New Tory leader needs to grasp the complexities of capital markets

MiFID II

Amid all the carnage and chaos in Westminster over the past month, investment managers could be forgiven for overlooking the long overdue post-Brexit financial services and markets reform bill. Published last week, the bill essentially rewrites the U.K.’s rulebook for capital markets. There is just one problem, those responsible for drawing up and passing the bill through Parliament are unlikely to be on the front bench come party conference season.

This leaves parliament in a position where, for a sector that accounts for nearly 9% of UK GDP, a pivotal bill has been influenced by political ideologs, as opposed to financial pragmatists. Take the minister responsible for 'Brexit Opportunities' who, earlier this month in a GB News interview with Tom Harwood, displayed a disconcerting lack of understanding when it comes to the very EU financial market rules that the bill is attempting to reform. In the interview, Jacob Ress Mogg stated: "If you take MiFID II, and I speak as someone who founded an investment management company, once you...