In Focus: Tax  

How advisers can serve EU clients post-Brexit

  • To understand what the lack of equivalence means for serving EU-based clients.
  • To be able to explain to clients how ongoing service might continue.
  • To be able to explain what rules and regulations are in force for UK advisers.
CPD
Approx.30min

While the FCA requires that all UK regulated firms maintain PII, the demise of passporting and the fact they are no longer authorised to provide advice in the member state in which a client resides, could mean an exclusion in the PII contract comes into play, should a claim arise as a result of that client.

And even if equivalence negotiations deliver an agreement sooner rather than later, it is the UK’s divergence in the future where the real problems could lie – and at very short notice - in many areas of the EU’s equivalence regime, they are only required to provide 30-days' notice of withdrawal.

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It therefore only seems logical that UK financial advisers who are not now able to advise in the EU should be immediately writing to their clients there, confirming they can no longer act for them.

Jason Porter is a director of Blevins Franks Financial Management

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Choices before January 2021 were really only open to what sort of companies, according to Porter?

  2. What has ESMA noticed around reverse solicitation?

  3. Which of the following is NOT one of the four examples of activities that are not included in financial services equivalence?

  4. What was the EU always fearful of, according to Porter?

  5. True or False: Porter says it is likely the UK would be categorised as a high-impact country.

  6. What does Porter warn could come into play if a claim arises?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To understand what the lack of equivalence means for serving EU-based clients.
  • To be able to explain to clients how ongoing service might continue.
  • To be able to explain what rules and regulations are in force for UK advisers.

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