Supporting consumers and businesses

This month we issued our Card Spending Update for April 2024. This looks at the monthly value and volume of transactions across debit and credit cards, both in the UK, and of UK-issued cards across the world.  

Delivering a high growth economy

We welcomed the Financial Conduct Authority (FCA) publishing its final rules for a new, simplified and more competitive listing regime, an important step forward in the evolution of our capital markets. The FCA states that these changes better reflect the risk appetite that the wider economy needs to achieve growth and promote a more diversified listed market. Following three years of engagement, debate and hard work, these changes will enable our markets to better support a wider range of companies and offer new opportunities to investors and savers. Thank you to all our members and their clients who shared with us their feedback to input into this work.  

In partnership with Global Counsel, UK Finance has been working over recent months to develop an accessible narrative (through a series of ‘quick briefings’, entitled: UK capital markets: the growth engine - unlocking the potential of UK capital markets for businesses and savers) on key themes central to the debate around the UK’s capital markets and competitiveness. One of our objectives was to ensure that the social and economic benefits of well-functioning markets were not lost amongst the technical and regulatory detail. Another objective was to ensure our members were equipped with material that can support their engagement with incoming MPs and other stakeholders post-General Election, who may benefit from a ‘quick briefing’ on the key themes driving the evolution of our markets.  

Keeping the financial system safe

Take Five to Stop Fraud received a Highly Commended award at The Financial Services Forum Awards for Innovation and Transformation in the category of Best Innovation on a Small Budget for their Scam Bingo campaign. These awards recognise and celebrate the most effective examples of marketing innovation, transformation and change across the whole financial services industry. When carrying out research, we found that 87 per cent of over-65s said they were confident about spotting the signs of fraud, although only 20 per cent had heard of all the five most prevalent types of authorised push payment (APP) fraud. In response to this, we developed a free to play Scam Bingo game to help people learn about the most common types of fraud and scams.

Transitioning to Net Zero

We were pleased to see a range of measures to support a just transition to Net Zero included in the King’s Speech last week. This included planning reforms to help streamline upgrades to the electricity system; an effective increase in the UK Infrastructure Bank balance sheet as a result of the creation of the National Wealth Fund; and moves to develop the skills needed for growing green industries. We asked for many of these policy measures as part of our Mobilising Capital for the Net Zero Transition policy paper.  

This month we also submitted detailed sustainable growth policy priorities to the new Government in a briefing, Keeping the pace on green growth. The paper, which drew on recent research and feedback from members, including our report Unlocking the SME Net Zero transition, asked Government to prioritise short-term actions which can stimulate demand for finance among homeowners, SMEs and other businesses on the transition to Net Zero. Our recommendations respond to the Government's mission to drive private lending and investment into growth sectors.  

Separately, we are continuing to support the UK Government in its implementation of the International Sustainability Standards Board's reporting baseline, by providing detailed evidence to the government's technical advisory committee. 

Upcoming events

12 September - Invoice Finance and Asset-Based Lending Dinner  

Our Invoice Finance and Asset-Based Lending (IF/ABL) Dinner will take place on 12 September. This prestigious industry event brings together the diverse membership of the IF/ABL community and offers an excellent opportunity for attendees, colleagues, clients and guests to meet with peers and to show the continuing strength, unity and economic importance of this industry. 

11 December - Mortgage Dinner  

Our Mortgage Dinner in London celebrates the industry's success and achievements whilst thanking colleagues and business partners for their support and hard work. We have already sold over 50% of the tables, so please book as early as possible. 

12 December – Economic Crime Congress 

Our highly anticipated Economic Crime Congress takes place on 12 December. With over 500 delegates attending from across financial services, FinTech, regulators, and high-profile government representatives. Make sure you don’t miss out on the discounted price for an early bird ticket.     

Training 

Our calendar is packed with brilliant training, to help members learn, network and enhance their knowledge. We have lots of different types of training running throughout the year, so there’s something to suit everyone in your organisation. Find out more here. For any questions or assistance in booking a place, email the training team. 

3 October - The Effective Board Development Programme

This practical and interactive online workshop is designed to enhance leadership skills of current or aspiring Board members in the financial services sector. To find out more and to book your place.