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Ministers in latest dialogue with financial services firms

Government Ministers have continued their extensive engagement with the financial services sector ahead of triggering Article 50.

Ministers in latest dialogue with financial services firms

During a roundtable yesterday, Ministers underlined their commitment to maintaining London’s position as a global financial hub.

Hosted by Ministers from the Department for Exiting the European Union and HM Treasury, discussions centered around topics including the Great Repeal Bill, the movement of skilled workers and opportunities to increase the sector’s global competitiveness in the future.

As the leading European centre for fund management, the UK asset management industry plays an important role channelling capital into businesses and infrastructure in the UK, the EU and around the world – enabling individuals to plan and invest for their future.

Commercial Secretary to the Treasury, Baroness Neville-Rolfe, said:

I am delighted to have this opportunity to hear from this vital part of the financial services industry. UK-based firms manage more assets than those in France, Germany and Italy combined.

We are determined that the UK will continue to be a global financial hub and are focused on negotiating the best deal for financial services, including asset management, to ensure the sector continues to be one of Britain’s great success stories.

DExEU Minister, Robin Walker, said:

The financial services sector is a vital part of the UK economy. We have been clear that we want the best deal for the UK. One that allows British companies the maximum freedom to trade with and operate within European markets – and let European businesses do the same in Britain.

Investment and the management of investments are a crucial part of the UK’s success in global financial markets and will be key to the success of a Global Britain. Hearing directly from the sector about the potential impacts and opportunities for them is hugely valuable – providing us with the information we need as we prepare to enter the negotiations.

Chris Cummings, Chief Executive, Investment Association said:

The Investment Association is calling for the UK and the EU to strike a bespoke post-Brexit agreement, which will allow UK based asset managers to continue to provide products and services to millions of savers across the EU and the world to the extent that they do today. This kind of agreement could be part of an EU-UK Free Trade Agreement or a similar type of treaty.

In attendance at the event were senior executives from the following businesses and organisations:

  • Allianz Global Investors
  • Barings Europe
  • BlackRock Investment Management
  • HSBC
  • Independent Franchise Partners
  • Investec
  • Investment Association
  • M&G
  • Pictet Asset Management
  • Schroders
  • Vanguard
Published 3 March 2017