Press Comment

PIMFA Responds to Latest Parliament Vote To Extend Article 50

Friday 15th March 2019

PIMFA, the trade association for private client investment managers and financial advisers, has been carefully following the Brexit proceedings in the UK Parliament.  PIMFA has made clear during the Article 50 negotiating period that we do not favour a no-deal departure from the EU by the UK and believe that a transition period prior to making the full changeover to third country status is essential. Against this background PIMFA has supported the Withdrawal Agreement reached between the UK Government and EU Council.

PIMFA has therefore welcomed the Parliamentary opinion that there should not be a no-deal outcome, and supports the view that the Government should request an extension to the Article 50 period from its EU partners since this will allow for time to implement the necessary legislation should Parliament ratify the Withdrawal Agreement in next week’s votes.

John Barrass, PIMFA’s Deputy CEO, commented:

“PIMFA has actively campaigned for a transition period close to the status quo on the UK’s departure from the EU that would allow time for adjustments before moving to full 3rd country status.  We have also made clear the need for minimal disruption of business to PIMFA member firms, and for a smooth changeover to the new UK/EU relationship that will prevail once the transition period is ended.  This will help ensure that the families and individuals whose finances our firms manage and assist with across the nation will experience minimal adverse consequences from the change.

A sensibly managed withdrawal is thus of critical importance for our firms and their clients, and will help the UK retain its standing as the world’s second largest centre for private wealth management and financial advice.”

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Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the leading trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • PIMFA represents both full and associate member firms. Full members 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.  Associate members provide professional services to the PIMFA community.
  • PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
  • PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association going back for 27 years – read more.
  • Further information can be found at pimfa.co.uk
  • To become a member of PIMFA for access to training, benefits and discounts, please visit https://www.pimfa.co.uk/become-a-member or contact us directly at [email protected]

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