Nearly a quarter of UK advisers will vote Brexit, says Apfa

Added 2nd June 2016

Around 24% of financial advisers in the UK will vote for Britain to leave the European Union, research from the Association of Professional Financial Advisers (Apfa) shows.

 Nearly a quarter of UK advisers will vote Brexit, says Apfa

The survey, conducted by pollsters NMG questioned 264 advisers, found that 4 in 10 advisers said they would vote to remain in the EU, while 26% remained undecided.

More than a third of the respondents (34%) advised expats living in the EU, either permanently or splitting their time between residences in the UK and elsewhere.

Apfa’s director-general Chris Hannant said the views of the financial adviser community “broadly mirror” the polling trends of the wider UK population as a whole.

The most recent ICM poll, published on Tuesday and carried out on behalf of The Guardian, uncovered a 52-48 split in favour of leaving.

The phone poll of more than 1,000 adults revealed that 45% of Brits said they favoured leaving the EU, with 42% remaining while 13% were still undecided.

“Advisers deal with the outcomes and impact of policy and regulatory developments at an EU level on a daily basis on behalf of their clients."

“Advisers deal with the outcomes and impact of policy and regulatory developments at an EU level on a daily basis on behalf of their clients

“This is the case both in terms of specific regulations, such as MiFID II or PRIIPs, but also the broader consequences for financial markets,” said Hannant.

Hannant urged advisers to continue preparing for the incoming Priips and MiFid II legislations, warning that regardless of the results of the EU referendum, it is likely that existing regulatory frameworks will remain unchanged.

“I expect an arrangement that continued to give the UK access to the single market would mean acceptance of the market harmonisation legislation.”

“Regardless of the referendum outcome, advisers will need to ensure they have appropriate strategies in place which ensure clients (in the UK and the EU) are protected by the effects of the vote on markets in both the short- and long-term,” he said.

FSCS levy

Last week, APFA called on the Financial Conduct Authority (FCA) to overhaul its compensation system.

The trade body argued that the existing Financial Services Compensation Scheme (FSCS), funded by advisers and other financial services professionals, should instead be replaced with a combination of product levies, whitelists and increased contributions from the fines that it collects.

"We need radical changes which would mean that regulated financial advisers giving advice in good faith and to the best of their ability no longer have to pick up the bill for advice on unregulated products. 

“It is clear to us that a combination of a product levy and a whitelist, together with a proper contribution from fines, would be the fairest and most effective way to assign the levy,” said Apfa chairman, John Selwyn Gummer.

Although it is currently holding a consultation into the fees and levies it charges the financial services industry, according to media reports, the FCA has rejected the idea of a product toll.

The watchdog informed the Personal Finance Society (PFS) on Tuesday that introducing such a levy would be outside the remit of the consultation as it would require legislation.

which is currently funded by advisers paying into the Financial Services Compensation Scheme (FSCS).

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About Author

Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.



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