Speaking to International Adviser for the next IA Digital edition, Lombard International Assurance’s Simon Gorbutt argued: “Brexit will not, of itself, invalidate existing contracts.”
Questions have been asked in parliament on the issue and chancellor Phillip Hammond has conceded questions hang over the whole industry.
However, according to Gorbutt, existing investment-linked insurance contracts will remain in force and subject to existing (UK domestic) tax rules and advantages because they do not distinguish between contracts issued within or outside the single market.
“Additionally,” he said. “The UK’s approach to the regulation of financial services activities is largely territorial and its approach to non-UK firms is not rooted exclusively in EU norms, with the result that even in extreme circumstances, firms have options for the servicing of their UK client base that do not rely solely on single market freedoms.”
To read more, and to find out the full impact of the transition deal on advice, read the International Adviser European digital edition when it is published on 18th April.
