HM Treasury in the UK has published a report 'UK international financial services - the future' written by the Financial Services Global Competitiveness Group.
The report states that a reformed financial services sector (includes banking, insurance, asset management, organised and informal markets, and a wide array of supporting professional services) will play an important role in Britain's economic recovery by:
- Establishing a clear direction for the UK international financial services industry to partner with the wider economy and overseas markets
- Reaffirming the UK's reputation for competence, responsibility and trustworthiness
- Ensuring effective delivery
The report goes on to say that the UK's financial services sector can continue to be a world leader by working as a genuine partner of British business and emerging economies while embracing the need for global regulatory reform.