In a Brexit context, UK firms may no longer be able to avail of the financial services passport to offer their services into Ireland (and the EEA) and similarly, Irish firms may no longer be able to passport their business into the UK on a freedom of services or establishment basis.
The likely loss of passporting rights between the UK and the EU27 therefore presents a material risk for Irish firms that depend on a European passport for the cross border provision of financial services into the UK, and may affect competition and product availability for sectors in Ireland, with inevitable knock-on implications for consumers.