A new vision for financial services
No time to lose: Reasserting UK leadership in financial and related professional services
Building on the perspectives of more than 300 senior leaders, we’ve come together with TheCityUK to set out a bold new vision for securing global financial services leadership and driving investment in the UK economy over the coming decade.
The landmark research draws on interviews with financial services industry leaders, policymakers, regulators, and academics as part of one of the largest listening exercises focusing on UK financial services in recent years.
The message coming through from the interviews is clear. The increased focus from government and regulators on growth is welcome. But bolder ambition and faster and more decisive action are urgently needed to realise the industry’s full potential and secure its future.
Make or break moment
The prize for realising this vision is an additional £53bn in annual economic output by 2035.
Failing to deliver risks ceding unrecoverable ground to competitor financial centres, which are investing heavily in digital market infrastructure, accelerating regulatory and tax reform, and using targeted incentives to attract capital, talent, and innovation.
“The UK’s financial and related professional services industry is a strategic national asset that cannot be taken for granted. While professional services and insurance are outperforming, the industry’s growth overall has flatlined. We are at a critical juncture. The message from industry leaders and stakeholders is clear: build on the positive approach in place to reform the system, but do it faster, with greater ambition and with targeted execution.”
Anne Richards DBE, Chair of the report steering committee and Chair, TheCityUK Leadership Council
The frontiers of innovation
The transformational possibilities opened up by artificial intelligence and tokenisation are at the heart of this vision.
Productivity gains are just the start. There’s an even bigger opportunity to transform experience, outcomes, and revenue potential as part of a new generation of hyper-personalised customer journeys. From mortgages approved and insurance claims settled in minutes, to being able to buy small stakes in high value investments through tokenised fractional ownership, the possibilities are both groundbreaking and boundless.
“Financial markets of the future will run 24/7, cost less to access, settle instantly and open up far more opportunities for people and businesses. Imagine buying a home in days rather than months, automatically getting the best rate on your savings, or being able to invest in any asset in seconds.”
Simon Westcott, Strategy& Financial Services Leader, PwC UK
Reshaping perceptions
While trust and favourability have improved since the financial crisis, public sentiment remains mixed. People tend to trust their own bank, insurer, or adviser, but hold negative views of “the system”.
Reversing this requires a more confident, united voice across government, regulators, and industry. Financial services organisations should work collectively to reshape how the industry is seen, from a sector separate from society to a national asset that powers jobs, investment, and opportunity.
“Our financial and related professional services industry is built on qualities others strive to emulate: deep expertise, openness, and a relentless ability to reinvent. It is more than an industry in its own right, it is a multiplier of opportunity that fuels growth across the whole country.”
Darren Ketteringham, Leader of Industry for Financial Services, PwC UK
Forging ahead: Five priorities for a world-leading industry
The report sets out five key areas of focus, along with recommendations on how the financial services industry, government, and regulators can work together to deliver.
No time to lose:
Reasserting UK leadership in financial and related professional services
Industry voices on our findings
- Yorkshire Building Society
- UK Finance
- Fidelity International UK
- Scottish Financial Enterprise
- RetailBook
- Investment Association
Yorkshire Building Society
Susan Allen OBE, Chief Executive
“TheCityUK and PwC report sets out a practical and ambitious plan to restore the UK’s leadership in financial services and I strongly support it.”
“As a member‑owned organisation rooted in Yorkshire and the North, we know that stronger regional ecosystems are essential to national prosperity. That is why Yorkshire Building Society led the creation of the Yorkshire and the Humber Financial and Professional Services Skills Commission, bringing together public, private and educational organisations to develop and maintain the supply chain of skills and talent our sector needs.”
“We’re ready to play our part, through digitising the homebuying journey, putting member savings to work in responsible mortgage lending, and continuing to support job creation and regional growth that underpins the UK’s long‑term success.”
UK Finance
Bob Wigley, Chairman
“Financial services are a vital part of the UK economy and a key driver of growth. As this report makes clear, we must act urgently and decisively to strengthen our global leadership position in an increasingly competitive international environment.”
“Enhancing the regulatory framework, accelerating the adoption of new technologies and maintaining a clear focus on UK competitiveness will be essential. If we get this right, the benefits for consumers, businesses and the wider UK economy are significant.”
Fidelity International UK
Peter Horrell, Chairman
“There is a significant opportunity to build a nation of investors; one where greater retail participation creates better outcomes for individuals while supporting innovation, company growth and a stronger domestic economy. By connecting well-informed investors with high-quality investment opportunities, we can help create a positive, self-reinforcing cycle of long-term growth for the UK economy.”
Scottish Financial Enterprise
Sandy Begbie CBE FRSE, CEO
“We welcome this important piece of work which underlines Scotland's significant role in the UK’s financial services sector. Scotland is a vibrant and diverse hub, home to a huge variety of organisations, from global institutions headquartered in Scotland to UK and international companies with substantial operations in Scotland. The value of Scotland to the wider UK financial services ecosystem, and London in particular, cannot be overstated. With two centres in the top 35 of the Global Financial Centres Index Scotland continues to punch above its weight in the financial services sector.”
RetailBook
James Deal, Co-CEO
"This report makes it clear: the UK's status as a global financial leader depends, in part, on our ability to build a true 'nation of investors'. With 15 million UK adults holding over £610 billion of investable assets in cash, there is a huge opportunity to channel these resources into investments that can work harder for investors, where appropriate to do so. We must use technology and partnership to provide education to investors, democratise access, simplify the path to participation, and ensure every individual can share directly in the nation's future growth."
Investment Association
Galina Dimitrova, Director of Investment and Capital Markets
“The UK’s financial services sector is entering a decisive period, with rapid technological change and shifting global competition reshaping how markets operate. Our industry has embraced these opportunities and worked closely with policymakers and regulators to modernise the UK's market infrastructure and investment culture.”
"But to remain competitive, we must now move faster and the report is right to call for greater urgency. Accelerating reform—simplifying regulation, decisive leadership on digital and tokenised assets, and enabling more people and businesses to benefit from investment—will be critical to securing the UK’s competitiveness and position as a leading financial centre for decades to come.”
Contact us
Partner, Financial Services Leader, PwC United Kingdom
Tel: +44 (0)7841 563947
