Regulation 

Brexit head quits fund managers' trade body

Brexit head quits fund managers' trade body

The Investment Association’s head of Brexit has left as part of a double departure from the trade body’s regulatory lobbying team.

Angus Canvin and colleague Florian van Megen have both departed the IA in recent weeks, leaving the organisation with roles to fill in two key areas at a time when issues surrounding both Brexit and European regulations are expected to mount. 

Former FCA and Bank of England analyst Mr Canvin was responsible for the IA’s Brexit lobbying efforts, while Mr van Megen predominantly worked on European regulatory matters such as Mifid II.

Mifid II and Priips are due to come into force next January after a year’s delay.

Meanwhile, recent guidance from the European Securities and Markets Authority, hinting fund firms may have to consider relocating managers as well as back-office staff in the aftermath of any EU exit settlement, has increased fears that UK asset managers’ Brexit contingency plans may not be enough to satisfy European regulators.

The IA said Jorge Morley-Smith, the organisation's director for international and Brexit affairs, will cover some of Mr Canvin and Mr van Megen’s work at executive committee level. Both had been at the IA since 2014. It is thought replacements for the pair will be hired later this year.

As it stands, Mr Morley-Smith’s regulatory lobbying team has just one member – Johannes Woelfing – whose work has encompassed areas such as financial stability and Ucits regulation.

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