Top sector bosses to join chancellor Reeves in shaping financial services strategy

UK chancellor of the exchequer Rachel Reeves is preparing to host a series of forums with financial services leaders in the coming weeks, including top executives from the insurance and reinsurance sectors.

Reeves will hold these industry forums with subsector leaders in January and February 2025, to help identify effective approaches for fostering sustainable growth within the financial services sector, while also supporting economic progress across the UK.

Feedback from the forums will help shape the government’s upcoming Financial Services Growth and Competitiveness Strategy, which is due to be published in the spring of 2025.

This work will additionally build on the insights gathered from the government’s related call for evidence, which concluded in December 2024.

Alongside the insurance sector, these industry forums will also reach out to leaders from retail banking, wholesale and international banking, asset management, fintech, mutuals and cooperatives.

Reeves said: “I am committed to working hand in hand with the industry to make sure that our plans are informed by those who both provide and utilise financial services, including those who know firsthand what is needed to unlock growth in and drive prosperity through our world-leading financial services sector.”

Biba’s call

Reeves’ announcement follows the launch of trade body Biba’s manifesto on 15 January 2025, which advocates for more balanced and proportionate regulation for brokers.

Entitled Partnering to deliver value, Biba revealed its manifesto at an afternoon event held at the Houses of Parliament.

The document calls for the removal of redundant FCA rules following the introduction of Consumer Duty, reforming product value and fair value assessment requirements, narrowing the scope of Consumer Duty to exclude larger commercial clients, streamlining reporting obligations, accelerating authorisations and introducing international comparison metrics for the regulator.

Biba chief executive Graeme Trudgill told Insurance Times: ”I’ve been saying for a long time that proportionate regulation is key to delivering the government’s growth mission.”