UK chancellor: ‘Alive to the risk’ of post-Brexit insurance ‘uncertainties’
UK Chancellor Philip Hammond has said the government was “alive to the risk” that the UK’s withdrawal from the European Union “could in some cases create legal uncertainties as to the status of existing cross-border insurance, pension and other financial services contracts sold under passporting arrangements”.
The chancellor’s comments were contained in a letter dated 20 September, which was in response to an earlier written query on the part of Treasury select committee chairperson Nicky Morgan, and which became public knowledge today in media reports.
As reported, Morgan had written to Hammond on 14 September to warn him that UK-based pensions and insurance companies “may be barred from making payments [to] or taking money from EU customers unless the Brexit negotiations address the issue of contracts”.
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