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UK financial advisers back British EU membership, says Apfa

The survey, conducted by pollsters NMG who questioned 264 advisers, did find that 24% of advisers would vote for Brexit, while 26% remained undecided.

More than a third of the respondents (34%) advise 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, even though one recent poll found the Brexit camp in the lead for the first time.

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“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.

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