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 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
Contact us
Partner, Financial Services Leader, PwC United Kingdom
Tel: +44 (0)7841 563947
