Pimfa boss dispels Brexit rules bonfire

Pimfa boss dispels Brexit rules bonfire

The chief executive of the Personal Investment Management & Financial Advice Association has said advisers should not expect rules to be diluted after Britain leaves the European Union.

Speaking at the trade body's annual summit today (31 October), Liz Field said her team was already engaging with groups based in the EU so it can continue to wield influence after Brexit.

Ms Field said: "We are engaging with a couple of EU-based groups so we can continue to influence no matter what the new world looks like.

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"There will not be a diluted regulatory framework, especially given our status as a centre for wealth management.

"We are continually lobbying for an appropriate rule book that works for all of our members and their clients."

Ms Field said the process of lobbying for change for financial advisers was not dissimilar to the process of providing financial advice itself, in that it required a long-term focus.

She said: "The FSCS levy took four years to change because the review was last done four years ago but we succeeded in getting providers to pay towards it."

The Financial Conduct Authority has also previously said that Brexit will not see a "bonfire of regulation".

Last year Christopher Woolard, the regulator's executive director of strategy and competition said many standards were now set globally and dispelled the idea that post-Brexit Britain could attract business by slashing its regulatory burden because there tended to be a "flight to quality".

Earlier today the chairman of the Treasury select committee, Nicky Morgan, said she would soon focus on how the financial services sector should be regulated after Britain leaves the European Union.

Morgan said she would welcome input from the financial advice profession on this issue.

She said: "We are already very much in the market for an inquiry into post-Brexit financial services. My instinct is that the story of the next 40 years for this sector is going to be whether we converge or do we diverge.

"I think that is where the evidence from industry will be really important."

Ms Morgan added even if Britain decided to converge with the European Union or diverge to a set of wider global standards, it was not necessarily clear what this would look like.