UK Finance, the prominent banking trade association, has issued a call to action for the new government to implement policies that will boost economic growth and increase financial inclusion.
Their financial services manifesto outlines key initiatives aimed at tackling critical issues such as financial education, fraud prevention and support for net-zero investment.
A key proposal from UK Finance is the integration of financial education into the school curriculum. According to their findings, a significant 80 percent of voters support improved financial education for students. The trade body believes that teaching financial literacy at a young age will lead to a more informed and financially capable population.
In addition, UK Finance is calling for the establishment of an intergovernmental task force to tackle financial abuse. This initiative aims to provide a coordinated approach to tackling and mitigating financial crimes, ensuring stronger protection for both consumers and businesses.
To tackle the widespread problem of fraud, UK Finance has called for technology, social media and telecoms companies to share the burden of tackling economic crime. This follows the introduction of mandatory refund rules by the payments watchdog for cases of authorized push payment fraud. The association states that these industries should contribute to the costs associated with fraud prevention and reimbursement.
In addition, UK Finance is calling for changes in the law to ensure that the information held by Companies House is thoroughly verified and reliable. The urgency of this request is underlined by recent incidents in which 800 fraudulent forms were submitted, affecting 190 businesses, including members of UK Finance.
In line with the UK's environmental targets, the trade body is calling for clearer plans for the transition to net zero. They have called for a comprehensive roadmap for investment in key sectors and an extension of powers for the UK Infrastructure Bank to finance net-zero projects. This step is seen as essential for securing sustainable economic growth and achieving environmental goals.
To strengthen economic growth, UK Finance has proposed the appointment of a Government Competitiveness Champion. This role would entail reviewing and potentially reducing the regulatory burden on the financial services sector. In addition, the trade body supports the creation of a new digital government bond, backed by the Ministry of Finance, aimed at modernizing the financial infrastructure.
David Postings, Chief Executive of UK Finance, expressed the hope that by outlining these policy priorities, the sector could work effectively with government to promote a thriving society. “By working together with the government, we can help build a better society for everyone,” Postings said.
As Britain approaches the next election, UK Finance's comprehensive policy agenda highlights the key areas where government intervention and collaboration with the financial sector can deliver significant positive outcomes for the economy and society.
