UK Finance, the prominent banking trade association, has issued a call to action for the incoming government to implement policies that will spur economic growth and enhance financial engagement.
Their financial services manifesto outlines key initiatives aimed at addressing critical issues such as financial education, fraud prevention, and support for net-zero investments.
A major proposal from UK Finance is the integration of financial education into the school curriculum. According to their findings, a significant 80 per cent of voters support improved financial education for students. The trade body believes that instilling financial literacy at a young age will build a more informed and financially capable populace.
Furthermore, UK Finance advocates for the establishment of a cross-government task force dedicated to tackling financial abuse. This initiative aims to provide a coordinated approach to addressing and mitigating financial crimes, ensuring stronger protections for consumers and businesses alike.
Addressing the pervasive issue of fraud, UK Finance has called for technology, social media, and telecom companies to share the burden of combating economic crime. This follows the introduction of mandatory reimbursement rules by the payments watchdog for cases of authorised push payment fraud. The association argues that these industries should contribute to the costs associated with fraud prevention and reimbursement.
Additionally, UK Finance is pressing for legislative changes to ensure that information held by Companies House is thoroughly verified and reliable. The urgency of this request is underscored by recent incidents where 800 fraudulent forms were submitted, affecting 190 companies, including members of UK Finance.
In alignment with the UK’s environmental goals, the trade body is advocating for clearer plans regarding the net-zero transition. They have requested a comprehensive roadmap for investments in key sectors and expanded authority for the UK Infrastructure Bank to fund net-zero projects. This move is seen as vital for securing sustainable economic growth and achieving environmental targets.
To bolster economic growth, UK Finance has proposed the appointment of a government champion for competitiveness. This role would involve reviewing and potentially reducing the regulatory burden on the financial services sector. Additionally, the trade body supports the creation of a new digital gilt backed by the Treasury, aimed at modernising the financial infrastructure.
David Postings, Chief Executive of UK Finance, expressed hope that by outlining these policy priorities, the sector could collaborate effectively with the government to foster a thriving society. “By working in partnership with the government, we can help build a better society for all,” Postings stated.
As the UK approaches the next election, UK Finance’s comprehensive policy agenda highlights the essential areas where government intervention and collaboration with the financial sector can drive significant positive outcomes for the economy and society.