Comment on the Chancellor's Mansion House speech

The Strategy aims to kickstart growth in the financial services sector, supporting the vision for a competitive sector that enables growth across the rest of the economy. As part of the Mansion House speech, the Chancellor announced two significant initiatives to be led by the Financial Services Skills Commission with the development of a skills compact for financial services to help ensure the sector has the skills it needs to thrive in the future, and a research initiative into the impact of AI on skills in the financial services.

Other announcements included the Leeds Reforms that will aim to make the UK the number one destination for financial service businesses by 2035, the issuing of a consultation into a review of the Financial Ombudsman Service (FOS), the new consultation on reforms to the Senior Managers & Certification Regime which aims to reduce regulatory burdens whilst maintaining high standards in the financial services sector, and the Government’s response to the Captive Insurance consultation that ran between November 2024 and February this year.

The CII and PFS intend to play a leading role in shaping these important pieces of legislation, which directly affect our members, as well as the clients and customers they serve."

Adam Harper, Executive Director, Strategy, Advocacy and Professional Standards