Brexit Update – Time is Running Out
Wed Nov 25 2020
UK/NI Licence Exchange
The National Driver Licence Service (NDLS) issued a final reminder to anyone resident in Ireland with a UK / NI driving licence which will need to be exchanged now, as their UK/NI licence will not be valid to drive here after 31 December 2020.
While the UK has left the EU, a transition period was agreed that allowed for the exchange of driving licences to continue. That transition period ends on the 31st of December 2020. If the UK/NI licence holder is resident in Ireland, the NDLS have stated that the licence will no longer be valid in Ireland after this date.
If not done so before now, Brokers may wish to contact their clients which fall under this category advising of the situation. It is vital that your clients have a valid driving licence and that they are legally allowed to drive in Ireland by exchanging a UK licence for an Irish driving licence.
Affected clients should make an application to the NDLS as soon as possible as it can take longer to process a UK /NI licence exchange, and there may be further delays caused by a last-minute increase in applications, plus extra demand on the service due to Covid-19.
See NDLS for further information.
FCA: Temporary Permissions Regime and Financial Services Contracts Regime
Brokers, with clients in the UK that wish to continue to service them, are aware that they must register with the FCA (using their Connect system) by 31 December. Once registered with the FCA they will under the UK Temporary Permissions Regime (TPR) be deemed to have permission to continue to service these clients on a temporary basis until the firm has completed the full application process with the FCA.
If a Broker has already registered with the FCA to avail of the TPR and has since decided that this is the route that they no longer wish to pursue the broker must email the FCA before the 31 December and advise. The broker may be required at that time to register under FSCR. The broker will be advised by the FCA of necessary steps to be taken.
Otherwise, as advised previously, where Brokers with UK clients, have decided not to apply for the TPR they will automatically be subject to the Financial Service Contracts Regime (FSCR) which was introduced by the UK Government to ensure existing contractual obligations not covered by the TPR can continue to be met. The FSCR will permit UK contracts entered into pre-31 December to continue to be serviced, so that it can wind down / run–off business in an orderly fashion. No new business or renewals can be written under the FSCR. The FSCR will apply for a maximum period of 15 years for insurance contracts.