Government launches financial services Brexit taskforce

Government launches financial services Brexit taskforce

Fears around the impact of Brexit on the asset management industry are behind the government’s decision to launch an asset management taskforce.

Stephen Barclay, the minister for the City of London, launched the initiative with the aim of providing the financial services sector with “clarity” on the issue of the UK leaving the European Union.

Mr Barclay was speaking at the Financial Times Investment Management Summit Europe 2017 on Friday (29 September).

He said the taskforce will bring together CEOs within the UK asset management industry and senior representatives from investor groups and the Financial Conduct Authority, and is in response to demand from the industry for such an initiative.

Mr Barclay said: “It will be a forum to discuss how government, industry and the regulator can work collaboratively to stay competitive and deliver for investors.

And it has come about in response to an industry request. After discussing the issues facing UK asset managers with CEO’s across the industry, there is a clear need for a discussion forum like this.”

He said Brexit would quite clearly pose problems for the asset management industry, but that he hoped the task force would help the City to find new opportunities and markets.

Mr Barclay supported the UK leaving the EU in the Referendum of 23 June 2017.