Government warns UK fund groups will lose passporting rights unless EU takes action

Asset management 'delegation model will continue' post-Brexit

The government has warned UK financial services firms are set to lose the right to market their products into the European Economic Area (EEA) post-Brexit, unless EU authorities take action to prevent it.

In one of its 25 technical notices, published on Thursday (23 August), outlining contingency plans for financial services in the event of a no-deal Brexit, the government said it was taking "unilateral action" to prevent such disruption. UK investors believe 'government does not have their back' on Brexit It explained: "Unless the EU acts to maintain continuity, then UK financial services firms passporting into the EEA will lose the ability to do that at the point of exit. "This may have implications for their ability to meet contractual obligations with EEA-based clients, where to...