Advisers told to dismiss 'fanciful notions' about EU rules

Advisers told to dismiss 'fanciful notions' about EU rules

Advisers have been warned not to expect major changes in regulation as a result of Brexit.

The comments were made by a panel of industry figures at the Association of Professional Financial Advisers's financial professionals' forum this afternoon (22 November).

Fiona Tait, pensions expert at Royal London, said regulation in the UK would have to remain equivalent to that in Europe.

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She said: "We are going to have to keep being able to deal with the European market and if we want that we are going to have to have the same standards.

"The chances are we will go in the same direction as those standards have already been going."

Simon Massey, of Metlife, said advisers should not expect radical change.

He said: "Any fanciful notion we will move to a great new world where regulation takes a back seat is not going to happen.

"One has to take a step back and see that there have been incidents in this industry that we have all been a part of that don't do us collectively proud."

Neil Liversidge, of West Riding Financial Solutions, said getting rid of the past 40 years of regulation would leave a hole in Britain's financial services rules.

He added that there were too many people in "cushy jobs" for there to be a reduction in regulation.

The panel also discussed whether businesses would leave the UK following Brexit.

Stuart Podmore, of Schroders who chaired the discussion, said his company was not planning on moving out of the UK but said there was anecdotal evidence of some firms considering their options.

Mr Massey said: "The City has got certain advantages. We are English speaking, we are in the right time zone and we have got an attractive talent pool.

"There will be all sorts of noises and sabre rattling but my suspicion is that there will be some sort of more modest outcome."