Financial Services
The financial services sector is one of the UK's largest and most productive — worth around 9% of total economic output and an enabler of growth across the whole economy. People and businesses rely on the sector every day, from securing mortgages and managing pensions to raising capital and accessing lending.
The Financial Services Sector Plan sets out how government and industry will work together to maintain and strengthen the UK's position as a global financial centre - modernising regulation, unlocking investment, and making sure the benefits of a world-leading sector are felt in every part of the country. By 2035, our ambition is for the UK to be the world's most innovative full-service financial centre.
What this means in practice:
- Joint FCA/PRA Scale-Up Unit is providing banks and building societies with tailored support to navigate the regulatory landscape and grow with confidence.
- In West Yorkshire, a dedicated Financial Services concierge through the Office for Investment is actively promoting the Northern Square Mile in Leeds as a destination for global financial services businesses.
- New rules established through the Public Offers and Admissions to Trading Regulations regime are making it easier for firms to raise UK capital and reduce costs when admitting securities to markets.
- The Berne Financial Services Agreement is now live, allowing UK financial firms to register for cross-border wholesale-focused Swiss market access - opening new opportunities for firms of all sizes.
These are not one-off decisions. They are part of a long-term plan that is giving financial services businesses the confidence to invest, hire and grow.
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Sector Plan
The Financial Services Sector Plan sets out the joined-up decisions government is making on regulation, capital markets, investment and innovation — giving financial services businesses the stability they need to make long-term decisions.
Sector Planopens assets.publishing.service.gov.uk in a new tab
A Financial Services Jobs Plan is coming — setting out how government and industry will work together to build the skills pipeline and create thousands of secure, well-paid jobs across the sector and across the country.
A targeted mix of support for the sector
£50 billion mobilisation via pension reforms
Pension reform is creating investment "megafunds" — unlocking tens of billions of pounds of long-term capital for investment in UK businesses and infrastructure, and creating new opportunities for growth firms to raise patient capital.
PISCES — a new private market exchange
The Private Intermittent Securities and Capital Exchange System offers growing companies an alternative route to raise capital and scale without the cost and complexity of a full public listing — helping more UK businesses stay and grow here.
Support for your financial services business
Whether you are a fintech startup, a growing asset manager, or an established financial institution looking to expand, there is a range of support available to help you grow.
- FCA/PRA Scale-Up Unit
The joint Financial Conduct Authority and Prudential Regulation Authority Scale-Up Unit provides dedicated regulatory support for banks, building societies and financial firms looking to scale. Helping you navigate the regulatory landscape step by step.
Scale-Up Unitopens www.fca.org.uk in a new tab
- British Business Bank
Investment support for high-growth financial services and fintech firms through its £4 billion IS Growth Capital programme — helping businesses start, scale and secure private investment.
Find out moreopens www.british-business-bank.co.uk in a new tab
- UK Export Finance (UKEF)
Helping UK financial services businesses compete and win in global markets, supporting firms to seize large-scale international opportunities.
UKEFopens www.ukexportfinance.gov.uk in a new tab
- Office for Investment — Financial Services concierge
Dedicated support to help global financial services businesses invest and locate in the UK, including in regional clusters such as the Northern Square Mile in Leeds.
More informationopens www.gov.uk in a new tab
Support to grow your business
Access a broad package of support designed to help businesses scale more quickly, at lower cost, and with greater ease, including:
- Step-by-step guidance through the practical steps to scale your business
- Overview of funding and grants available
- Information on events and networks relevant to the business sector and industry
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