UK Finance, a leading trade association representing the banking sector, has urged the new government post-election to prioritize policies aimed at stimulating economic growth and enhancing financial security. In their financial services manifesto, UK Finance presents specific initiatives targeting crucial issues such as financial education, fraud prevention, and support for net-zero investments.
A key proposal put forth by UK Finance is the inclusion of financial education in the school curriculum. A recent survey by the trade body revealed that an overwhelming 80 percent of the public support improved financial education for students. The organization contends that providing young people with financial literacy at an early age will lead to a more informed and financially capable society.
Additionally, UK Finance advocates for the establishment of a cross-government task force dedicated to addressing financial abuse. This task force would work towards implementing a coordinated approach to combat financial crimes, offering enhanced protection for consumers and businesses.
Regarding fraud, UK Finance recommends increased involvement from technology, social media, and telecom companies in combating economic crime. They particularly emphasize the need for these industries to share responsibility for the costs associated with fraud prevention and reimbursement, following the recent introduction of mandatory reimbursement rules by the payments watchdog for cases of authorized push payment fraud.
Furthermore, the trade association calls for legislative changes to ensure that information held by Companies House is thoroughly verified and reliable. Recent incidents involving hundreds of fraudulent forms submitted, affecting nearly 200 companies, including members of UK Finance, underscore the urgency of this request.
In alignment with the UK’s environmental objectives, UK Finance also seeks clearer plans for the transition to net-zero. They specifically request a comprehensive roadmap for investments in key sectors, as well as expanded authority for the UK Infrastructure Bank to fund net-zero projects, crucial for sustainable economic growth and environmental targets.
To further enhance economic growth, UK Finance proposes the appointment of a government champion for competitiveness. This individual would review and potentially reduce the regulatory burden on the financial services sector. Additionally, the trade association supports the creation of a new digital gilt backed by the Treasury to modernize the financial infrastructure.
David Postings, Chief Executive of UK Finance, expressed optimism that by outlining these policy priorities, the sector could effectively collaborate with the government to build a thriving society. “By working in partnership with the government, we can help build a better society for all,” Postings stated.
As the UK prepares for the upcoming election, UK Finance’s comprehensive policy agenda highlights several crucial areas where government intervention and collaboration with the financial sector can yield significant positive outcomes for the economy and society.