A note from MetLife on the TPR and passporting;
MetLife is focused on ensuring that we provide solutions and outcomes for the evolving needs of our customers and distribution partners in the United Kingdom (UK). Since the referendum result on the UK exiting the European Union (EU), we have been working with our regulators and planning to ensure that we continue to do just that.
MetLife operates in the UK through the company MetLife Europe d.a.c., which is an Irish insurance company based in Dublin that has provided financial products into the UK through its UK branch under EU passporting rights. The EU passporting regime will end on 31 December 2020 and will be replaced by the Temporary Permissions Regime (TPR) which will allow firms like MetLife to continue operating in the UK while they seek authorisation from UK regulators. The TPR will be in place for three years, subject to HM Treasury’s power to extend the duration of the regime.
MetLife Europe d.a.c. will enter the TPR after the end of the transition period on 31 December 2020. During the TPR period, we will be seeking permanent authorisation from UK regulators to ensure that our operating model enables us to continue to support our customers, employees and partners.
We will keep our customers, partners and distributors updated on our future plans as appropriate, as matters progress.