The Investment Association comments on the Brexit breakthrough

Friday 8th December

Following the announcement that phase 2 of the Brexit negotiations will now commence, Chris Cummings, Chief Executive Officer of the Investment Association said:

“Businesses up and down the UK, as well as across the EU, will be breathing a sigh of relief today that progress has been made in the Brexit negotiations, allowing the next phase of talks to start.”

“The announcement is a welcome step which allows businesses to set aside plans for a disastrous no-deal scenario and firms can now focus their attention on planning for a more positive outcome and looking after their savers and investors across the U.K. and EU.

“This is particularly welcome news for the millions of EU citizens and their families living in the UK and on whom many high skilled industries like ours depend. They have been given the clearest sign to date that they will be allowed to remain in the UK.

“We now look forward to working with the UK government and our European partners to help to shape the transition period and the ensuing free trade agreement that will govern our future relationship. Top of our list of priorities is making sure regulatory cooperation agreements are in place to protect financial stability and working towards a new regulatory architecture that will help the industry prosper long term.”

For further information, please contact:

Michelle MacMillan
Interim Head of Media Relations
[email protected]
T +44 (0)20 7269 4696
M +44 (0)7771 899 8645

Helen Ayres
Media Relations Manager
[email protected]
T +44 (0)20 7269 4620
M +44 (0)7508 724 066

About the Investment Association:

• The IA champions UK asset management, supporting British savers, investors and businesses. Our 240 members manage £6.9 trillion of assets and employ 93,500 people across the UK
• Our members manage the pensions of 75% of UK households, provide 60% of capital market financing for UK businesses and fund 40% of initial public offerings of shares.
• Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
• Our purpose is to ensure investment managers are in the best possible position to:
  • Build people’s resilience to financial adversity
  • Help people achieve their financial aspirations
  • Enable people to maintain a decent standard of living as they grow older
  • Contribute to economic growth through the efficient allocation of capital
• The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
• The UK is the second largest investment management centre in the world, after the US and manages 36% of all assets managed in Europe.