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Press Release

WMA to Continue Supporting Members as Brexit Negotiations Get Underway

29th March 2017

The Wealth Management Association (WMA), the leading industry body for the private investment community and their clients, remains committed to support its members after the UK invoked Article 50, the exit mechanism for leaving the European Union.

“The WMA will continue to provide whatever support our member firms require as the UK negotiates a post-Brexit deal with the EU. As we have said before, we will continue to work hard to avoid any potential ‘unintended consequences’ for our final clients”, said the WMA’s CEO Liz Field said. 

The Wealth Management industry managed and administered an estimated £825 bn of client assets by the end of 2016 in the UK alone, generating turnover of £6.0bn and creating more than 27,000 direct jobs across the UK. 

“We will continue to work to support the UK and the EU in their objectives to reach a comprehensive, deep and lasting solution that is good for both, and for the rest of the world. London will remain a global centre of excellence in wealth management for private investors, at the heart of the world’s financial system”.
 
“We would like the outcome of negotiations to include a bespoke agreement that secures reciprocal and full access to markets on both sides, the availability to business on a continuing basis of a global supply of skilled talent, legal certainty and continuity, and an intact, complete and coherent financial services ‘ecosystem’ that serves in an efficient and cost-effective manner the interests of all.  The UK Government has set out principles for the negotiations that will help to achieve all this, and usefully have an eye on the longer term by prioritising the management of changes and developments in regulations over time in a way that maintains the fair and open trading environment that it is hoped to achieve for the UK and EU.”

“We will continue to work to support business and clients as they seek to adapt: we hope that client assets experience no loss of value because of the negotiations, notably the pension funds built up for retirement. With goodwill on both sides, we hope that everything we want and need can be achieved.”

The UK now faces a two-year deadline until March 2019 to secure a trade deal with the EU. 

Notes for Editors

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About the Wealth Management Association (WMA)

  • The WMA is the trade association for firms that provide financial advice and investment services to help individuals and families prepare for the future, today. 
  • We represent 180 wealth management firms and associate members that provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies. 
  • WMA members firms look after over £825 billion of wealth for over 2.2 million retail investors - comparable in value to around 40% of GDP.
  • WMA firms operate across more than 580 sites, employing over 27,000 staff.
  • These firms also run over 5.5 million client portfolios and carry out over 20 million trades a year.

www.thewma.co.uk 020 7448 7100