Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_442357747
October 5 2016

Investment firms call for clarity in case of a ‘hard Brexit’

suzie10 Industry News, News Article 50, City regulation, Conservative Party Conference, EU passporting, EU regulation, financial services sector, Great Repeal Bill, hard Brexit, investment and savings, Lisbon Treaty, Theresa May, Tisa

FINANCIAL services firms are urging the government to clarify what will happen for the UK’s savings and investment industry in the case of a ‘hard Brexit’.

Tisa, the investments and savings association, has submitted proposals to the Treasury based on feedback from its member firms, who are all involved in the supply and distribution of savings and investment products and services.

It asked the government to speed up the approval process for new market participants, which it said would boost the UK’s fintech industry.

The recommendations come hot on the heels of Theresa May’s announcement last Sunday at the Conservative Party Conference that she will invoke Article 50 of the Lisbon Treaty by March 2017, kicking off the UK’s exit from the EU.

In a speech on the first day of the conference in Birmingham she also gave details of a Great Repeal Bill which she said would end the primacy of EU laws in the UK. The Prime Minister indicated that she was leaning towards a ‘hard Brexit’ that would end freedom of movement and thus make free trade less likely.

Tisa said that its proposals are based on UK firms losing their ‘passporting’ rights and do not require the free movement of people.

The trade body is calling on the government to negotiate a “third country equivalence” agreement, so that UK savings and investment firms to do business easily in the EU. It is also calling for an “EU equivalent” regulatory framework for firms that want to trade financial services within the EU, with a simpler rulebook for firms that only want to service UK consumers.

Tisa also recommended that the UK uses Brexit as an opportunity to attract more non-EU financial services companies to operate here, through developing the correct regulations. It emphasised the importance of maintaining access to skilled finance services workers from the EU.

“We welcome the announcement on the Great Repeal Bill, but to protect the jobs of over a million people working in financial services and to allow UK financial services to prosper post-Brexit, it is vital that firms can see a clear vision of what the government’s negotiating stance will be so they can commence planning for its implementation,” said Tisa’s director general David Dalton-Brown.  

“Government should task the FCA to commence work immediately on a domestic-only version of the regulatory rulebook.  This should focus on cutting away most of the paperwork that consumers are expected to wade through to open a savings and investments account. 

“We also need to dramatically speed up the process for authorising new market participants. It’s disappointing that many new authorisations for firms take so long and we can see other financial centres looking to attract business – and the UK’s growing fintech community –  from the UK by offering attractive authorisation and support services.”

Fintech resilient enough to withstand Brexit, says tech venture capitalist SMEs struggle to find finance in the wake of the Brexit vote

Related Posts

money UK

Industry News, News, Top 3

P2P lenders ‘shouldn’t expect’ investor boost from collapsed platforms

Modern way of exchange. Bitcoin is convenient payment in global economy market. Virtual digital currency and financial investment trade concept. Abstract cryptocurrency with gold bitcoin background..

Cryptocurrency, Industry News, News, Top 3

Goldman Sachs: Institutional crypto interest on the rise

Mike Horton head shot Colour

Industry News, News, Top 3

Quantuma hires former Assetz Capital recoveries manager

Popular posts:

  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • Government to launch replacement future fund scheme
  • BBB sets out further details on recovery loan scheme
  • Zopa exec “very excited” about embedded finance for lenders
  • Treasury launches £100m Taxpayer Protection Taskforce
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by