February 27, 2018 / 11:08 AM / a year ago

UK's Aviva expects regulators to endorse Brexit transition

LONDON, Feb 27 (Reuters) - Britain’s financial regulators are expected to formally endorse a Brexit transition deal to reassure financial firms they can rely on it in their day-to-day activities, Aviva UK Chief Executive Andy Briggs said on Tuesday.

Britain and the European Union are negotiating a “standstill” transition period of about two years to follow Britain’s departure from the bloc in March next year.

A deal in principle is anticipated by the end of next month.

Banks and insurers say, however, they may not be able to rely on such a political deal as it won’t be formally ratified by governments until October or later, leaving it too late ahead of Brexit Day.

Briggs also chairs the Association of British Insurers (ABI), which held a breakfast meeting with Financial Conduct Authority Chief Executive Andrew Bailey and Katharine Braddick, director general of financial services at Britain’s finance ministry on Tuesday.

“A transition deal needs to start with a political agreement in March and then we quickly need the regulators to confirm that we can rely on it,” Briggs told Reuters.

He expects British regulators to issue a formal statement.

“There is a good constructive dialogue, we are well aligned on what it is we need and what it is we are trying to do,” Briggs said.

Reporting by Huw Jones, editing by Carolyn Cohn

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