Managers warned 'prepare for the worst' as Parliament suspension puts EU access at risk

Fears shutdown could delay passage of financial services laws

Mike Sheen
clock • 3 min read

Asset managers have been warned to "prepare for the worst" in terms of access to European investors and markets post-Brexit, with the UK Government's decision to suspend Parliament looking set to delay the passage of vital financial services legislation.

While Parliament has "onshored" aspects of European financial services legislation in order to prevent major disruption to UK firms after Brexit, the amended Financial Services Act (aFSA) has not yet been passed in its entirety; there is therefore potential for the door to Europe shutting on UK firms in the event of no deal. Fund managers slow to ditch LIBOR-linked benchmarks Owen Lysak, partner at law firm Clifford Chance, said financial services clients contacted the firm due to fears regarding the impact of Parliament's prorogation, and he had told them to "prepare for the worst an...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Europe

Partner Insight: Has the European credit cycle been extended?

Partner Insight: Has the European credit cycle been extended?

Derek Hynes, Fixed Income Portfolio Manager and Will Prentis, Fixed Income Investment Specialist at Wellington Management
clock 21 June 2024 • 4 min read
European Central Bank on track for June rate cut as key inflation metric eases

European Central Bank on track for June rate cut as key inflation metric eases

Services prices decelerate in April

Valeria Martinez
clock 30 April 2024 • 1 min read
FundCalibre's Schooling Latter: The shifting sentiment in Europe

FundCalibre's Schooling Latter: The shifting sentiment in Europe

Portfolio picks

Juliet Schooling Latter
clock 27 March 2024 • 4 min read
Trustpilot