Solvency II UK will begin ‘in the coming months’
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Solvency II UK, the post-Brexit reforms of the EU capital rules for insurers, is to be implemented “in the coming months” to unlock £100bn of private investment, according to chancellor of the exchequer Jeremy Hunt.
In November, the government announced its decision on how Solvency II should be changed in the UK as a result of Brexit, but critics queried the package, as the industry has yet to see the details and a timeline for implementation of the reforms.
The government has not yet provided further details of the reforms but, speaking at Bloomberg’s European headquarters in London today, Hunt confirmed the reforms will begin in the coming months, saying there is “critical need” for easier access to capital.
“Brexit is an opportunity not just to change regulations but also to work with our experienced, effective and independent regulators to create an economic environment which is more innovation-friendly and more growth-focussed,” he said.
In December, the chancellor announced the so-called Edinburgh reforms – a package of reforms to drive growth and competitiveness in the UK’s financial services sector.
Hunt said: “Alongside other measures announced in the Edinburgh reforms, this could unlock over £100bn of additional investment into the UK’s most productive growth industries.”
Do you have enough time to implement the changes of Solvency II UK?