Brexit prompts revival of UK PE forum

The Confederation of British Industry has relaunched the group it established in the aftermath of the economic crisis.

The Confederation of British Industry, the lobby group for British businesses, has re-established its private equity forum after demand from members following the Brexit vote.

It will allow private equity firms to discuss the implications of Brexit on their operations, and that of their portfolio companies, as well as shaping CBI policy.

The forum was originally founded in 2008, but gradually faded away.

The British Private Equity and Venture Capital Association will also be part of the discussions.

Uncertainty surrounding post-Brexit financial rules remains a concern for businesses and their investors, prompting calls from the UK watchdog, the Financial Conduct Authority, for clarity.

Speaking to the Treasury Select Committee in November, FCA head Andrew Bailey said the UK government must outline its intentions for the rules to avoid a “mess” in the financial markets.

FCA chairman John Griffiths Jones also said it is important to understand the likely relationship between the UK and the EU so as to avoid a “cliff edge” when EU rules are scrapped and an unknown set of rules come into force.

As a major financial centre, the UK must also have a say in the financial rules it applies, Bailey said.