26/06/17

UK: Regulation must be 'appropriate,’ says advisory body chairman.

The incoming chairman of a newly merged trade body for financial advisers in the UK has pledged to fight the industry’s corner in talks with the government and regulators, reports International Adviser.

Lord Deben, chairman of the newly established body PIMFA, said the  organisation had a “great deal” to do amid the struggle of Brexit and increasing regulation.

He said successive governments had increased the regulatory burden on financial services and promised to make the industry’s voice heard as Brexit negotiations kicked off.

PIMFA (the Personal Investment Management and Financial Advice Association) was formally established on 1 June as a result of a merger of the Wealth Management Association (WMA) and Association of Professional Financial Advisers (APFA).

Speaking at the association’s first summer reception on Wednesday, Lord Deben said he was "very pleased" to be chairman of the new association which was "now clearly able to represent the whole industry.

He spoke of the importance of the financial services as something the UK did "better" than other countries.

“We must ensure that political and regulatory impacts are appropriate and proportionate," he added.

“This is essential so that we can continue as one of the world’s leading personal investment management and financial advice centres. “We need to be loud and clear to government about the needs of our industry so that our member firms are able to provide the best possible service to their clients which in turn empowers them to plan for their financial futures.” Deben, full name John Selwyn Gummer, will officially start in the role on 27 June.

Deben was MP for the Suffolk Coastal constituency from 1984 to 2010 before entering the House of Lords and was Secretary of State for the Environment during John Major’s government. He was also responsible for the Ministry of Agriculture, Fisheries and Food and the Ministry of Environment and Local Government during his time in the cabinet. Outside the House of Lords, Deben holds a number of roles including chairman of consultancy firm Sancroft International and a non-executive directorship of Castle Trust Capital.