We'd also like your consent to set other cookies to help us further improve our website and to tailor the marketing you see on apps and other websites you visit.
Select "Accept all" to agree to all cookies, or "Manage" to choose which cookies we use.
abrdn welcomes the agreement reached between the UK and the EU on a Free Trade Agreement (FTA). abrdn believes this agreement to be mutually beneficial and 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, abrdn is encouraged by the Joint Declaration which states both parties will agree, by March 2021, a Memorandum of Understanding (MOU). This will establish a framework for structured regulatory cooperation on financial services.
Notwithstanding this Joint Declaration, there’s already provision in place for asset managers to continue to delegate portfolio management services from the EU to the UK (as confirmed by industry supervisors on 17 July 2020). abrdn has also taken other specific actions to ensure the continuity of our services to our customers, clients, and operations including:
abrdn will continue to closely monitor regulatory developments in the EU and UK as the relationship evolves. As a global investment manager, abrdn has extensive experience in adapting to regulatory change and working across borders.
With the end of the withdrawal agreement on 31 December 2020, and to ensure a smooth transition with or without a Free Trade Agreement, the FCA opened their Temporary Permission Regime (TPR) on 30 September 2020 enabling firms with EEA domicile funds to continue to ‘passport’ these into the UK after 31 December 2020.
You can read the latest FCA update from 7 October 2020 .
The FCA introduced a Temporary Permissions Regime (TPR) as part of no-deal Brexit planning. This lets investment managers with funds domiciled in the European Economic Area (EEA) continue to operate in the UK in the event of a no deal Brexit. Typically these funds will have the prefix LUX (Luxembourg) or IE (Ireland) ISIN prefixes on our platforms.
To qualify for the TPR, the investment manager had to register its fund(s) with the FCA. Registration had to be made at fund level, not in aggregate as a fund manager.
If an investment manager failed to register a fund(s), or decided it wants to stop passporting fund(s) after Brexit, the FCA automatically assumed the fund(s) fell under the Financial Services Contracts Regime (FSCR). UK investors would still be able to stay invested in a fund (the fund manager may withdraw access sooner), and would be allowed to sell-out either incrementally or in totality. They would not, however, be able to buy into the fund and it would be closed to new investments.
The FCA confirmed that the TPR Register would only be available for public viewing after 31 December 2020. We also believe that the Register would only include the fund name without any unique identifier such as a CitiCode or ISIN.
The FCA is re-introducing the TPR as part of its no deal Brext planning for 31 December 2020, and it will work in the same way as noted above for the position pre Withdrawal Agreement. The TPR opened on 30 September 2020 but will not be published until 1 January 2021.
We’re writing to all fund groups with EEA-domicile funds available on our platforms, asking for details about which funds have been registered under TRP and which default to FSCR. Our aim is to make sure our platforms offers access to those funds registered with TPR on 1st January 2021, but cannot categorically guarantee this given the TPR Register will not be published until 1 January 2021.
We’ll make every effort to provide you with the necessary reassurances, but you should contact the fund group if you have any specific concerns and to check how this might impact impact your clients.
The UK faces the prospect of being regarded as a third country when it exits the EU. As a result, some transfers of personal data to the UK require additional measures to ensure compliance with Data Protection law. We have put in place the necessary arrangements, including amendments to existing contracts with third parties processing personal data on our behalf, to support the continuation of cross-border personal data transfers to the UK post Brexit.
Periods of increased market volatility can have an impact on investment valuations. We'll keep you updated on any fund suspensions.
Please read our dedicated market volatility page.
Issued by a member of abrdn group, which comprises abrdn plc and its subsidiaries.
This website is provided by Standard Life Savings Limited. It describes products and services provided by the abrdn Group (including Standard Life Savings Limited and Elevate Portfolio Services Limited) and the Phoenix Group (including Standard Life Assurance Limited, Standard Life Trustee Company Limited and Standard Life International dac).
The abrdn Group comprises abrdn plc (SC286832) and its subsidiaries. The Phoenix Group comprises Phoenix Group Holdings plc (11606773) and its subsidiaries.
Full product and service provider details are described in the legal information notice.
Wrap Platform, Wrap Personal Portfolio, Wrap ISA and FundZone Platform are all provided by Standard Life Savings Limited, which is part of the abrdn Group.
Standard Life Savings Limited is registered in Scotland (SC180203) at 1 George Street, Edinburgh, United Kingdom, EH2 2LL. Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority.
Please see your terms and conditions for more information on the use of the Wrap platform.
Wrap SIPP and Wrap Onshore Bond are both provided by Standard Life Assurance Limited, which is part of the Phoenix Group. Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Wrap Offshore Bond is provided by Standard Life International dac, which is part of the Phoenix Group. Standard Life International dac is a designated activity company limited by shares and registered in Dublin, Ireland (408507) at 90 St Stephen’s Green, Dublin. Standard Life International dac is authorised and regulated by the Central Bank of Ireland and subject to limited regulation in the UK by the Financial Regulation Authority. Details about the extent of its regulation by the Financial Conduct Authority are available on request.
The Elevate platform, Elevate ISA, Elevate GIA and Elevate PIA are provided by Elevate Portfolio Services Limited, which is part of the abrdn Group.
Elevate Portfolio Services Limited is registered in England (01128611) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Elevate Portfolio Services Limited is authorised and regulated by the Financial Conduct Authority.
Please see your terms and conditions for more information on the use of the Elevate platform.
Copyright © abrdn plc 2021. All rights reserved.
abrdn plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh, EH2 2LL