With technology rapidly transforming the financial services sector, the CBI’s report Funding our Future outlines the need for an agile and robust UK regulatory and taxation regime to deal with new challenges, risks and demands. The report puts forward nine clear policy recommendations to enable financial services to deliver prosperity across the UK.
The CBI engaged with members and trade associations, as well as customers of financial services, to explore how the sector is grappling with technological change, shifting regulatory expectations and tax policy, as well as emerging risks, particularly around cyber-security.
Funding our future stresses the importance of a step-change in regulatory and taxation culture to support world-class financial services that deliver great customer outcomes.
Keeping the UK competitive and at the forefront of global financial services requires:
- A change in approach to put customers first
- Government and regulators to work better with the global financial services industry to avoid unintended consequences of regulation
- An acceleration of efforts to ensure the regulatory environment supports rather than stifles innovation.