We are working with the UK Government and regulators to ensure that the business environment in the London Market provides the right incentives for growth and innovation.
In particular, we have been actively involved with the Treasury, exploring ways to bring Insurance Linked Security (ILS) business to the UK. In the Autumn statement in November 2016, the Chancellor of the Exchequer announced the publication of the draft ILS regulations for consultation. The LMG taskforce played an active role in this consultation process and, in the autumn of 2017, draft legislation was laid before Parliament. On the 29th November the new UK ILS regulations (both tax and non-tax) were approved by Parliament in a unanimous vote by the Delegated Legislation Committee and the regulations came into force on Monday 4th December 2017.
The work of the LMG ILS Taskforce was referenced a number of times during debates in Parliament and having this now passed as legislation is a major achievement for all involved.
In addition, we are working with the Treasury, Department for Exiting the EU and the Department for International Trade to support EU exit negotiations and identify opportunities for growth in international trade. The second LMG Brexit publication LMG Proposals for a future trading relationship between the EU and UK was published on the 29th November and has received wide and positive coverage across all media.
More widely, we regularly meet with parliamentarians, civil servants and other bodies including, the Corporation of London and City Hall, to ensure they better understand London market's key priorities.
Press Release - here
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