A group made up of financial services practitioners and policymakers who hope to unravel the issues relevant to the Brexit negotiations has launched.
The Financial Services Negotiation Forum, otherwise known as the FSNForum, aims to offer objective research on the issues which might emerge when the UK departs from the European Union.
The forum, which formally launched yesterday (19 October), is a platform for industry practitioners and policymakers from both the Leave and Remain camp to share and debate evidence-based research relevant to the Brexit negotiations.
It also gives financial services professionals the opportunity to reach a consensus on critical issues.
Members include director general of the Institute of Directors, Simon Walker, Wimbledon MP Stephen Hammond, and Better Capital founder Jon Moulton.
Anthony Belchambers, the group’s chairman, said: “It is critically important that both sides of the debate now work coherently and effectively together to secure the best negotiated outcome for UK plc.”
Alex Reynolds, financial adviser at Advies Private Clients, said: "From what I understand, nothing will be debated on the negotiations in the open for parliament or indeed any other body to scrutinise or debate.
"The only vote will be once negotiations have been concluded and that will be a vote for the negotiations or nothing agreed and we have no formal ties with Europe."
He also said it might be a bit soon given no one knows what to expect yet.
However, Mr Reynolds said establishing the group might help to point out some issues, prompt debate, and warn of things which need to be considered depending on how Brexit evolves.
Tony Catt, compliance officer at TC Compliance, said: "On the face of it, this could be quite a useful group made up of industry specialists, who have first-hand knowledge of the possible problems involved.
"The Brexit issue is complex; advisers can currently passport into European jurisdictions and there will need to be clarity about how these rules can continue to apply. The UK also allows European companies to work in the UK, so the rules will need to be formalised in both directions."
Mr Catt said it is important that the group is made up of financial services specialists as well as politicians to give it a broad base of knowledge on financial services and political issues.
He added: "I hope it will not just be a talking shop, which is made impotent by being ignored by the powers that be."
