10
Nov
2020

IA comments on the Chancellor's financial services speech

Commenting on the Chancellor’s financial services speech today, Chris Cummings, Chief Executive of the Investment Association said:

“This is welcome news from the Chancellor. Financial services will be critical in driving the economy to net zero, and the launch of the UK’s first Sovereign Green Bond, combined with plans to make TCFD disclosure mandatory by 2025, are important and ambitious steps as we seek to build a more resilient and sustainable financial system.

“We’re also pleased to see the Chancellor back our proposal for a new fund structure, the Long Term Asset Fund, which will allow people to invest in more illiquid assets like infrastructure and support future economic growth across the UK.”

On Brexit Chris Cummings said:

“We support the Chancellor’s approach to equivalence – taking a technical approach instead of a political one. Today’s announcements will provide UK-based firms a degree of clarity regarding access to critical infrastructure post-Brexit, and all eyes will now be on the Commission to reciprocate in the interest of savers and investors across Europe.”

Notes to Editors

For more on the IA's LTAF: view press release

To view the IA's UK Funds Regime Working Group final report

For further information, please contact:

Katie Martin, Head of Communications: [email protected]

T: +44 (0)20 7269 4655

Helen Ayres, Communications Manager: [email protected] 

T: +44 (0)20 7269 4620

David Parton, Communications Executive: [email protected]heia.org

T: +44 (0)20 7269 4625

IA press office: [email protected]

T: 020 7269 4696

About the Investment Association (IA):

  • The IA champions UK investment management, supporting British savers, investors and businesses. Our 250 members manage £8.5 trillion of assets and the investment management industry supports 113,000 jobs across the UK.
  • Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
  • Our purpose is to ensure investment managers are in the best possible position to:
    • Build people’s resilience to financial adversity
    • Help people achieve their financial aspirations
    • Enable people to maintain a decent standard of living as they grow older
    • Contribute to economic growth through the efficient allocation of capital.
  • The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
  • The UK is the second largest investment management centre in the world, after the US and manages over a third (37%) of all assets managed in Europe.