Supporting consumers and businesses 

We welcomed the launch of the From Control to Financial Freedom report where we explore some of the obstacles experienced by victim-survivors when regaining their financial independence. This report covers topics including coerced debt, separation of joint secured debt and abusive faster payment messages; three complex issues which can prevent victim-survivors from reaching their financial goals and achieving financial freedom. Taking each of the issues in turn, the report explores the current situation, the challenges faced by key stakeholders and the recommendations for future action. An overview of the report featured in the Independent.

Delivering a high growth economy 

Today we released our financial services manifesto, which outlines key priorities the next government should focus on. These include, supporting people and businesses, communities and society.

Our Annual Report and Financial Statements have been published for UK Finance for 2023. This report recaps on the key achievements of 2023, results and performance as well as governance, risk management and financial statements. You can access our previous reports on our website.  

Keeping the financial system safe 

This month we held Take Five Week, an annual flagship event for all involved in the prevention of fraud and scams to come together and share the campaign’s messages, raise awareness and help the public protect themselves. This year we launched ScamSceptible, the idea that scammers can try to take advantage of how we are feeling and sometimes we might be more susceptible to their tactics. As part of this, we launched an online tool to test how susceptible you are on any day, at any time, to a scam. So far, the tool has been completed over 38,000 times. 

We also published our Annual Fraud report, highlighting the amount our members have reported as stolen through payment fraud and scams in 2023. Overall, we saw some small reductions in the amount stolen through payment fraud in 2023, but with losses of nearly £1.2 billion it remains a major problem and threat to the UK. The Guardian, Telegraph and Bloomberg were just some who covered our report figures. There was also an opportunity to share our learnings from this report with the EU’s financial services industry during the European Federation’s Executive Committee, which held a deep dive on fraud last week, attended by David Postings and our Director for International Affairs, Angus Canvin.  

Transitioning to Net Zero   

We launched our most recent SME sustainability report, Unlocking the SME Net Zero Transition. This looks at the challenges SMEs, which are responsible for between 43-53 per cent of UK greenhouse gas emissions, are facing in the transition to a Net Zero economy. The report makes ten recommendations to government, businesses and financial services firms to help overcome the barriers facing SMEs. It was covered in the Times on the day of publication. 

Enabling digital innovation 

Following our engagement with stakeholders, the Government has confirmed that specific measures to increase the powers of the Competition and Markets Authority (CMA) in the Digital Markets, Competition and Consumers (DMCC) Bill will not apply to market remedies that were in place before the legislation is passed. UK Finance has engaged extensively with politicians, government ministers and officials to urge the Government to provide clarity that new powers to vary exiting remedies and new fining powers will only apply to future CMA remedies. The clarification provides the sector with much needed certainty on what will be in scope of the new measures. The Bill has now been given Royal Assent – and passed into law - ahead of Parliament being dissolved for the recently announced general election.  

Upcoming events   

12 September – Invoice Finance and Asset-Based Lending Annual Dinner   

This event has been a highlight of the Invoice Finance calendar for many years. Gather your colleagues, clients and guests for a sparkling night at the celebrated art deco address, Sheraton Grand.  

11 December – Mortgage Dinner  

This year’s UK Finance Mortgage Dinner will take place at the Hilton London Bankside. Attendees will be joined by over 400 senior leaders from lenders, building societies, banks, brokers, and intermediaries for an evening celebrating industry achievements, exchanging ideas and exploring new opportunities for growth and success.