The government should support reform of regulation, innovation in compliance, tax policy stability and financial literacy if it wants to fully unlock the potential of financial services and, in turn, its ability to boost the UK economy, a report has concluded.
The report, from Personal Investment Management & Financial Advice Association (PIMFA), UK Finance and KMGP UK said these four key barriers must be addressed. The report comes at a critical time as the chancellor prepares her growth and competitiveness strategy for financial services, the bodies said. Based on interviews with CEOs and senior leaders from across private banking and wealth management (PBWM), financial advice and related services, UK Private Banking and Wealth Management: Harnessing the Sector to Deliver Economic Growth outlined the "reforms required to unlock the sector...
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