EEA firms granted five years run-off for UK customer contracts

By Neasa MacErlean

Firms based in the European Economic Area that do not take active steps to continue regulated business activity in the United Kingdom after Brexit day will, in the case of a ‘no deal’ departure, have up to five years — or 15 for insurers — to run-off their existing contracts with UK customers. The maximum period could be extended, on a case-by-case basis, by HM Treasury in a joint assessment with the Financial Conduct Authority and Prudential Regulation Authority.