TheCityUK and PwC have launched a bold new strategic vision for UK-based financial and related professional services.
The report looks beyond Brexit to 2025 at the role that the industry can play in making possible the country’s long-term success outside the EU.
The UK is the world’s leading international financial centre, but a backdrop of rapid global change brings significant challenges which need to be addressed if it is to retain its competitive advantage and remain a leading part of the economy.
The report, 'A vision for a transformed, world-leading industry' provides an ambitious and practical roadmap to secure the industry's future.
The implementation of the vision will ensure a transformed and renewed industry that continues to be world-class, highly innovative and digitised and better able to meet the changing needs of customers.
While responsibility for the industry’s transformation is its own, it will only be able to reach its full potential with an effective and strategic partnership with government and regulators.
Delivery of this bold vision will see the industry:
- Embrace innovation and new technologies to provide better and more tailored products and services and be a leader in cyber security, using data in a secure and sophisticated way.
- Enhance the prominence of hubs in regional and national centres, developing specialist roles and ensuring a strong supply of local talent with relevant skills.
- Retain its full ecosystem of financial and related professional services and keep the UK at the global forefront of financial innovation by continuing to be a world-leading FinTech centre.
Mark Hoban of TheCityUK says,"Our industry has thrived by embracing change and tackling challenges – qualities that have established its place as the leading international financial centre. But we cannot stand still and this bold vision makes us the first industry to set out a compelling vision for our future success beyond Brexit."
Hoban adds,"The industry is ready to build on its strengths and transform itself. To do so it needs to develop new markets, rebuild its relationship with customers, and harness innovation and new technologies. We want the industry to remain the place where the best and the brightest work. This vision is ambitious and delivering this transformation cannot be done by the industry alone. A strategic partnership with government and regulators is essential to its success and ensure the UK remains the world’s leading financial centre meeting the needs of its domestic and international customers."
Andrew Kai of PwC comments,"This industry is vital to the future of the UK economy, but it now finds itself at a critical juncture. Brexit has created high levels of uncertainty and the UK's leading position is being tested and challenged as other international centres develop rapidly. Technology is set to transform the ways of doing business and the customer experience beyond recognition. Under this strategy, London will remain a premier location, but the other jewels in the crown by 2025 will be our regional financial centres. Banking, insurance and asset management centres outside of London will continue to develop, hosting more headquarters of major companies. Other regional hubs will focus on enhancing specialist roles that serve both UK and global markets. The mantra of treating customers fairly shouldn't be seen as a regulatory imposition. It should be a commercial priority.”