The UK financial services industry should opt for the euro and the European Union Constitution to strengthen its position in global markets says a leading IFA.
Norwest Consultants principal Harry Katz has launched a stinging attack on a Eurosceptic stance from the UK industry.
He believes the UK needs to take advantage of its position as the most developed financial services market quickly to monopolise sales in other countries.
He says the range of products that UK IFAs can offer clients in countries such as Spain, Belgium and Italy will open up a new client base if the currency barrier is removed to cross-border selling.
He says although the UK leads the field for products and advice it could rapidly be overtaken by another country which invests money and effort in promoting itself in other countries.
He feels the UK regulator has adopted a “traffic warden mentality” to implementing regulation and is not looking carefully enough at how new rules can be integrated.
Katz says: “Yes I accept there are lots of things wrong, silly regulation on PI issues for example, but we have to adapt to the whole concept of joining the European market or miss out.”
Independent View, p31