It is the role of any good financial services provider to offer their clients stability in times that may be more chaotic. To a large extent, this means growing their client’s wealth and assuring that they’ll be able to hold onto it no matter what. Some of the most important work a financial advisor can do is in times of uncertainty, so you can expect them to be experienced with difficult problems.
Even so, Brexit represents a future that is hard to predict.
When considering what’s ahead, no financial services provider should claim to be fortune tellers, but there are some areas we think you should be aware might face substantial change.
Regulatory Changes in The UK
At the moment, the regulatory framework in the UK is driven by the EU.
There are many complexities in how things are run, and with the introduction of Brexit, a large portion of them could change. While this will allow the UK to create a more streamlined system, it will have knock-on effects for countries all over Europe, and maybe even change EU regulatory policy.
More Restrictions to Market Access
Currently, financial services companies across Europe are able to avail of the passport system to offer services to clients who are operating in other regulatory climates.
This grants a huge amount of freedom which will become much more restricted for the UK. It will also make it more difficult to sell services into the country. Overall, the changes in how financial services are bought and sold could disrupt the financial market as a whole in unpredictable ways, which, at the very least, would lead to a time of conservative investment choices.
A New Financial Landscape
Nobody wants to lose money. Going ahead, companies in the UK and all over Europe might be about to face changes in regulations that could upset how they do business. Though this could obviously prompt a time of risk aversion, people’s ears will also be attuned to advantages that can be had.
Moving forward, as we all begin to understand the implications of Brexit, there is still the chance to direct how it affects the way we do business.
Ireland in particular stands to benefit from the new financial landscape.
Our financial services are respected centres of excellence, our relationship with the UK assures that we will still be working closely with their institutions, and for foreign companies who are losing out on business in the UK, we represent a convenient alternative.
If you’re not sure how Brexit will affect your business, talk to our team and we can begin to outline your future today.