20th September 2017

ABI pleased that Chair of Treasury Committee has written to the Chancellor over issue of cross-border pensions/insurance contracts after Brexit

Chair of the Treasury Committee, Nicky Morgan MP, has written to Chancellor Philip Hammond to raise the issue of how cross-border pensions and insurance contracts will be managed after Brexit.
This is in line with concerns previously raised by the Association of British Insurers(ABI) that unless negotiations over how to handle long-standing contracts are part of the first phase of Brexit negotiations, there may not be time to resolve them effectively.
Huw Evans, director general of the ABI,comments “We are pleased that Nicky Morgan, as chair of the TSC, has raised this important issue with the Chancellor. This is a shared challenge for the EU and UK and a vital issue for millions of our customers. We have been urging all sides to address it as a matter of urgency and agree on a reciprocal solution. Without a resolution, insurers will face a choice between breaking their promise to customers or risk breaking the law. It must not come to this.”

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