IA's Cummings: We must secure final Brexit agreement or 'risk weakening our competitiveness'

EU27 signs off Brexit deal

Chief executive of the Investment Association (IA) Chris Cummings has welcomed the EU27's decision to endorse the Brexit Withdrawal Agreement, but has warned more must be done to ensure the UK continues to have a voice in the formation of the laws and regulations that govern the asset management industry.

The terms of the deal signed off at a European Council meeting on Sunday (26 November) put in place a system of ‘equivalence' for financial services, which allows UK firms to continue to market into the EU as long as they maintain broadly similar regulatory standards. Brexit Blog: FCA consults further on no-deal preparations It will see the UK enter a transition period after 29 March 2019, which will last for two years, whereby current standards will remain in place and allow for the details of the UK's future relationship with the EU to be further negotiated. In a statement, Cummi...