Government annual review: State of the financial service sector 2023

The State of the Sector: annual review of UK financial services 2023 has been revealed which is the second annual report of its kind which focuses on the attractiveness and international competitiveness of the UK financial services.

The review was prepared by the City of London Corporation, in partnership with HM Treasury and built upon the first report which was released in 2022, as recommended by Lord Hill’s UK Listing Review in 2021.

The 2021 report outlines key performance indicators and opportunities for growth, summarising the governments work to boost the sector and retain its position as a global financial centre, offering suggestions for potential reforms.

The UK fintech sector is currently the top-ranking investment destination in Europe, accounting for more capital invested that Germany, Sweden, France, Switzerland and the Netherlands combined and ranks second globally  behind the US and the report offers insights into how to retain this position.

Wayne Johnson, CEO and co-founder, Encompass Corporation, commented: “With this latest review of the UK’s financial services industry highlighting progress made – and areas for development – when it comes to promoting competitiveness and driving growth, particularly, it is important to recognise the focus on utilising best-in-class technology to bolster that growth.

“With ongoing efforts aimed at boosting the UK’s standing as a global financial centre, it imperative that we continue to support innovation, which ultimately impacts economic stability, for the benefit of businesses and the country as a whole. The UK is currently Europe’s leading FinTech hub and, to retain this position, we must continuously foster an environment that allows game-changing technology-driven solutions and processes, such as Know Your Customer (KYC) process automation, to be developed and implemented.

“As the UK targets growth, technology will continue to play a vital role and it is important that all parties – including businesses, the Government and the regulator – work together to meet ongoing aims. This collaboration will be key to unlocking full potential, and the UK being seen as a prime location to do business with and within.”

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