As the FTSE closes for trading for the last time in 2016 it is a good time to reflect on what 2017 may bring and to take a longer term view of the future of financial services in the UK. I recently participated in a panel discussion with the London School of Economics Growth Commission on the future of financial services and the City of London. Brexit dominated discussion. I argued that the City faced a number of challenges that pre-dated Brexit: decline in public trust; regulatory overload; technological change; and a global shift of markets towards Asia. Brexit may compound and accelerate these challenges and changes and it is important to think about how Brexit will interplay with these trends - rather than simply thinking about the impact of Brexit on the City of London as it is today.
Similarly, Brexit provides an opportunity to develop a new vision of the City of London and to shape a vibrant future for UK financial services. At The LSE Growth Commission I outlined some ideas - including a renewed focus on the intrinsic purpose of financial services and a more long-term approach; in turn supported by a continued emphasis on innovation (and maintaining London as the global centre for fintech), a greater focus on developing the right culture and leadership rather than reliance on tick-box compliance, and attracting and developing talent.
This is summed up in a short video: Regulation, tech, trust and Brexit
The full discussion, with presentations by a formidable and insightful group of experts can be watched here: LSE Growth Commission: Finance and the City of London
the importance of maintaining UK’s place as world capital of fintech in Brexit negotiations