Despite the UK being legally mandated to leave the EU next Friday, but with Theresa May now seeking an extension to that departure date, PIMFA, which represents around 1,000 UK wealth managers and financial advisers, has launched a new 'Brexit Bulletin'.

The fortnightly update aims to “keep members up to date with the latest news and movements ahead of, and post, the UK's prospective exit from the European Union”.

Introducing the first instalment, deputy CEO, John Barass, said: “I want to ensure that our members continue to be fully informed on Brexit developments and are kept up-to-date with relevant news from both the EU and UK, including needed regulatory information when this becomes available.

“I will be sending regular updates providing you with our views and insight on the likely changes ahead and on the challenges presented by the Brexit and post-Brexit world.”

He added: “The UK Parliamentary situation will determine the immediate and perhaps longer term future of Brexit developments.

Mr Barass said whatever the twists in the Brexit process “the PIMFA team will be working hard to ensure that our community of firms is represented in the ensuing discussions and decisions, and that members are kept informed of outcomes and their implications”. 

He said the aim of the Brexit bulletin was to assist firms to make “appropriate alterations and develop suitable strategies post-Brexit” to help clients plan for their financial futures, while minimising disruption and maximising continuity in the essential services the firms provide.