Will insurance brokers need to restructure their operations once the UK leaves the European Union?
Regardless of the type of deal obtained, broking firms will still need to adapt to the changes occurring around them, with one option being to restructure their business. There are of course many ways to restructure a business and many ways to restructure within Europe. As such, there isn’t one model solution that will suit all broking firms, as everyone’s operations and requirements are different. Establishing an EU presence is a potential solution that many firms are either considering or have already started implementing.
14th October 2019 marks the day that UK Parliament reopens, led by the Queen’s Speech. This occurs during a period of uncertainty where Boris Johnson was recently appointed as Prime Minister but suspended parliament, still without securing a deal. After this initial session, the EU Leaders will meet before a proposed session on 19th October, the first time the government has met on a Saturday in over 30 years. It will be decided during this session if the Prime Minister will ask the European Union for another extension to Brexit under the Benn Act, if no deal has been approved by Parliament and have not agreed to a no-deal situation.