Aberdeen Standard Capital, and our wider Group, Standard Life Aberdeen, welcomes the agreement reached between the UK and the EU on a Free Trade Agreement (FTA) which, subject to ratification, will supersede the current transitional arrangements. We believe this agreement to be mutually beneficial and we encourage both sides to continue working towards closer economic co-operation.
As expected, the EU-UK FTA does not cover financial services substantively or provide for a bespoke market access regime for the UK. However, we are encouraged by the Joint Declaration which states that both parties will agree by March 2021 a Memorandum of Understanding (MOU), establishing a framework for structured regulatory cooperation on financial services.
We have, for several months, been planning for any implications Brexit could have for us as a company and for our clients. We have contacted our EU resident clients directly where we have established there may be some change to future arrangements and reassured those where no change to our services and management of investment portfolios will be seen.
We will continue to closely monitor regulatory developments in the EU and UK as the new relationship evolves. Our priority is to ensure we are in the best possible position to provide our customers and clients with continuity of service.
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