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Canada Life Article - Leaving the European Union

Neil Jones on leaving the European Union

 

Neil Jones, technical manager, explains his perspective on leaving the European Union.

"So the majority of British people have voted to leave the European Union and the divorce between the UK and EU needs to be negotiated, on friendly terms.

"This could take years to resolve and following the announcement this morning the UK is not going to invoke Article 50 immediately and so negotiations will not start, at least publically, until later this year.

"For those advisers working in the UK with UK clients and UK money, legislation is unlikely to change for a while as politicians and legislators will now need to focus on the bigger issues of extracting the UK from the EU. The existing rules will stay in place until they are changed – legislation from the EU is very much part of UK legislation.

"Many clients will be worried about the effect of the Leave vote on their investment and pension funds. We have already seen a sharp decline in global stock markets and currency markets and this will undoubtedly start advisers’ phones ringing.

"The UK should recover from this but it is difficult to say how long this will take; days, weeks or longer so it is important to calm investors’ fears. Many investors have already adopted a cautious approach to portfolio allocations and some may even see this uncertainty as a buying opportunity, and those who are thinking of moving overseas may have other factors to take into consideration." 

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.