Supporting consumers and businesses  

We published the key asks in our Autumn Budget submission. Recommendations focused on delivering economic growth, continuing the green transition, and tackling fraud. Reuters and i News published pieces focusing on our call to phase out additional taxes on banks and stressing the higher tax burden that banks operating in the UK face, compared with those operating in other leading financial centres. Our response to the Autumn Budget announcement can be found on our website, where we welcomed commitments to increase the supply of new housing, as well as the support being provided to help green the housing stock. 

Delivering a high growth economy 

We issued our 2024 Total Tax Contribution of the UK banking sector report, produced by PwC. The analysis in the report estimates the total tax contribution of the UK banking sector to be £44.8 billion for the financial year to the end of March 2024, up from £41 billion the previous year. This is the highest contribution since the study started a decade ago. The report also looks at the total tax rate (TTR) of a model bank operating in the UK and other leading global financial centres.

Our latest Monthly Economic Insight rounds up the latest central bank decisions and forecast outlook from the Organisation for Economic Co-operation and Development (OECD). It also takes a look at public sector borrowing and potential policy options for the new government.

Keeping the financial system safe 

Over the last few months, we have been working with members, the Payment Systems Regulator (PSR) and colleagues to develop a consumer guide and toolkit of assets to communicate the changes to APP Fraud reimbursement rules which came into effect on Monday 7 October. 

We also published our Half Year Fraud report highlighting that in the first half of 2024 just over £570 million was stolen in payment fraud as criminals continue to ruthlessly target people and try to deceive them into making payments or providing enough information to enable their accounts to be accessed or controlled. 

Transitioning to Net Zero    

At the International Investment Summit, the government released its "Invest 2035" Industrial Strategy and accompanying consultation. We were pleased to see the paper laying out Net Zero objectives to capture the growth opportunities of the transition and clean energy, as mentioned in our "Keeping the Pace on Green Growth" paper.  

The government's Transition Finance Market Review (TFMR) report was published, following direct input from a member of our sustainability team who was seconded to the secretariat and held a roundtable with members in the summer. The TFMR report sets out recommendations for government and industry to make the UK a leading financial centre for financing the decarbonisation of high-emitting sectors.   

We hosted a roundtable with the Department for Energy Security, Department for Business and Trade, HM Treasury and members on upcoming transition planning work from the government. Members shared their views on mandatory transition plan reporting requirements, including the new government's commitments to introduce mandatory 1.5°C transition plans (as announced in Labour's Financing Growth report before the election).  

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 and training 

In addition to our events, we provide an extensive programme of training covering the latest developments in financial services. With flexible online, in-person, and hybrid formats, our training offers valuable opportunities to learn, network, and enhance your knowledge. Find out more on our website.   

5 November - Vulnerability and Consumer Duty Academy 

Our award-winning Academy is designed to help participants integrate vulnerability into their organisation's culture, policies, and customer journeys. Additionally, it supports compliance with the regulatory requirements of the FCA’s new Consumer Duty framework. Learn more about the Academy on our website. 

11 November to 6 December - Commercial Customer Risk Series 

These workshops provide practical support for employees working closely with clients in analytical roles, increasing their ability to understand both financial and non-financial commercial customer risk issues. Further information can be found on our website.

14 November - Embedding the Consumer Duty: the next steps 

Equip yourself to fully embed the tools, skills and evidence needed to meet the Consumer Duty requirements, particularly in areas where the regulator is already taking action. Find out more on our website.  

14 November - AI for Receivable Finance  

Understand the current use of AI in receivables finance and gain insights into key risks, fraud, and operational efficiency concerns in the industry. Read more on our website for further details.

12 December - Economic Crime Congress  

Our flagship Economic Crime Congress 2024 takes place on Thursday 12 December with headline partner LexisNexis Risk Solutions. Tickets give attendees unlimited access to interactive discussions and specialist panels addressing current issues such as money laundering, sanctions, fraud and more. Book your ticket and find out more.