Investment Association responds to the joint announcement from HM Treasury & the European Commission

Friday 27 April 2018

Responding to today's announcement that HM Treasury and the European Commission have asked the European Central Bank and the Bank of England to convene a technical working group on risk management, Chris Cummings, Chief Executive of The Investment Association (IA) said:

“We strongly welcome today’s announcement from HM Treasury and the European Commission. It is important that working-level discussions on areas like regulatory cooperation agreements can get underway to provide firms with reassurance about their long-term ability to serve their customers, savers and investors throughout Europe beyond March 2019. This is a pragmatic step so that firms can plan for an orderly withdrawal of the UK from the EU. We remain confident of a pragmatic outcome that protects the interests of UK and EU savers.”

-Ends-

Notes to Editors:

To view the HM Treasury announcement: EU Commission and HM Treasury ask the European Central Bank and the Bank of England to convene a technical working group

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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 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 37% of all assets managed in Europe.