Farnoush Farsiar Former senior director at Emirates NBD. He is the co-founder of Plato Capital.
Thanks to her wealth management experience, she has an exclusive view of the subject.
Farnoush has written two pieces for BrexitCentral in 2019 , and it appears that many of her predictions have proven accurate.
Re-visiting Farnoush’s prediction about Brexit
Farnoush Farsiar is of the opinion that a departure from Europe will let the British economy to be free of unneeded restrictions.
It would enable London city to tap its potential to the fullest extent.
The intrusion of regulators made it difficult for the financial sector to operate within MiFID II (Financial Instruments Directive).
You will only be in the game if regulations are adaptable.
https://youcontrol.com.ua/en/catalog/gb-card/11913198/ Farsiar said that London is the home of Europe’s biggest financial institutions, and it has a significant influence on the economy.
If given the freedom to operate, the British financial services industry may become the most effective version that is possible.
British financial markets will be affected by the UK’s withdrawal from the European Union.
They will become independent once more and will no longer be able to blame Brussels.
Thus, reducing corporation taxes and reversing EU legislation should be top on the British agenda. It could encourage foreign investors and help stabilize Britain’s financial market.
https://www.abcmoney.co.uk/2022/04/14/farnoush-farsiar-about-challenges-woman-business-leaders-face/ What was the UK Market forecast before Brexit
According to an Deloitte report that the UK attracted the highest amount of Foreign Direct Investment between 2015 and 2018, than any other European country.
Farnoush Farsiar The report revealed that London was a more sought-after place to invest in international investment over New York.
It is among the few truly interconnected and global cities. But, it is being kept hostage by the European Union’s rules that are not in line with.
Stock trading is a prime illustration of this rule.
High-frequency trading, as well as other financial services, are hampered by the slowdown in efficiency.
Farnoush Farsiar It will result in high frequency trading but not speed and it will take away the beauty of the market.
In contrast, Brexit would make it possible for Britain to provide lower options for investors.
London’s capability to be competitive was made difficult by anti-commerce laws. Farnoush Farsiar The industry has repeatedly warned about the massive costs for small and medium-sized businesses.
Andrew Bailey, the CEO of the Financial Conduct Authority, saw “the future of the regulation of financial conduct”.
Bailey explained how the UK can be compared with other authorities around the world.
https://fr-fr.facebook.com/pages/Farnoush-Farsiar/163318870439653 His concept of the “future of financial conduct regulations” was to develop an “outcome specific” as well as a “lower cost” strategy.
Brexit offers the UK an opportunity to amplify its financial power and to get rid of EU restrictions.
These restrictions stop the UK from having the loose regulations it had previously and hinder enterprises and start-ups’ ability to grow and compete on the global market.
Brexit will let tech hubs remain in the blooming cities of its main cities.
Bailey declared, “Leave it to our own devices… The UK regulatory system will develop somewhat differently.”
There was a concern about the UK’s finances
Competitive advantage, economically means having an advantage over your competition through being an expert in your industry.
The UK was concerned over the degeneration of the capital’s financial infrastructure due to the new regulations.
International investors might consider them less attractive and they’d prefer Paris, Frankfurt or Amsterdam.
The most feared thing about the UK finance market was that the European Union would restrict the EU market from trading.
Another issue was the possibility of higher import and export costs.
Britain wants the top spot in financial services.
Farnoush Farsiar believes in an even brighter future
Farnoush Farsiar’s predictions for Brexit were not far-fetched.
The discourse regarding the British economy suggests that there is a light at the end of the tunnel.
Between 7,600 and December 2020, there was only one or two job moves from Europe related to Brexit.
The most recent figures match estimates made by PwC in April of 2016 before the referendum. PwC predicted that the UK could lose more than 100,000 jobs in finance if it votes Leave.
However, the market in Britain remains growing despite covid’s devastating effects.
The UK is willing to compete with the rest of the world, by lifting the EU restrictions.
The biggest companies are making their way into the British market, which is maintaining its status as a world leader.
They’ve noticed only an increase in the financial services industry because of the European market.
The British Islands are facing a serious issue because of the decline in seafood and fish trading.
It is apparent that although trade with Europe was lower but living expenses remained higher.
Farnoush Farsiar had a point. Brexit was a good choice for the financial sector and let London’s potential to blossom again.