Brexit will not create “regulatory nirvana”
Lloyd’s chief risk officer, Sean McGovern warns that leaving the EU could create “instability” and says an exit will not smooth regulation for insurance sector.
Lloyd's chief risk officer Sean McGovern said that a Brexit will not mean regulations are simplified for the insurance sector.
He commented: "Brexit does not offer a route to insurance regulatory nirvana. The UK regulatory system has been largely driven by domestic political and regulatory concerns since the financial crisis."
He also warned that, in the event of a Brexit, other countries may be less hungry to make deals with the UK. He explained: "We must recognise that, if the UK leaves the EU
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