A trade association has welcomed the Prime Minister’s pledge to ensure a smooth and orderly Brexit.
The Personal Investment Management & Financial Advice Association (Pimfa) has praised the transitional implementation outlined in Prime Minister Theresa May’s Brexit Speech in Florence where she expressed the government’s desire for a structured arrangement following the end of the Article 50 notification period for the UK to the leave the European Union.
Pimfa stressed that it is essential to avoid a ‘cliff-edge’ scenario for the financial services sector as that may endanger the value of the hard-earned savings and investment of the private investor.
The trade body added that this will also avoid creating chaos for the industry with sudden changes to its regulatory framework and investment vehicles.
Liz Field, chief executive officer at Pimfa, said: “We welcome these comments as we have continued to highlight the crucial need for a stable, orderly transition in our numerous responses to government and in our appearance before the Treasury select committee last year.
"We continue to work closely with our members and the government to develop appropriate guidance and help ensure the UK remains the global centre of excellence in investment management and financial advice, delivering first-rate services to private investors."
In its response to the House of Lord’s enquiry into financial regulation and supervision following Brexit, Pimfa continued to argue in favour of a transition period with a minimum two-year duration, along the lines described by the Mrs May.
Pimfa also stressed the importance for the UK to maintain the highest standards of regulation and added that there may be an opportunity for domestic regulation to target more accurately the structures and business approaches specific to the UK following Brexit.
