A Financial Planning firm’s founder has hit out at “grossly inflated claims and scaremongering” in the EU referendum debate but warned Financial Planners may be facing “a huge headache” if Britain votes to leave.

Colin Lawson, founder and managing partner of Chartered Financial Planners Equilibrium, in Cheshire, believes many voters will have been left confused by the arguments and has therefore organised a debate, to be held next Friday.

Although he is leaning towards voting to remain due to worries over the economic consequences for Europe as a whole, he admitted feeling that he doesn’t have all the facts, despite having read up widely on the subject.

He hopes to “help cut through the hype” by hosting the debate.

Guests will be given as much information as possible on the pros and cons of both arguments so they can arrive at their own conclusions, he said.

He told FPT: “The panel we have invited to lead our event will be free to make their arguments outside of the landscape of grossly inflated claims and scaremongering. As leading economists and politicians, the panel will help to inform our audience on both a personal and business level.’’

He said: ‘‘As a North West business leader and a member of the general public trying to form my own conclusions on whether Britain should remain or leave the EU, I have read books on why we should stay and why we should leave, I’ve listened to fund managers and economists and I’ve read the Government pamphlet, and I have hardly scratched the surface.

‘‘As such I don’t believe it can be possible for the British people or indeed many business leaders to be knowledgeable enough on the pros and cons of the whole debate to make an informed decision. Add to that the scaremongering, and the confusion escalates.”

He said: ‘‘Going with my head, my current stance is to remain. I am doubtful that Europe will stay intact if the UK votes to leave. Subsequently, this could spark financial panic and de-stabilise markets in a way bankers and policy makers would be unable to fight.

“If this then morphed into a depression, stock markets could plummet globally. This would cause a huge headache for financial planners and wealth managers and could even lead to a focus shift – from asking ‘how do we make money?’ to ‘how do we protect money?’”

But he said: ‘‘Despite my leaning, I don’t feel I have all of the facts and there are undoubtedly compelling arguments to both leave and remain.”

There have been various forecasts and statements from a number of national and international financial institutions such as the Treasury, IMF and IFS, which have suggested leaving would damage the UK economy.
But the Leave campaign says that EU regulations are harmful to the economy, and claimed these are costing small businesses millions every week.

The Brexit camp also points to the UK’s current lack of power to make free trade deals with fast growing economies like India and China – unlike non-EU Iceland and Switzerland.

The Equilibrium-hosted debate will take place at Alderley Park, Cheshire.

The Event panel:

- Michael Bell – JPMorgan Asset Management Vice President and Global Market Strategist (REMAIN)
- Graham Brady MP – Conservative MP and previously Shadow Leave Minister for Europe (LEAVE)
- Dr Peter Westaway – Vanguard Asset Management Chief Economist for Europe (NEUTRAL)
- Sajjad Karim MEP – North West Conservative MEP and Legal Affairs Spokesperson (REMAIN)
- Graham Stringer MP – Labour MP and member of the European Scrutiny Leave Committee (LEAVE)
- Ian Kernohan – Economist, Royal London Asset Management (NEUTRAL)