The UK financial services sector has experienced more turbulence and change in the last 5 years than probably the previous 20. This has affected each and every one of us and the effects continue to be far-reaching, no less within the industry itself. Changes in regulations have seen thousands of independent financial advisors (IFAs) take early retirement in the face of a requirement to gain a whole raft of professional qualifications that weren’t necessary previously in order to trade.
Independent mortgage brokers too have consolidated, with the property market collapse being too long and sustained for them to survive to benefit from the current resurgence in housing market confidence.
The large wealth management companies too have gone through a period of growth and consolidation, as asset management has become more complex and skilled in order to achieve strong levels of returns for clients. Just the latest change is a greater transparency of fee structures, being imposed in April 2014. This follows a review of industry charges known as the Retail Distribution Review. This will mean that the previously blanket annual management charge of, for example, 1.3% a year must now be broken down into a clear list of fees. This shake-up has in turn been the catalyst for a potential price war in asset management charges, with many large companies announcing reductions in their charges ahead of this greater transparency.
What does all this change mean to you as a business if the financial services sector is one where you have customers or potential customers?
It certainly means that any data list you may have is likely to be inaccurate and out of date. It also means that as a sector experiencing such a high level of regulatory and market change, it needs a raft of different external services. Do you provide financial services industry accreditation and regulatory advice? Are you a training company, able to provide training in change management or in specific financial services qualifications? Maybe a good PR agency is what a firm needs right now to enhance the battered image of financial services…
Whatever professional service you offer, there’s probably never been a better time to reach out to an up-to-date list of the top 2000 UK financial services companies. And at Business Data Prospects, this is a key list we supply: www.businessdataprospects.com/portfolio-item/financial-services-data/.
To find out more, call us on 0333 200 1860