Brexit dominates the agenda for many businesses based in the City. I'm optimistic that the UK will find a positive trading arrangement with the EU and find a new lease of opportunity in the wider world. However, as one of your Councilmen I need to do all I can to assist us in getting a good deal as we leave the EU.
So I set out here some of the priorities I'm working on:
Support for Professional and Financial services - ensuring the needs of the insurance, finance and professions are considered to maximise their opportunities post Brexit.
Given Tower Ward's business concentration on Insurance I'm supporting the London Markets requests of:-
- The need for a guarantee that the London Insurance Market will be considered to have regulatory equivalence with the EU.
- A new trade deal with the EU, which gives both UK and EU insurers, reinsurers and brokers continued rights to undertake cross border activity.
- Early agreement on an implementation period to avoid a cliff edge on the day the UK leaves the EU.
There are serious concerns both for business and people in regards to the regulation of payments by insurers. There is still no clarity that an insured person making a claim and requirement payment to be made to them inside the EU can be honoured by a UK based insurer post Brexit.
It is also in sufficient for some parts of the insurance to have transitional provisions because they have obligations that might run many years under insurance contracts, and they need to know how they will be to service those agreements legitimately placed before Brexit once the UK leaves the UK. I'm pleased to be talking to the Association of British Insurers about how best to support the industry with these issues, and they set them out clearly here - https://www.abi.org.uk/news/news-articles/2017/08/terms-allowing-insurers-to-service-contracts-post-brexit-need-to-be-part-of-exit-negotiations/
Not all is negative, and I commend the work of the Association of British Insurers to highlight how 'Britain can thrive' see here fore more information - https://www.abi.org.uk/about-the-abi/helping-britain-thrive/
With my particular legal skills I'm working mainly on - Legal Services - Ensuring rights of appearance in EU courts for UK lawyers, and addressing the needs in intellectual property which are unique due to the pan European nature of trade marks designs and patents.
UK patent and trade mark attorneys need to be able to continue to practice on a fair basis against the rest of Europe. Unified Patent Court - working with the UK Government to clarify the UK's strategy for patents beyond 2019 and what the UK relationship with the pan-European Patent Court should be.
I'm also working with my City of London colleagues on these matters, and utilising our relationships with the City UK and the IRSG – a body jointly sponsored by TheCityUK and the City of London Corporation – it comprises senior practitioners from across the financial and related professional services industry and focuses on the promotion of regulation that encourages open and competitive markets across Europe.