PIMFA sets out 5-year agenda for government to create a UK Culture of Thriving Financial Health

16 July 2024

PIMFA sets out 5-year agenda for government to create a UK Culture of Thriving Financial Health

PIMFA, the trade association for wealth management, investment services and the personal investment and financial advice industry, has set out its agenda for government over the course of this Parliament.

PIMFA's agenda: 'Creating a UK Culture of Thriving Financial Health' builds on and supports the policy priorities set out by this Labour government as it seeks to create wealth within the UK and ultimately deliver economic growth.

Whilst PIMFA agrees that there is significant scope to drive investment and growth in partnership with the financial services sector, we believe that more focus should be given to the important role that retail investors will play in delivering this outcome. PIMFA believes that this can be done primarily by equipping retail investors with the tools and incentives necessary to save and invest for their financial futures.

In doing this, PIMFA believes that we will create a culture of thriving financial health and promote long-term investments that benefit not only individuals but also the broader UK economy. This approach will, in turn, drive growth in productive assets and create a robust foundation for sustained economic prosperity.

To achieve this culture of thriving financial health, PIMFA believes the government and regulators should focus on three overarching aims:

- Giving consumers the tools and incentives to save and invest for their financial futures

- Maintaining and growing the UK as a destination of choice for investors and investment

- Providing regulatory and legislative clarity for firms to invest and grow

Liz Field, Chief Executive, PIMFA said: "The start of a new Parliament earmarks a natural reset point for industries to consider how they align with government policy programs and identify where they can work with government to transform policy ambitions into positive tangible outcomes."

"As this government will look to utilise the financial services sector to drive growth, investment and wealth, I believe that there is significant scope at this crucial early stage for the government to look across the full spectrum of the financial services sector. This means looking to properly utilise the retail investment market, in addition to its traditional focus on capital provided by larger institutions."

"The wealth management and financial planning industry provides access for UK individuals to take a real stake in the economy through their investments as well as safeguard their own financial health. This principle of ownership should be a key consideration for the government as it returns to its missions of wealth creation and growth. In setting out our agenda for government today, we aim to show how elements of these government missions can be delivered through harnessing a combination of change, and in some cases, stability."

"We look forward to working closely with the new government and wish them every success in delivering upon their priorities for this sector across the term of this Parliament."

NOTES TO EDITORS

About PIMFA - the Personal Investment Management & Financial Advice Association

• Read PIMFA's agenda: 'Creating a UK Culture of Thriving Financial Health' here.

• PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.

• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.

• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.

• PIMFA  leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.

• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991.
Further information can be found at pimfa.co.uk

• Visit PIMFA's public affairs web area here.

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