Press Release
Financial Services Growth and Competitiveness Strategy: Grant Thornton Head of Financial Services response
16 Jul 2025
Responding to the publication of the Financial Services Growth and Competitiveness Strategy, Alex Ellerton, Partner and Head of Financial Services, Grant Thornton UK said:
“I welcome the Government’s announcement on the new Financial Services strategy made at Mansion House on 15 July. It’s clear that in the Leeds Reforms, the Government recognises the critical role the Financial Services sector will play in realising the UK's growth ambitions across the country, from the global financial powerhouse of London, to the rapidly growing Fintechs in the significant regional hubs and centres of excellence for our industry.
“Whatever your view on the window-dressing, and whether this really does represent simplification, de-regulation or simply optimisation of the financial system at a critical economic juncture, the raft of measures represents the most significant changes we've seen in over a decade. The Chancellor's decision to reform bank ringfencing rules and the Senior Managers & Certification Regime should play a part in supporting growth while streamlining the regulatory landscape. Other developments, where retail Financial Services are front and centre, include updated Consumer Duty rules and retail investment commitments, should really play to the sector’s strengths and encourage investment provided that the signal for a fundamental re-set in risk appetite is heeded by all stakeholders.
"UK Financial Services on the international stage is an important part of UK plc and, in addition to other developments, the new Office for Investment concierge service will provide an effective one-stop shop for international firms entering the UK’s Financial Services market. By guiding them through the complexities of the process, and combined with changes to authorisation rules, this will help to significantly speed up their ability to access the market.
“The goal of doubling net financial services exports is ambitious, but with a predictable yet agile regulatory environment, is achievable. These reforms could be the catalyst our sector needs to drive genuine economic growth, giving the UK’s financial sector a competitive edge with international peers.
“Allowing banks to directly alert customers about investment opportunities from April 2026 was interesting and shines a light on a real need for a step-change in pervasive views of risk appetite and risk acceptance in retail investment markets. This will be a clear test of whether the views of customers, markets, financial institutions, regulators and government can align to drive the right kind of change that sees all stakeholders appropriately accountable for outcomes over the longer term.
“However, effective execution will be everything. Regulatory promises have been made before, but this feels like a strong attempt to rebalance toward growth while maintaining stability.”
