UK Finance has outlined its growth plan, which was submitted to the Government in March. The plan sets out key reforms to enhance the financial services sector’s contribution to economic growth. It reflects input from across the industry and highlights measures to support businesses, consumers, and society.
The organisation is calling on the Government and regulators to take clear action in three key areas:
- A pro-growth operating environment: Creating a regulatory framework that supports innovation and competitiveness.
- A future-fit financial system: Ensuring the sector remains resilient and responsive to emerging challenges.
- Greater access to financial services: Expanding opportunities for consumers and businesses.
Several of UK Finance’s recommendations are already being implemented:
- The Payment Systems Regulator will be merged into the Financial Conduct Authority (FCA), simplifying regulation.
- The FCA will not name firms under investigation, maintaining the ‘exceptional circumstances’ test.
- Lending rules will be simplified to benefit mortgage customers.
- The Prudential Regulation Authority (PRA) will raise the retail deposits leverage ratio threshold, supporting firm growth.
- The Government will review the Financial Ombudsman Service’s role to address concerns over its regulatory influence.
Beyond these changes, the plan includes further proposals aligned with the Chancellor’s Mansion House reforms announced in November 2024. UK Finance aims to ensure financial services remain a driving force for the UK economy.
Talk to us about your business.