FT: Brexit Fears Causing Asset Outflows

Investors are pulling their money out of U.K. funds as political turmoil increases over a possible no-deal exit from the European Union, says a report in the Financial Times. Citing data from Calastone, a global funds transaction network, the FT reported that withdrawals from active equity funds reached £3.5bn in the latest quarter, up from £2.2bn in the three months ended June 2019. Meanwhile, the Chief Executive of the  Financial Conduct Authority said in a speech that preparations for a no-deal Brexit have advanced over the course of this year, but a number of issues require further action in the UK and the EU. Andrew Bailey, FCA chief, said firms and regulatory authorities in the UK have stepped up their preparations, and in the EU authorities have mitigated risks of material disruption to the cleared derivative markets.