The Brexit opportunities minister, Jacob Rees-Mogg, is calling for a fast rewriting of the legacy EU financial rules currently in place to help create Prime Minister Boris Johnson’s “investment big bang” here in the UK. The call for action comes after growing concerns that Brussels may have taken the lead.
Rees-Mogg suggests that the Solvency II rules, which were initially adopted in 2016 when the UK was part of the EU, were ready for reform.
Many ministers are of the opinion that a regime with looser regulations would enable insurance firms to make investment worth billions of pounds into green energy projects and critical infrastructure.
Those looking to invest can sometimes seek out independent financial advice in Chester, Birmingham and other UK cities, for an unbiased expert guidance.
The minister for Brexit opportunities has been accused of opportunism during the recent reshuffle of the cabinet, but his allies state that he is concerned that the UK is too slow to act allowing Brussels to overtake it. In a statement, Rees-Mogg commented:
“Solvency II puts the UK market at a competitive disadvantage, and it is ripe for reform.”
The Brexit minister is not alone in his concerns. Insurance companies have also expressed fears regarding the risk of the UK moving at a slower rate than the EU to reform regulations.
According to UK government officials, reform of the Solvency II reform is now expected to be included in an upcoming financial services bill, that is scheduled to feature in the Queen’s Speech, this year.
