In a widely reported meeting of UK insurance chiefs on 5th July (and presumably to the disappointment of some in attendance), the 'Old Lady' advised that the UK industry should not expect any deviation from the S2 prudential regime as part of the Brexit process.

Visualising the impact of Brexit (on the life side of the industry at least) is difficult - because so much depends upon whether UK insurers will be restricted in their ability to sell retail investment products in Continental Europe.  One might reasonably assume that any restriction on such 'passporting' would be reciprocated by a UK government, which will be eager to protect a flagship industry. The BoE is clearly holding the line for now, but who can say (or dares to dream?) whether the forthcoming negotiations might lead to a change in their rhetoric...