UK to ease finance sector rules to boost investment post-Brexit

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Britain set out plans on Thursday to ease key banking and insurance rules in the latest attempt to boost its vital financial sector following the country's departure from the European Union.

Their reform is seen by the insurance industry and by lawmakers who supported Britain's exit from the bloc as a "Brexit dividend" to unlock up to 100 billion pounds for investment.

A so-called matching adjustment seeks to ensure that assets held by insurers generate enough cash to cover future payouts on policies and pensions, subject to a "discount". "We propose to adjust regulations to reflect the decisions made by the government about the level of financial resilience that should be required of insurance companies," Bank of England Deputy Governor Sam Woods said in a statement.

"These proposals aim to promote policyholder protection while enabling the annuity sector to meet its commitments to the government to increase investment in the UK economy." The government overrode the BoE to insist on a less onerous discount, and the BoE said the limit it has proposed, along with other proposed reforms, would not stop insurers from meeting their stated commitments for "unlocking tens of billions of pounds for potential investments at implementation".Reporting by Huw Jones Editing by William Schomberg and Mark Potter

 

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