Lord Deben, a former cabinet member in the governments of Margaret Thatcher and John Major, said newly established body PIMFA had a “great deal” to do amid the struggle of Brexit and increasing regulation.
He said successive governments had increased the regulatory burden on financial services and promised to make the industry’s voice heard as Brexit negotiations kicked off.
PIMFA (the Personal Investment Management and Financial Advice Association) was formally established on 1 June as a result of a merger of the WMA and APFA trade bodies.
Speaking at the association’s first summer reception on Wednesday, Lord Deben said he was “very pleased” to be chairman of the new association which was “now clearly able to represent the whole industry.
He spoke of the importance of the financial services as something the UK did “better” than other countries.
“We must ensure that political and regulatory impacts are appropriate and proportionate,” he added.
“This is essential so that we can continue as one of the world’s leading personal investment management and financial advice centres.
“We need to be loud and clear to government about the needs of our industry so that our member firms are able to provide the best possible service to their clients which in turn empowers them to plan for their financial futures.”
Deben, full name John Selwyn Gummer, will officially start in the role on 27 June.
