Notes

Farnoush Farsiar asserts that Brexit has been beneficial to the UK financial sector, despite the dire forecasts

Farnoush Farsiar a former director at Emirates NBD is passionate about Brexit.

Her extensive knowledge in finance and wealth has provided her with a an unique perspective.

Farnoush published two pieces on BrexitCentral in 2019. It appears today that her predictions proved to be right.

Revisiting Farnoush's forecasts concerning Brexit
In the Farnoush Farsiar view that a departure from the European Union would free the British economy and the finance market from excessively burdensome rules.

It will enable London to maximize its potential.

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This exponentially">Farnoush Farsiar Financial services industry was unable to comply with MiFID II (Financial Instruments Directive) due to the intrusion of regulators.

It is only possible to remain in the game if regulations are flexible.

Farsiar said that, as London is the headquarters of the world's biggest financial institutions in Europe It has a significant impact on the world economy.

If given the chance to grow, Britain's financial services industry could be the most perfect version of its self.

British financial markets could be affected by Britain's withdrawal from the EU and its terms.
They'll become self-sufficient once more and won't be able to blame Brussels any longer.

Tax reductions for corporations should be a top priority. Also, it is essential to change EU legislation. This would help foreign investors as well as stabilize British market for financial instruments.

What was the UK Market prediction pre-Brexit
According to a Deloitte survey it was found that the UK has attracted the highest amount of Foreign Direct Investment in 2015 than any other European country.

The report revealed that London was the most sought-after city for investing in the UK, beating New York.

It is one the few truly global and international cities, and it is restricted by rules of the European Union which don't match.

Stock trading is one illustration of this principle.

Financial services and high-frequency trading are prone to slowdown and impact the overall efficiency of the market.

That is high frequency without the speed. This can make it regular trading and will diminish the high-quality of this sector.

In contrast, Brexit would allow Britain to provide lower options for investors.

London was unable to compete in an enticing market due to the laws that prohibit commerce. Industry experts repeatedly warned of the massive cost for small and medium-sized firms.

Andrew Bailey (CEO of the Financial Conduct Authority) envisioned "the future of Financial Conduct Regulation".

Bailey explained the ways in which Bailey explained how the UK could be compared to other authorities around the globe.

His concept to create "the future of financial regulation" was to implement an "outcome oriented" and "lower burden" method.

Brexit is the UK's chance to expand its financial influence, as well as to remove unnecessary restrictions of the EU.

These restrictions are hindering the lighter regulations the UK used to have before and are hindering startups and businesses from growing and be competitive in the world market.

Brexit will let tech hubs remain in the thriving cities of its major cities.

As expressed by Bailey, "left to our individual decisions... the UK regulatory system would evolve somewhat differently."

There was significant concern about the UK's financial market
Competitive advantage is a financial word that means to be able to outperform your competitors in a particular industry.

In the wake of the regulation, the UK began to be concerned that the capital's finance system was under threat of being destroyed.

Consequently, they would make them less appealing to foreign investors, and companies would flee towards Amsterdam, Frankfurt, or Paris.

The biggest concern in the UK's finance market was that the European Union would limit the EU market's trading.

Another concern was the possibility that export and import will increase in cost.

Britain hopes to become the financial center in the world.

Farnoush Farsiar expects positive outcomes
Farnoush Farsiar's predictions about Brexit were not far-fetched.
If you look at the British economy discourse, there is a light at end of the tunnel.

The number of jobs relating to Brexit relocations to Europe has declined by 7,600 from December 2020 down to just a handful of hundred.

The latest numbers compare with estimates by PwC in April of 2016 before the referendum. They projected that 100,000 jobs in the financial sector could be eliminated in the event that Britain decides to Leave.

Despite the fact that covid is a huge issue, the British stock market is on the rebound.

The UK is able to compete with the world's other countries without EU limitations. This opens the market to more businesses from abroad.

The British stock market is attracting large companies, which maintains its position as a world leading market.

The European market is their only real problem in the sector of financial services.

Mainly the trade of seafood and fish was reduced which poses a challenge for British Islands.
It's not surprising that, despite less trade with Europe and higher living costs the cost of living has increased.

Farnoush Farsiar is correct. Brexit is a great thing for the financial industry. It also allowed London to realize its full potential.



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