Brexit countdown: UK regulators seal MoUs with EIOPA and EU insurance authorities

With about three weeks left before the UK says goodbye to the European Union, a bit of certainty has finally arrived in the form of Memoranda of Understanding (MoUs) between British regulators and EU authorities. In a joint announcement, the Bank of England (BoE) and the Financial Conduct Authority (FCA) said the latter and BoE’s Prudential Regulation Authority (PRA) have agreed MoUs covering supervisory cooperation and exchange of information in the event of a hard Brexit, or that without a withdrawal agreement and implementation period. A bilateral MoU with the European Insurance and Occupational Pensions Authority (EIOPA) on information exchange and mutual assistance in the field of insurance regulation and supervision has been agreed. Meanwhile a multilateral MoU with European Economic Area (EEA) national competent authorities relates to supervisory cooperation, enforcement, and information exchange.