Advisers are finally getting to see what the Brexit regulatory regime looks like and, for now, the bad news is that it doesn’t look that different. There are certainly no MiFID or PROD concessions.
The FCA publishes its plans for a post Brexit regime for EU firms which currently passport in and to ‘onboard’ EU rules into the UK handbook. Firms can apply for temporary status from next year and it may last three years or three months if you are first on the list to be asked to make things permanent.
It remains unclear whether the EU will reciprocate.
But the following warnings may make for interesting reading in European capitals. The Financial Policy Committee of the Bank of England has warned that the EU is not prepared for a No Deal Brexit and that around £41bn worth of derivatives contracts may face legal uncertainty if the EU does not act. Interesting given the concerns over Italian sovereigns.
The EU is more likely to agree to a transaction tax after Brexit as France, Italy and Spain become more influential argues Schroders economist Azad Zangana. That might be something for investment banks thinking of leaving the UK after Brexit to factor into their thinking.
Your Move suggests that 40% of landlords see themselves using their property as their pension pot.
Nutmeg loses £12.4m though it now has 50,000 customers.
The Johnson Press which owns a range of local newspapers has put itself up for sale as it grapples with a bond refinancing but one spanner in the works for a sale is that its DB pension scheme has a deficit of £47.2m.
Half of advisers are talking about SRI with millennials according to an FTAdviser poll.
As the Government mulls cutting back on various pension allowances, Sunday Times money editor James Coney says this is not the time to tax aspiration.
Hargreaves Lansdown chief executive Chris Hill warned last week of an industry slowdown in inflows in the last quarter which saw the share price fall seven per cent.
It may beg the question have the implications of the IDD been properly understood yet?
The chief executive of Future Proof David Mead asks why there has been a delay to annual protection statements.
Finally Steve Nelson suggests the five questions to ask to assess a platform’s financial strength though most advisers would also prioritise avoiding replatforming if at all possible.
