Thomond Brexit Update – February 2020
The United Kingdom left the EU on 31 January 2020 with a Withdrawal Agreement.
It has entered an implementation period which is due to operate until 31 December 2020.
During the implementation period, EU law will continue to apply in the UK and passporting between the UK and the EEA will continue.
Business placed with our Lloyds providers, is or will be placed with Lloyds Brussels; an insurance company set up in the EEA to ensure continuity of service and continued access to the market’s underwriting expertise and financial security.
Contingency plans are in place with our other UK providers for when the passporting regime ends.
What is passporting?
Financial services firms authorised in a European Economic Area (EEA) country can carry out activities in any other EEA country through a process known as passporting. Passporting allows entities authorised in one member state to deliver services in other member states without requiring authorisation from the local regulator or having a base in that state.
At the end of the implementation period the passporting regime will end.
To mitigate the effects of the loss of passporting, the UK government introduced a Temporary Permissions Regime that allows EEA firms currently passporting into the UK to continue to do so while they apply for permission from UK Regulators. To that end, Thomond are registered with the FCA to use the Termporary Permission Regime. Thomond are in the fortunate position of already having a base in Northern Ireland.