The Association of Private Client Investment Managers and Stockbrokers said they welcome the incoming French Presidency but issued a warning to the French that they must resist any pressure to create a European regulator and ensure markets remain attractive to investors.

David Bennett, the chief executive of APCIMS said: "The private wealth management community has been heavily burdened in recent months by European legislation and the French must resist the introduction of additional regulatory burdens on the retail investment firms' community. We are deeply opposed to regulatory centralisation and a single EU regulator."