Live coverage of the Treasury select committee session on the UK's future economic relationship with the European Union with evidence from HSBC, Allianz and the LSE.
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It is different in different countries. I think one of the
uncertainties that we would have to deal with is whether our legal
advice was robust that the route that you takes, that a reverse
inquiry enables you to do business from the UK when an existing client
approaches you, but those kind of conduct of business rules are quite
fraught. Did you really speak to me, or did I hint that you should come
and have a conversation, and so on. We would be nervous about getting
into a situation where we did not have charity. In the investment
management business, the reverse is quite straightforward, particular
with UK firms dealing with the United States. There are currently
rules that enable you to do that, there is a big difference in
investment management between the professional client and the retail
client. If we are talking about institutional clients, there is
certainly a process on which you can do business on a reversal basis, but
we stay on the side of caution. If there is any doubt that with
hindsight if regulator might decide that they are not going to allow
that interpretation, we are on the side of caution and avoided because
it is an unstable framework on which to base this.
You can continue watching this session online.
Hello and welcome to BBC Parliament's live coverage from the
House of Commons. In an hour, the Shadow Chancellor will ask an urgent
Live coverage of the Treasury select committee session on the UK's future economic relationship with the European Union with evidence from HSBC, Allianz and the London Stock Exchange.