June 16, 2024

UK Finance releases financial services manifesto – The Intermediary

UK Finance has unveiled its financial services manifesto, highlighting key priorities for the next Government.

David Postings, chief executive of UK Finance, said: “The UK’s financial services sector is a global success story and one any future Government should seek to partner with and support.

“Our sector delivers real benefits to society by helping people buy their homes, helping companies scale up, providing financial education, fighting fraud, and much more.

“I hope that by outlining the policy agenda the sector would like to see taken forward post-election, and through working in partnership with Government, we can help build a better society for all.”

UK Finance recommends that the next Government should support people and businesses by reviewing personal savings allowances, delivering financial education through the school curriculum, and establishing a cross-government taskforce to tackle financial abuse.

They also suggest maintaining the current increased thresholds for Stamp Duty and creating an independent Retrofit Advisory Service.

For communities and society, UK Finance proposes introducing a new Fraud and Scams Bill, making technology, social media, and telecoms companies contribute to tackling economic crime, and legislating to ensure information held on Companies House can be properly verified.

They also advocate for detailed net zero investment roadmaps and giving the UK Infrastructure Bank a greater mandate to invest in net zero projects.

To support growth, UK Finance advises championing the National Payments Vision and Strategy, issuing a digital gilt backed by HM Treasury, creating a Government champion for competitiveness, publishing a tax roadmap for financial services, and using the Berne Financial Services Agreement as a blueprint for agreements with other overseas financial centres.

UK Finance’s full manifesto, including further detail on the recommendations, can be seen here: https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/building-better-society-financial-services-manifesto

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