Many will no doubt be relishing the chance of a Brexit to take another look at the regulatory rulebook. However, we should not lose sight of the fact that much of the legislation and European directives currently in train have a timetable for implementation ahead of a final Brexit. So the Financial Advice Market Review, Markets in Financial Instruments Directive II and the Packaged Retail and Insurance-based Investment Products will all still be applicable.
The FCA has also confirmed that it is business as usual, and that firms must continue to abide by its obligations under UK law, including those derived from EU legislation. Consumers’ rights and protections are going to remain unchanged unless and until the government changes the applicable legislation.
So it is essential that as we consider the positives for change in our industry, we also keep the consumer at the forefront of our thinking. This means providing them with the reassurance that their best interests are being protected throughout the Brexit process, as well as in the final negotiated deal.
David Dalton-Brown is Tisa director general
