UK Finance Unveils Its Bold Plan for Growth
What’s Changing? In early March, UK Finance rolled out its Plan for Growth, a roadmap that gathers voices from the entire industry and outlines the tweaks needed to give the financial sector a bigger boost in the government’s economic agenda. It’s all about better benefits for consumers, businesses, and society.
Three Pillars of Debate
- Pro‑growth environment – A regulator‑friendly place where innovation can thrive.
- Future‑proof system – Adapting the financial engine for the long haul.
- Unlock value – Making banking, loans, and services more accessible to everyone.
What’s Already Happening
- The Payment Systems Regulator has been folded into the FCA, simplifying the UK’s regulatory landscape.
- The FCA will keep using the “exceptional circumstances” test instead of naming companies outright for enforcement.
- Lending rules are getting a makeover that promises better mortgage outcomes for customers.
- The PRA plans to raise the retail deposits leverage ratio threshold, giving a brighter future for competitive firms.
- The government is set to re‑examine the Financial Ombudsman Service to curb its quasi‑regulatory role.
Further Proposals
Beyond the successes, the document throws a full suite of recommendations at the government and regulators, all built on the “Mansion House” reform agenda introduced by the Chancellor in November 2024.
Key Voice: David Postings, CEO of UK Finance
- “Financial services are the beating heart of the economy.”
- He argues we should shift from a risk‑centric regime to one built on modern, internationally‑competitive principles.
- He’s hopeful: “The government and regulators have already moved in the right direction, and we need more of the ideas in our plan to truly lift growth and benefit people everywhere.”
Keeping the UK at the forefront of global finance isn’t just a slogan—it’s a strategy. Stay tuned for real‑time updates on this exciting journey.
