If the result of Brexit does away with passporting and equivalence doesn’t work because retail asset management is not covered, it appears that holding a European Assurance Vie wrapper with assets managed in the UK will become illegal.
Is anyone else so affected and, if so, have you any ideas on how to solve this problem?
Does this relate to the assets under management, or the managers of those assets?
i.e. I have an Assurance Vie that is managed in Luxembourg, I believe that some of the assets in which the maagers of the scheme have invested are UK based.
In terms of what you are alluding to Jane, are my assets under threat, or are they safe because the managers are registered in the EU, (the bit that has no intention of leaving)?
Do you have the source of the declaration that these will cease to be legal, and a date from which that becomes effective?
If your Assurance Vie is already managed within the EU we believe that you are not affected.
Our AV is also in Luxemburg but is managed from UK.
It is the passporting regulations which cause the problem.
To be absolutely sure, you should seek reassurance from your Asset Managers.