The government has announced plans to hold ‘Industry Forums’ with leaders from across the financial services sector to design the first-ever Financial Services Growth and Competitiveness Strategy.

These forums will be hosted by Chancellor, Rachel Reeves, with ‘key sub-sectors’ from across the financial services industries to seek views on how best to deliver good outcomes for the long term in the sector.

The Financial Services Growth and Competitiveness Strategy, which is due to be published in the spring, will aim to develop policies that foster growth in financial services as part of the government’s ‘Plan for Change’.

Financial services has been identified by the government as one of the eight key growth-driving sectors in its Modern Industrial Strategy.

The Industry Forums will seek to ensure that industry and senior stakeholders are involved in the development of the strategy.

In the coming weeks, Reeves and the Economic Secretary will chair the first Industry Forums with leaders from across banking, asset management, fintech, insurance, and mutuals.

“Growth is my number one mission,” Reeves stated. “It’s the only way to put more money in people’s pockets and key to our Plan for Change.

“The financial services sector is at the heart of this mission, supporting economic activity and financing investment across the country.

“I am committed to working hand-in-hand with the industry to make sure that our plans are informed by those who both provide and utilise financial services, including those who know first-hand what is needed to unlock growth in, and drive prosperity through, our world-leading financial services sector.”

The first meetings of the Industry Forums will run throughout January and February, reconvening ahead of the government’s publication of the Financial Services Growth and Competitiveness Strategy later this year.

Investment Association director of corporate affairs, Karen Northey, commented: “The investment management sector strongly supports the Chancellor’s UK growth agenda, and we welcome the role of the Industry Forums to secure its delivery.

“Our response to the government’s consultation on the Financial Services Growth and Competitiveness Strategy set out ambitious plans to drive future growth, support the UK economy and improve individual financial resilience.

"This included two targets to significantly boost the number of people investing from just over 20 per cent of the UK population to 75 per cent - matching the number who hold a cash savings account today – and to grow our industry’s export earnings by nearly 50 per cent, both within the next decade.

“We welcome the opportunity for our industry to continue engaging with the Chancellor on this topic – partnership between government, industry and regulator is mission critical to secure a strong future for the UK.”

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