Vision for Economic Growth — a roadmap to prosperity 17 Big move #1 Develop a UK FPS Strategy and FPS Partnership Council to support it A UK FPS Strategy would outline how government intends centre“. It is now time to follow up systematically to set the conditions for growth for a thriving UK-based through a more formalised strategy with clear timelines FPS sector. Financial centres around the world set out and KPIs. This UK FPS Strategy would signal to the world their ambition and direction for their global 昀椀nancial the ambition of government to work with regulators and centre in long-term strategies (see Figure 5). The UK the industry to further develop the UK’s world-class has made a good start, both from government via HMTʼs FPS industry and use that strength to galvanise UK “A new chapter for 昀椀nancial services” and industry via economic growth. TheCityUKʼs “Making the UK the leading global 昀椀nancial Figure 5: Overview of select FPS strategies36 Non-exhaustive Many countries have established FPS strategies. A selection of these are highlighted below, but other examples include Switzerland, Luxembourg, and Japan. Country Title Timescale Last updated United Kingdom A new chapter for 昀椀nancial Not speci昀椀ed Published H2 2021 services (HMT) Making the UK the leading global 2021-2026 H2 2021 昀椀nancial centre (TheCityUK) Central Library Building, Cardi昀昀 Ireland Ireland for Finance 2019-2026 H1 2022 (most recent (via the Update to new regulatory regimes, such as the voluntary code strategic review) Ireland for Finance) A balanced approach to risk-taking. Government, industry, and regulators can adopt a balanced approach of conduct being developed on environmental, social, to risk-taking that seeks to manage rather than eliminate and corporate governance (ESG) ratings and data risk. This can: with the International Regulatory Strategy Group ITM (2016-2020) H2 2022 Singapore Financial Services Industry 35 (IRSG). • Create better economic outcomes for UK citizens They could also jointly experiment on new Transformation Map (ITM) and ITM 2025 (via the launch and business. For example, if UK-based investors product innovations without 昀椀rms feeling they must (2021-2025) of the Financial Services ITM 2025) have all the answers 昀椀rst, as is being demonstrated (including pension funds) were more willing to invest through the 昀椀nancial market infrastructure (FMI) in high-growth, unlisted 昀椀rms as part of a diversi昀椀ed sandbox sponsored by HMT, the FCA, and the BoE. portfolio, then long-term savers could bene昀椀t from United Arab Emirates Business Plan 2007-2024 H1 2023 E昀昀orts such as these do not dilute high standards of greater returns, and UK 昀椀rms could access a deeper (昀椀rst publication (via the Business pool of capital (see Chapter 2). supervision, nor do they reduce 昀椀rm compliance. But in 2007) Plan 2023/2024) • Unlock innovation across regulators and supervised they do streamline the path for 昀椀rms and regulators to innovate. 昀椀rms. For example, regulators could increase their appetite to assess industry proposals for inclusion in NB cover images re昀氀ect most recent publication, if the strategy is an update in a series