Two influential think tanks have combined forces as they seek to up the pressure on government to secure a good Brexit deal for financial services.
The Legatum Institute has teamed up with the Financial Services Negotiation Forum (FSNF) to create the Legatum Financial Services Forum.
The forum will focus on the complex work around navigating the Brexit process for City firms, such as banks, asset managers, insurers and fintech firms. Important areas under scrutiny will include ways of preserving market access for those trading in the EU, with the aim of minimising disruption to work for the industry, and harmonising regulation post-Brexit.
It will also scrutinise the opportunities and challenges for Britain’s financial services beyond the EU. If, as is expected, the UK leaves the EU customs union, financial services will be a crucial part of any new trade deals.
Striking new trade deals has been a key priority for prominent Brexit supporters in government.
The new body will be led by Shanker Singham, a trade expert and director of economic prosperity studies at Legatum.
The FSNF was created after Brexit to give a platform for the financial services industry to make its voice heard during the process of leaving the EU. The Legatum Institute, funded by the Dubai-based Legatum Foundation, is a think tank based in London.
The Legatum Institute’s chief executive, Philippa Stroud, said: “Drawing upon the experience and expertise of the FSNF brings a broad and important constituency to the conversation around a winning Brexit, ensuring Britain’s financial services industry is secure and positioned for growth.”
Daniel Hodson, chairman of the executive committee of the FSNF said: “We are delighted to be joining an Institute whose objectives are so compatible with our own. By working together, we can strengthen the case for a strong and accessible financial services sector with Britain at its centre.”