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The Financial Services Negotiating Forum, which is being headed by a member of Vote Leave lobby group City for Britain and had provisionally been named City United, is in the process of appointing a board of up to 12 well-known names from across finance and regulation. It will launch in mid-September.
Daniel Hodson, a former chief executive of the derivates exchange Liffe and deputy chief executive at Nationwide who sat on the board of the Vote Leave campaign, will chair the executive committee. He said the group aims to create an “independent, neutral forum” for the financial industries to navigate a course through Brexit “on the grounds we’re each facing in the same direction” following the referendum result.
Hodson added the group had a "very special relationship" with the UK government's Brexit minister David Davis and trade secretary Liam Fox.
“The message will be to get the best deal for British financial services out of Brexit, accepting the reality that Brexit means Brexit,” he said, adding that “there’s a vacuum which must be filled by people with all shapes of opinions”.
Anthony Belchambers, founder of the FIA Europe, formerly known as the Futures and Options Association, is acting chairman of the group’s advisory board. Belchambers, who was not available for comment, was a broad supporter of the Remain campaign.
Remain supporter Graham Bishop, a consultant on European integration, will lead external communications for the group. A senior member of the Chartered Institute for Securities and Investment is also believed to be involved.
The group will hold its third meeting on Wednesday July 27 and will debut in a public launch onSeptember 19.
Hodson, who is responsible for appointing board members, said it will seek to appoint “between half a dozen and a dozen people of note” to the board, including senior financial industry executives, former parliamentary members and regulators.
The group already has a long list of names to target and approached private equity and venture capital veteran Jon Moulton shortly after the vote was counted. Moulton told FN that he was “interested” in becoming a member of the group but that his possible inclusion had not been formalised.
Hodson said: “It’s important to pursue people like [Moulton] as well as people from the other side. He’s certainly someone who would be sensible to approach and we believe he would be supportive.”
Hodson indicated that major issues that will need to be addressed as priorities for the financial industry would be passporting and clearing, indicating that one of the forum’s objectives will be to identify alternatives to the EEA solution.
“I think equivalence is very important,” he said. “What is established equivalent will be part of [Brexit] negotiations.”
Once a board is appointed, the organisation intends to attract funding and map out priorities for the financial industry. Bishop said: “First we need to specify the project, then get funding and support.” He added that once funding is in place “we’ll aim to sit down with government”. [...]
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