UK fund groups will 'lose passporting rights' unless EU acts

Asset management 'delegation model will continue' post-Brexit

clock • 2 min read

The government has warned UK financial services firms are set to lose the right to market their products into the European Economic Area (EEA) post-Brexit, unless EU authorities take action to prevent it.

In one of its 25 technical notices, published on Thursday (23 August), outlining contingency plans for financial services in the event of a no-deal Brexit, the government said it was taking "unilateral action" to prevent such disruption. UK investors believe govt does not 'have their back' on Brexit It explained: "Unless the EU acts to maintain continuity, then UK financial services firms passporting into the EEA will lose the ability to do that at the point of exit. "This may have implications for their ability to meet contractual obligations with EEA-based clients, where to do so...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA commits to fast authorisations to boost finance sector

FCA commits to fast authorisations to boost finance sector

The regulator’s latest business plan highlights this focus

Sahar Nazir
clock 19 March 2024 • 1 min read
FCA to invest £1.9m in supporting clients with investment decisions

FCA to invest £1.9m in supporting clients with investment decisions

The regulator’s 2024/25 business plan outlines new initiative for investment

Sahar Nazir
clock 19 March 2024 • 1 min read
FCA's Rathi: Fair value is not 'Trojan horse' for price regulation

FCA's Rathi: Fair value is not 'Trojan horse' for price regulation

'Move away from prescriptive rules, beloved of compliance consultants’

Jenna Brown
clock 14 March 2024 • 4 min read