Posted on by Nigel Ross-Scott

Press Release

PIMFA comments on draft Brexit Withdrawal Agreement

15th November 2018

In response to the publication of the draft Withdrawal Agreement defining the process by which the UK will leave the EU in March 2019, PIMFA welcomes the certainty that these proposals can provide on the transitional arrangements and on allowing for a one-step Brexit, both of which PIMFA has consistently argued for since the referendum.

The enshrining of this period within the Withdrawal Agreement therefore provides a surety for business amidst a host of unknowns and will allow our member firms to continue to serve their clients as before.  Importantly, there is also provision, contained in Article 132, for the extension of the Transition Period should that become necessary, which provides more comfort for our members and the sector at large.

PIMFA CEO Liz Field said:

“It is very important at all times, but especially in periods of uncertainty and change, that PIMFA member firms receive clear indications of the direction of political and economic travel over a reasonable time period in order to plan their business development strategies and commit resources appropriately to service their clients’ needs. The proposed draft achieves this by ensuring in its transition arrangements a minimum sensible period for our firms to make necessary changes for operating from the UK as a 3rd country, rather than as an EU member state.

“The possibilities for lengthening transition are also welcome in this context, and overall the prospect offered of a sensibly managed withdrawal from the EU with a one-step change for our firms at the end of transition will minimise disruption to business. Given the significance of the UK financial services industry, ensuring stability and maximising the prospects of protecting retail investors are key concerns for the future. Very clearly, further detail is needed to ensure that the UK can continue to operate as one of the leading wealth management and financial advice centres in the world.”

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Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
  • PIMFAleads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena.  Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association going back for 27 years – read more.
  • pimfa.co.uk

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