23 June 2016Brexit: a message for our customers
While the recent referendum result and vote by the UK to leave the European Union may clearly have long term implications, it is far too soon to map specific ramifications for businesses or individuals. There will now follow a period of planning and consideration at a national and international level.
At Arthur J. Gallagher we want to reassure our customers that it is very much business as usual - the result brings no immediate changes to or implications for how your business or personal insurance operates. We will continue to follow events closely and provide information to our customers as the situation evolves over the coming weeks, months and years.
The process for exiting the EU will take many years and we do not expect to see any material changes immediately, or expect the way in which we do business, as a firm, or our industry at large, to change. Nor does the result alter our priority and commitment: to always put our clients’ interests first and foremost, help you plan for the future and bring you the most appropriate products and solutions, whatever your risk, wherever you are.
We will continue to do what we have always done best – help our clients to manage risk and support them in working through whatever changes they may face in the future, securing positive outcomes for them and their evolving needs.
The UK Financial Conduct Authority confirms it’s business as usual …
Our summary: all financial legislation currently in place remains in place. It will continue to do so should Article 50 of the Lisbon Treaty be triggered by Westminster and will apply as normal until due process under Article 50 is complete. The operating timescale for Article 50 is a maximum of two years unless extended by mutual consent.
On 24th June 2016, the FCA released the following statement:
“The FCA is in very close contact with the firms we supervise as well as the Treasury, the Bank of England and other UK authorities, and we are monitoring developments in the financial markets. Much financial regulation currently applicable in the UK derives from EU legislation. This regulation will remain applicable until any changes are made, which will be a matter for Government and Parliament.
“Firms must continue to abide by their obligations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect. Consumers’ rights and protections, including any derived from EU legislation, are unaffected by the result of the referendum and will remain unchanged unless and until the Government changes the applicable legislation.
“The longer-term impacts of the decision to leave the EU on the overall regulatory framework for the UK will depend, in part, on the relationship that the UK seeks with the EU in the future. We will work closely with the Government as it confirms the arrangements for the UK’s future relationship with the EU”.