Insurers Swamp PRA With Brexit Contingency Plans

The 400 Brexit contingency plans from insurers and others is swamping the Prudential Regulation Authority.

The authorisation, and supervision, of a significant number of additional firms is likely to place a material extra burden on the PRA’s resources.

The PRA is examining each of the contingency plans submitted but complicating matters is the restructuring going on in companies that will make such firms more complex and difficult to supervise because of strong UK-EU interconnections.

Related: Tick Tock - PRA Clock Stops At 14 July

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