A survey of more than 70 senior asset and wealth management clients conducted by PwC found that 81 per cent of the respondents were concerned that their business with European clients could be damaged by Brexit.
The Financial Conduct Authority, the City regulator, believes that any disruption to the European operations of UK asset managers can be minimised because the UK and EU will start with an equivalent regulatory framework immediately after Brexit.
Lawyers question whether asset managers will be able to rely on equivalence as a robust legal basis for future business with Europe.
PwC’s audience shared those doubts. Just under two-thirds of the respondents said they were concerned that relying on equivalence arrangements after Brexit would compromise their ability to deal with European clients.
Robert Mellor, a partner with PwC, said that equivalence arrangements “do not look like the answer” for UK managers who want to continue to work with European clients.
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