The concept of ‘passporting’ financial services within the EU has different meanings and significance depending on the sector and legislation concerned. In some sectors, it is a source of substantial cross-border business, whereas in others, whether due to limits on passporting in the governing legislation or to industry specificities, passporting is much less prevalent.
An inability to passport between the UK and the rest of the EU post Brexit will be particularly impactful in the Insurance and Funds spheres given the level of business conducted on this basis between Ireland and UK currently.