D-day has finally come. At 23:00 GMT today, the UK will leave the EU, ending three years of division, protests, debates and uncertainty, as well as 47 years of membership.
As highlighted by Business Leader’s Simon Angear, the nation’s business community is in bullish spirits about the future despite acknowledging that challenges remain.
Robert MacIntyre, our Head of Wealth Structuring Solutions, is commenting in the press on what it really means for us at Lombard International Assurance and for our broader industry.
Brexit day is ‘only the beginning’ for the UK
“Many firms and their clients are more confident about the prospect of life in the UK than they were this time last year.”
“Assurance that internationally recognised wealth structuring solutions will be left unchanged, will be crucial if this confidence is to remain.”
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Britain bows out of EU amid optimism and regret: Industry reacts
"Front of mind for all wealth managers will be the issue of passporting rights. We have already seen UK-based firms with EU clients move some of their operations to the continent, and vice versa. Our HNW clients are increasingly internationally mobile and they will expect their cross-border wealth solutions to be unchanged, regardless of regulatory change. Firms will need to invest significant time and resource to ensure that the impact of Brexit on their client services is muted."
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Brexit Day: Business leaders welcome end to uncertainty but warn "Real work begins now"
“The coming months will be pivotal in shaping Britain’s longer-term future."
“Brexit has arrived but its lasting impact on the wealth management industry remains to be seen."
“The coming year will be a defining moment for many in the industry as the UK’s future relationship with the EU becomes more clear."
“What is inevitable in the coming months is increased regulatory complexity for companies operating between the UK and the EU, with firms that have focused on mitigating the risk of all Brexit outcomes benefitting from their investment and foresight."
“However, with the Brexit process now in motion and five years of relative political stability forecast for the UK, many firms and their clients are more confident about the prospect of life in the UK than they were this time last year.”
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Brexit is here, what’s next for wealth management and private banking?
“Ultimately, Brexit poses a significant challenge for wealth management businesses. Companies that can quickly adapt, innovate and ensure they solve for their clients’ most pressing concerns will turn this into an opportunity. At Lombard International Assurance this is why we took steps last year to open an FCA approved UK financial advisory firm, ensuring we can continue to service our clients and partners wherever they are based. We welcome any opportunity to show our dedication to service excellence, regardless of the challenges we and our clients face."
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