The Personal Investment Management & Financial Advice Association (Pimfa) has stressed the importance of prioritising the interests of retail clients during Brexit negotiations.
Pimfa said it needs assurances the government will keep the best interests of retail investors central to its discussions with the European Union over the shape of the Brexit deal.
The financial adviser trade body was prompted to air its concerns after it emerged that the government is preparing a ‘no-deal’ scenario should the outcome of on-going negotiations with Brussels fail to end with a mutual exit agreement.
Pimfa said more details were needed on how the government would tackle the potential risks that the financial sector and investors could face if there was a no-deal Brexit.
In a statement Pimfa said: "In our opinion, a main priority for the government should be to negotiate a deal with the EU that will provide necessary certainty to the private client investment, brokerage and advice sector in financial services, as well as the private clients and their families, whose savings and investments of approximately £1.5trn they manage.
"Minimising costs is a key factor."
Scott Gallacher, director at Rowley Turton, said: "I don’t think Brexit, deal or no deal, will impact the financial advice sector as much as it may many other industries. Wealthy people will continue to invest whatever happens, so it is not something I feel is worth getting too anxious about.
"Over the very long term, say 10 or 20 years, it may be an issue, particularly if the economy suffers and so tomorrow’s potential investors have less capital to invest."