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<p>Action taken by the Government and the Bank of England over the last six years
has substantially strengthened the resilience of the financial system, and the authorities
have all the necessary tools in place to protect financial stability.</p><p> </p><p>Following
the referendum result, the Government must now prepare for a negotiation to exit the
EU to ensure that the interests of all parts of the UK are protected and advanced.
I want us to agree an economic relationship with the rest of Europe that provides
for the best possible terms of trade in financial services, including insurance.</p><p>
</p><p>The Prime Minister has been clear that the negotiation for Britain’s future
relationship with Europe will begin under a new Prime Minister. In the meantime, and
during the negotiations that follow, there will be no change to the way that insurance
is sold or regulated.</p><p> </p><p>Much financial regulation currently applicable
in the UK derives from EU legislation, including Solvency II. Until negotiations are
concluded, we remain a full member of the EU and must meet our obligations as a member
of the EU.</p>
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