Investment trade bodies yet to plan for Brexit


Two major investment trade bodies say they have yet to formulate contingency plans in the event of the UK voting to leave the EU.

At a Treasury committee meeting this week Conservative MPs Mark Garnier and Andrew Tyrie quizzed the Investment Association and the Wealth Management Association on their respective plans.

WMA deputy chief executive John Barrass said the trade body is “having a debate with its members” but has not made an assessment on Brexit.

IA interim chief executive Guy Sears added: “It is not part of a trade association’s job to say if members are happier to be in the UK or not.

“As a trade association we only look at the technical issues that go with our members to be in or out the European Union.

“We don’t know yet what a renegotiation with the EU will be.”

An IA spokesman says the trade body has carried out “significant analysis on the impact of a British exit from the EU”.

Prime Minister David Cameron has committed to holding a referendum on the UK’s membership of the EU by the end of 2017. However, it is widely expected the Government will look to accelerate the vote to this year.

Cameron has previously admitted the Government itself has no plans in place in the event of Brexit.