Read our Spring Budget 2024 Predictions & Wish list for the Financial Services Sector below.
Open finance
Open banking came into force on 13th January 2018. Designed to give consumers more control over their data, we have seen fintech companies utilise this to improve loans and help us manage our money better, but there was always an intention to take this further. An acceleration of the plans to ‘open finance’ could result in more talent setting up in the UK and benefits for consumers including quicker applications and lower loan rates.
Green Investing
We spoke about sustainable investing and the FCA’s SDR last year. We would support a reduction in green-washing of investments so that firms offering genuine green funds can benefit.
Measures to help bring down the costs to investors of green funds would be welcomed, especially where these can help with an acceleration of renewable energy projects both on and off shore.
Crypto-assets
The government has stoked interest at many crypto firms to consider setting up or re-locating to the UK following the passing of the Economic Crime and Corporate Transparency Bill back in 2022. A Central Bank Digital Currency (CBDC) or ‘Digital Pound’ would be a welcome introduction and help further position the UK as the place to base the next generation of financial services business. We are currently awaiting the results of the public consultation on the digital pound, but further financing to support this and a statement of intention to act quickly on its recommendations would help encourage growth.
For any enquiries, please get in touch with our financial services team or contact us via the form below:
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