11/15/2018 4:44:00 AM

Source: Business Insurance

The United Kingdom and the European Union have agreed on a deal that will give London’s financial firms including insurers only a basic level of access to the bloc’s markets post Brexit, Reuters reported. Under the proposed deal, U.K. financial firms’ access to the EU would be based on equivalence similar to Japanese and U.S. firms’ level of access. U.K.-based law firm Hogan Lovells said that the equivalence rules cover just a quarter of all EU financial services business with the United Kingdom.