A vision for a transformed, world-leading industry

Setting the scene

The UK is at a unique juncture. New technologies are transforming the way we live, demographic trends are altering the shape of communities, and the global balance of economic power is shifting towards faster-growing markets. With the echoing uncertainty of Brexit, people are continually seeking clarity and reassurance. They want genuine, constructive advice from industry leaders – and a clear vision of what’s coming next.

Together, PwC's Strategy& and TheCityUK collaborated with industry, regulators and government to create an ambitious and practical report that sets out a positive roadmap for the future of the financial services industry to 2025.

A vision for a transformed, world-leading industry

"We need a longer-term strategy for FRPS through which the UK’s leadership position in financial services can be grown and sustained in a competitive environment. We need to look further afield and longer term than Brexit, and I’m delighted by the way the report does that.”

John MacfarlaneChairman of TheCityUK/Barclays

How we helped

We believe, that together with TheCityUK, we’ve established a vision that has started conversations and created a usable plan. A key element of the report is the establishment of a strategic partnership between government, regulators and industry. In order to take this forward, the report has been discussed with the leadership of both the FCA and the PRA, the two principle regulators for financial services, as well as HM Treasury and other government departments with which the FRPS industry interacts.

The report has also provided us with a real opportunity to engage our own people, affording them a credible tool to challenge our clients’ thinking and help them consider the impact of challenges they had not foreseen.

Making a difference

Since its launch in July at TheCityUK Annual Conference, the report has been taken to the Bank of England, the regulators and to board-level meetings with representatives from some of the biggest financial services firms in the world. Praised for its clear and coherent structure, we believe the report makes recommendations that firms and leaders can action to make positive changes today.

One of the defining features of this project has been the way in which people from all sides have engaged with it – individually and collectively seeing the need to create a vision in a way that had never been done before. That this report calls for a very different partnership between government, industry and regulators exemplifies its uniqueness. For example, to say the financial services sector should embrace digital is nothing new. But the way this report calls for a digital skills visa to help attract, recruit and retain the best digital talent into the industry relies directly on government intervention for it to be brought to fruition. So, the journey continues as we negotiate with government and with the regulators alongside industry participants to ensure the recommendations are acted upon in a substantive way.

Our interviews with Financial and related professional services leaders have highlighted that the industry is ready to transform itself in order to enhance trade and investment with developed, emerging and niche markets, to rebuild its relationship with customers, to embrace the technological revolution and to remain Europe’s global financial centre. By doing so, it will create opportunities across the UK – a network of strong financial centres not just in London but also in regional and national locations.