Management Clinic: Securing the stamp of approval
We have the opportunity to expand into Europe but, after all the bad publicity about passporting surrounding an Irish insurer recently, is it a good idea?
Let us be clear what we mean about passporting and how your situation might differ from that of a foreign insurer seeking to trade in the UK.
In essence, passporting allows you as an intermediary firm to offer financial advice to clients that are based in any of the states that make up the European Economic Area. In addition, a UK intermediary providing advice to a client located in another EEA state must satisfy the legal requirements of that state. In other words, your regulatory approval is
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