Our Priorities

UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.

Our Purpose

To champion a thriving banking and finance industry, acting always in the best interests of consumers, businesses and wider society.

Our Objectives

  • Enhancing competitiveness
  • Supporting customers
  • Facilitating innovation

Our Values

  • Integrity. We act transparently and ethically for the good of our members as well as their customers and wider society. We seek to enhance trust in the banking and finance industry.
  • Excellence. We lead from the front as a beacon of quality, inspiration and best practice.
  • Leadership. We are proactive and innovative in helping to shape tomorrow’s banking and finance landscape.

2019: Our Seven Priorities

Against increasing mistrust of financial capitalism as a whole and a backdrop of unwritten expectations of what banks and other finance providers have a service obligation to provide (irrespective of financial economics), our industry needs to prove that it seeks to address the needs of all in society. If we are unable to demonstrate as an industry that we are willing to accept and be held accountable for operating to fulfil a broader social purpose, trust and reputation will be irreparably damaged and the industry’s licence to operate on the current basis may be withdrawn. Firms operating to maximise profitability alone will face political and regulatory intervention and strong criticism from the third sector and consumers. UK Finance can help through our work on non-financial reporting, climate change, promotion of the benefits of diversity, culture and ethics, and by demonstrating at all times customer-centricity in our work.

The UK business models of members of all sizes and types are facing unprecedented challenges, whether from regulatory overload across a largely uncoordinated and highly complex regulatory landscape, business model changes arising as a result of Brexit, or changing customer expectations and competition from new players. UK Finance has an important role to play to help address the challenges that might otherwise prevent the UK from remaining amongst the top global centres in and from which to conduct financial services business.

We will continue to seek to mitigate and/or optimise the impact of the UK’s exit from the EU, in whatever form it takes, across all segments that we represent. In support of this activity, we are working with our members to ensure the strongest possible partnership between the UK and the EU moving forward, in order that we can facilitate the efficient provision of cross-border financial services between the UK and the EU to the benefit of both economies.

With the post-crisis capital and liquidity reform agenda mostly complete, the prudential regulatory agenda is now focused on resilience in the broadest sense as the next regulatory frontier. Throughout this year we will work with our members and the regulatory authorities to shape this agenda in general, and specifically in the cyber arena by moving forward with the establishment of the Financial Sector Cyber Collaboration Centre. This will bring together the most significant UK financial sector participants in the first wave.

Whether leading the reform of money laundering requirements, developing voluntary reimbursement models for victims of fraud, tackling organised criminality through our DCPCU partnership with the police, or running the Take 5 campaign and extending it to SMEs, the fight against economic crime is a core mission of UK Finance. Ensuring the UK is the safest and most transparent place in and from which to conduct financial business underpins much of our work. Even building better dispute resolution models for SME customers of our members will enhance the transparency of our system, and overall continue the rebuilding of public trust on which our sector depends.

Whether addressing the challenges of moving interest rate benchmarking from LIBOR to SONIA, or dealing with the possibility of regulatory price interventions in certain retail segments, much of our work addresses the reform of markets in which our members operate. With multiple competition mandates reflected in the statutory objectives of the many industry regulators, as well as the CMA, we will continue to be busy across this agenda. UK Finance will always work to ensure we do not defend the indefensible when harm is clearly established, but also that we ensure regulatory approaches are fact and evidence-based.

All member segments face a challenge to understand, deploy and compete using new technologies, the consequences of which may not be fully understood. We have to ensure that we are familiar with the opportunities and risks across the industry and play a relevant role as choices are made and regulation developed. Our new Data, Technology and Cyber PSB will be fully stood up for the benefit of all members and to lead our work here.

POLICY AND GUIDANCE

We aim to ensure members have access to the information and tools needed to adapt and thrive, while meeting regulatory and compliance obligations.

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