Brexit, Trade Deal and Financial Services ‘Equivalency’.
We continue to be insured for advice that we give from the UK on UK arrangements for people resident anywhere in the World.
That said, financial services were supposed to be part of the UK/EU trade deal signed in December 2020. Financial services should have been included as part of rules on ‘Equivalency’ i.e. the UK having equivalent financial services regulations to the EU but, sadly it was not included in that rushed initial trade agreement (note: the UK’s biggest export is financial services).
Equivalency negotiations as part of the Trade Deal started again on 04/01/2021 and are expected to continue until February or March 2021. Therefore, as it stands today, we are in state of ‘limbo’ where UK advisers and firms cannot offer services to EU residents (even British Expats) and vice versa. This means we have two options that we have may have to follow for the time being: