Watchdogs Tell Banks, Insurers To Prepare For Hard Brexit

Law360, London (April 3, 2019, 12:53 PM BST) -- The possibility that Britain will crash out of the European Union without a deal is a risk to the bloc’s banking, insurance and securities sectors, Europe’s top financial regulators have warned as they urged businesses to draw up contingency plans and test their resilience.

Uncertainty about the terms of Britain's departure from the EU could create volatility in financial services and insurance markets, the European Supervisory Authorities said on Tuesday. The bloc’s financial institutions and their counterparties should ensure they are prepared to fulfill existing contracts if the U.K. crashes out in a no-deal Brexit.

Banks and insurers should make regular...

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