Apfa: An uncertain future, but a more free FCA?


I woke up on my sofa this morning at 5.30am.

In my semi-conscious state I had more idea about what the future holds for me than the country does.

The only certainty is the future is uncertain. At the time of writing, we have no Prime Minister, and no plan.

The major parties in parliament are Conservative In; Conservative Out; Labour and the Scottish National Party.

No party commands a majority in the House of Commons. We don’t know who is negotiating Brexit or even what the Government’s aim is.

I am not going to waste time trying to predict the future.

The UK remains a member of the EU until Article 50 is triggered at which time we have two years to negotiate an exit. If we want access to the single market, it is inevitable that regulation including Mifid II and the Insurance Distribution Directive will continue to apply.

If we do not have access to the single market, I would not expect a deregulatory surge from the FCA but there would be more freedom on regulation if they wanted to use it. In the short-term things will carry on as normal. In the medium-term, it is anyone’s guess.

Normal Government activity will likely be suspended for the foreseeable future. On the upside, further fiddling with pensions is likely to be on hold.

It will be a bumpy ride and I expect to be waking up on the sofa again for a general election in the next 12 months.

Chris Hannant is director general of Apfa