View more on these topics

MPs eye post-Brexit ‘passporting’ outside EU

Returning Officer Holds Abacus at Houses of ParliamentFinancial services firms should be able to set up new “passporting” deals with countries outside the EU once they lose access to the single market, according to the head of an influential group of MPs.

Treasury select committee chair Nicky Morgan tells the Financial Times that while “passporting” – mutual authorisation for regulatory activities across the UK without additional requirements – “would end with Brexit”, passporting-type deals could be set up with other countries around the world.

As it stands, the UK is set to lose EU-wide passporting rights in favour of other long-term market access agreements.

On Friday, the committee is due to launch an inquiry on what we should prioritise going forward as Brexit impacts the relationship between UK financial services firms and the rest of the world.

Morgan says the committee’s mission is “to hold regulators and the City to account but also to highlight the City’s challenges and opportunities”.

She says: “We need to remind government of how important financial services are to our economy”.

The comments came as the World Economic Forum kicks off in Davos, where chancellor Philip Hammond said he was open to the possibility of another foreigner taking over from Bank of England governor Mark Carney when he steps down.

Hammond told interviewers: “We’re going to cast the net as wide as we can. We want to get the widest possible pool of talent. The process will start later this year.”



How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]


How advisers invest: ‘It’s best to leave investment and stock picking to the experts’

Beaufort Financial’s Nottingham director Gurmit Nahal on why she outsources investment management and how it enables her to focus on holistic financial planning and strategic oversight of portfolios Do you take care of your investment management in-house, outsource it to a third party or combine both approaches? Why do you do it that way?We outsource […]

Lighthouse exits master trust market

National advice firm and investment manager Lighthouse Group has decided to exit the master trust market amid fears incoming regulation would make operating the auto-enrolment service too costly. Lighthouse announced today it will no longer provide financial support to its corporate pensions trust to enable it to apply for master trust authorisation. Following a review […]


State pension court showdown set for summer

A judicial review about changes to the state pension age for millions of women born in the 1950s will take place from 5 to 6 June. The Department for Work and Pensions has confirmed that last November’s decision by the High Court to grant permission for a judicial review will go ahead in the summer. […]

A tough start for 2017 consensus trades

By Kacper Brzezniak Every year, starting around November, investment banks (and fund managers) begin to drip out their outlooks for currencies, rates, economies, you name it, for the following year. The consensus has been largely wrong for the past four or five years; those multiple rate hikes never came, the bond market is still alive […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm