The Bank of England and FCA have formed a memorandum of understanding with European Insurance and Occupational Pensions Authority (EIOPA) and EU insurance supervisors.
This agreement covers the supervisory cooperation and information exchange between the UK and EU supervisors in the event the UK leaves the EU/EEA without a withdrawal agreement and implementation date.
As part of the MoU, there will be a multilateral agreement with EU and EEA National Competent Authorities (NCAs) for the supervisory cooperation, enforcement and information exchange between UK and EU/EEA national supervisors.
The second part of the agreement is with EIOPA and covers the exchange of information and mutual assistance between UK authorities and EIOPA across regulation and supervision.
Andrew Bailey, Chief Executive of the Financial Conduct Authority, said, “I am pleased we have been able to agree these MoUs, which will allow for continued close cooperation in the event the UK leaves the EU without a withdrawal agreement. EU and UK insurance markets will remain interconnected in any scenario and therefore continued cooperation with our EU counterparts is of the upmost importance.”
Earlier in the week, the FCA released a study on cryptoassets such as Bitcoin and Ether and their potential harm to conusmers. It found that one of the biggest threats was consumers not actually understanding the crypto space or conducting the necessary research around them before investing.
