and their ability to take equivalence decisions in their own interest. This is without prejudice to the Parties’ ability to adopt or maintain any measure where necessary for prudential reasons.
• Commencement of equivalence assessments by both Parties as soon as possible after the United Kingdom’s withdrawal from the Union, endeavouring to conclude these assessments before the end of June 2020.
• Close and structured cooperation on regulatory and supervisory matters, grounded in the economic partnership and based on the principles of regulatory autonomy, transparency and stability, recognising this is in the Parties’ mutual interest.

The proposed withdrawal agreement and intentions on future trade with Europe avoid a “disorderly” Brexit in less than five months and allow for a period of negotiation. The negotiations are aimed at securing an agreement that at best replicate existing access arrangements  but risk being substantially more fragile, and at worst no deal is reached at all.

We welcome progress in the negotiations and look forward to a deal being finalised in the coming weeks that meets the needs of our members to ensure an orderly withdrawal. We look forward to working with the Government to resolve how our world-leading sector can continue to thrive after Brexit.

Ends

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