Written by Ebony Ezekwesili
The PRA has published the joint Dear CEO letter that it sent along with the FCA to insurance firms regarding final preparations for the end of the Brexit transition period.
In the letter, the regulators underline the importance of firms continuing to build on their preparatory work to ensure that they (and, to the extent possible, their clients) are ready for a range of scenarios at the end of the Brexit transition period.
The letter sets out key areas requiring final preparations, including in relation to:
• Contingency planning and continuity of cross-border business in respect of EU liabilities.
• The Part VII "saving provision".
• EEA bank account closures.
• EEA passporting firms.
• Temporary permissions regime (TPR) firms' Part 4A application submission timeline.