UK financial services sector developments

The UK financial services sector is implementing new strategies to address regulatory changes and professional shortages.

Following the loss of passporting rights after Brexit, firms are developing services to support British expatriates living in the European Union. Blevins Franks launched European Client Solutions (ECS) to connect UK-based advisers with local specialists in countries such as France, Spain, Portugal, Cyprus, and Malta to manage tax and investment compliance. Similarly, AAF Financial established AAF Financial Planning Europe to provide guidance for the estimated 1.3 million British expats residing on the continent.

Concurrently, the industry is focusing on professional development and workforce growth. The Future Financial Adviser (FFA) digital community has launched to assist professionals transitioning from mortgage advice into financial planning, aiming to mitigate a projected shortage of 50,000 advisers. Additionally, the London Foundation for Banking and Finance and the London Institute of Banking & Finance have introduced a chartered pathway for experienced mortgage advisers to strengthen consumer trust and recognize technical expertise.