FCA's Andrew Bailey warns passporting issue must be solved
Bailey says passporting rights are "critical" to maintaining insurance contracts after Brexit.
Andrew Bailey, chief executive officer of the Financial Conduct Authority (FCA), has urged the government to solve the problem of passporting rights post Brexit.
Speaking to Bloomberg, Bailey stated that passporting rights are “critical” to maintaining insurance contracts between the UK and the rest of the European Union.
He further highlighted that the problem is solvable, but “if it isn’t solved it is a big issue”.
“If the passporting both inwards and outwards of the UK falls away without
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