We’ve had news including the FCA scaling back its plans to name companies subject to enforcement; the PSR set to be merged into the FCA; and, the Government’s announcement of a review into the Financial Ombudsman Service to ensure it is not acting as a quasi-regulator. 

Alongside these announcements, HM Treasury published its Regulation Action Plan. This was another welcome step from the government designed to foster economic growth by reforming the UK’s regulatory system. The government’s plan covers a wide range of industries and focuses on three key areas: tackling regulatory complexity, reducing uncertainty, and challenging excessive risk aversion — all issues UK Finance has consistently championed.  

All of this ultimately builds on the Chancellor’s Mansion House speech last November, reinforcing the need for a regulatory environment that supports growth, innovation, and investment. 

UK Finance’s Plan for Growth 

Amid this flurry of announcements, we launched our own Plan for Growth, setting out bold reforms to help financial services boost economic growth, support businesses, and improve outcomes for consumers.  

Developed with extensive industry input, it provides clear recommendations on regulatory reforms and wider government action that will enable our sector to thrive. You can read the full plan on our website. 

Our Plan for Growth, originally submitted to HM Treasury in early March, outlines three core priorities: 

These priorities closely align with the themes in the Government’s Regulation Action Plan, reinforcing the need for a regulatory framework that supports sustainable economic growth. 

Our Chief Executive, David Postings, spoke to the Financial Times about these challenges and our Plan for Growth (read the full article here). 

The approach the government and regulators are taking is really welcome to UK Finance and our members, and we are pleased that they are listening to ideas and taking bold action. It demonstrates the value of a strong and unified industry voice, and constructive interaction with policymakers 

Creating the conditions for our financial services sector to support long-term economic growth requires ongoing collaboration between industry, government, and regulators. We are looking forward to continuing to play our part.