The UK government recently set out plans to ease core insurance and banking rules in a fresh attempt to boost the investment in the nation’s crucial financial sector after formally withdrawing from the European Union (EU) in 2020, following a public vote in 2016.
UK consumers seeking to help strengthen the nation’s financial infrastructure by investing typically take independent financial advice in Shropshire, Buckinghamshire and other counties. Independent financial advisors (or IFAs for short) like wealth managers are trusted to supply an unbiased and expert assessment of potential investments and to explain risk involved in simple language without using jargon.
Brexit has severed Britain’s finance industry from most of the EU. The UK’s finance sector accounts for approximately 12% of the country’s economic output, and now industry officials want the government to begin speeding up reforms to aid it in remaining a global competitor.
Britain’s financial centre London is also facing tough competition in company listing from New York. According to a recent report, another close competitor of the UK is Singapore, which is almost ranked equally with London as an international financial hub.
Continuing from the Edinburgh Reforms, which were originally outlined in December last year, the UK’s Finance Ministry has established a public consultation on the proposed secondary legislation designed to implement recommendations made by a review panel of investment experts.
If approved, the new amendments, which are designed to enhance investment in the UK finance sector, will potentially come into effect as early as next year.
