IUA urges Brexit transitional arrangements
The IUA has called for a clear transitional path between Brexit and a new trade agreement governing UK/EU economic relations.
Responding to a consultation exercise by the Treasury Select Committee, the association called for existing business arrangements to be kept in place until such time as any new deal comes into force. It also highlighted the importance of confirming a transitional arrangement as soon as possible, in order to minimise contingency planning. Many company strategies to cope with Brexit already envisage an 18 month preparation period and this could be extended if there are regulatory bottlenecks delaying the approval of new business models.
The IUA’s response was prepared by members of its Legal and Regulatory Committee which has established a Brexit working party. The association is also supporting market wide communications with government via the London Market Group.