I’m really pleased that the Treasury lends it's backing to the UK Asset Management industry. Following the final draft of the FCA report issued in 2017, the government has thrown it's hat into the ring to further highlight what a prominent role that the Asset Management industry plays not only because it represent around 1% of the UK's GDP, but also how the industry provides a solid tax, regulatory and innovative stronghold for the global investments industry.
As financial centre's such as London and Edinburgh face uncertainty over a post-Brexit environment, the Treasury's report provides a timely reminder of the importance that the UK plays in the global investing community. A commitment to back far reaching strategies ranging from diversity in the workforce to the use of Fintech to modernise the industry should help cement confidence in the UK as a global investment centre.
Let's hope that the government continues its commitment by working with industry leaders, the FCA and international investors to maintain the UK's standing as one of the world's most innovative investment venues. There remains a lot to be done particularly in an environment where fees and costs are facing tremendous scrutiny.