A six-point plan for growth: The enabling role of financial and related professional services

The financial and related professional services industry is a vital facilitator of investment and growth across the UK economy. It also plays a crucial role in supporting individuals to build financial resilience and plan for the future with confidence.

However, the UK’s future success in financial and related professional services is not guaranteed and we must not be complacent. Public policy will play a key role in enabling the industry to make its contribution to growth. The regulatory and tax frameworks under which we operate, and the way in which public agencies (including the industry’s regulators) implement those frameworks will all shape the UK’s competitiveness as an international financial centre, and the industry’s ability to support businesses, individuals and economic growth across the regions and nations of the UK.

This six-point plan for growth sets out the areas where industry can work with government and the regulators to enhance its international competitiveness and contribution to the UK economy and society.

Regulatory principles: ensuring clear, proportionate and tailored regulation

It is crucial that the UK’s regulatory framework supports the positive contribution that the financial and related professional services industry makes to the UK economy and society...

Regulatory reform

The government’s priority should now be to deliver the extensive package of reforms in the Financial Services and Markets Bill...

Areas for growth: innovation and sustainability

There are two areas in particular that represent huge growth, innovation and export opportunities for the UK FRPS industry and the UK economy...

Regulators’ focus and culture

There is little point in changing regulation if such initiatives are not matched by regulator behaviours...

A tax system which drives competitiveness

The UK’s tax competitiveness significantly impacts our industry’s contribution to growth...

Boosting UK global trade in services

The UK leads the world in the quality of our service-based economy. The government’s approach to global trade should, therefore, reflect these unique selling points and turbocharge UK trade in services...