Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I have been teasing out the latter issue through parliamentary questions. A significant amount of financial services activity here, consumer facing financial services, is based on the freedom of movement of services. Therefore, it is based on the operation of a branch or the passporting provisions. Avoiding any disruption will require a change in the regulatory status of some of these firms. Are these plans being put in place? Are firms changing their prudential regulation to Ireland and not just being regulated here for conduct of business purposes?

We want to avoid a scenario where people in Ireland have, for example, insurance policies at the end of March 2019 that are invalidated because of the regulatory status of the firm they have bought that policy from. We need reassurance that in the area of financial services it will be seamless, because there can be no disruption on that issue.

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