Brexit Reality Study 2021 – The FMCG and Fintech sectors have changed dramatically and the consequences are counted
DUBLIN, July 14, 2021 / PRNewswire / – The “Brexit achieved – The FMCG and Fintech sectors have changed dramatically, and the consequences are counted” report was added to ResearchAndMarkets.com offer.
The future relationship between the UK and the EU still seems unclear. British insurers have lost their passport rights, no longer having the freedom to provide cross-border services to a member state of the European Economic Area (EEA) and vice versa.
Even more, the trade and cooperation agreement between the UK and the EU has not confirmed equivalence for financial service providers. Obtaining this equivalence is essential to establish a framework for bilateral agreements between the UK and the EU and to facilitate cross-border contracts.
- The future relationship between the UK and the EU still seems unclear. British insurers have lost their passport rights, no longer having the freedom to provide cross-border services to any member state of the European Economic Area (EEA) and vice versa. Even more, the UK-EU Trade and Cooperation Agreement (ACT) has not confirmed equivalence for financial service providers.
- Obtaining this equivalence is essential to establish a framework for bilateral agreements between the UK and the EU and to facilitate cross-border contracts.
- The UK officially left the EU on January 31, 2020 after 47 years of membership in the bloc. Yet the impact of the UK’s divorce from the EU has been most apparent since the end of the transition period and the entry into force of new legislation from January 1, 2021. On that day, the UK officially became a third country of the EU. The UK and the EU struck a trade deal on Christmas Eve 2020, just days before the end of the transition period and amid fears of a sheer Brexit. This came years after the UK voted to leave the EU in 2016 and engaged in lengthy negotiations with the EU, creating political, economic and social uncertainty in the process.
- The biggest threat Brexit posed to insurers was the prospect of losing their passport rights, i.e. the freedom to provide cross-border services to any EEA member state, regardless of the country of domicile, and without needing a separate authorization to do so. Linked to this is the freedom to establish local branches anywhere in the EEA. The ATT has confirmed the loss of passport rights, while no decision has been taken on the equivalency arrangements despite the UK being governed by Solvency II.
- Find out how Brexit is changing the climate in FMCGs and Fintechs
- Understand what are the key issues that prevent certain exchanges
- Discover the advantages available
- See which industries are the winners and which are the losers
Reasons to buy
- Which industries are facing serious difficulties with Brexit?
- Which industries are benefiting from it?
- How is the regulatory landscape changing?
- In insurance and FMCGs, how is Brexit changing the business landscape?
Main topics covered:
- The winners and losers of the Brexit changes
- Brexit ‘winners’ outnumbered and better prepared
- Brexit ‘losers’ were smaller and depended on UK trade with the EU
- A key solution was to operate elsewhere
- Key Brexit Regulatory Trends
- GIT insurers must focus on increasing border hold-ups
- Farm insurance may change to balance the new environmental focus
- The auto insurance industry faces change
- Auto insurers will face green card issues
- Demand for travel insurance remains relatively strong
- The implications for FMCG companies are new strategic balances
- Main consumer trends since Brexit
For more information on this report, visit https://www.researchandmarkets.com/r/rqqmhg
Research and markets
Laura Wood, senior
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SOURCE Research and Markets