PIMFA said its agenda supports the policy priorities set out by Labour as it seeks to create more wealth within the UK and ultimately deliver economic growth. 

Labour will set out its plans today in the King's Speech.

Entitled ‘Creating a UK Culture of Thriving Financial Health’, the agenda calls for more focus to be given to the role that retail investors will play in delivering investment and growth in in partnership with the financial services sector.

PIMFA said it believes that can be done primarily by equipping retail investors with the tools and incentives necessary to save and invest for their financial futures. The trade body said that would create a culture of thriving financial health and promote long-term investments that benefit not only individuals but also the broader UK economy.

The approach will, in turn, drive growth in productive assets and create a robust foundation for sustained economic prosperity, it said.

PIMFA urged the government and regulators to focus on three overarching aims:

• Giving consumers the tools and incentives to save and invest for their financial futures
• Maintaining and growing the UK as a destination of choice for investors and investment
• Providing regulatory and legislative clarity for firms to invest and grow

Liz Field, chief executive, PIMFA said: “The start of a new Parliament earmarks a natural reset point for industries to consider how they align with government policy programs and identify where they can work with government to transform policy ambitions into positive tangible outcomes.”

“As this government will look to utilise the financial services sector to drive growth, investment and wealth, I believe that there is significant scope at this crucial early stage for the government to look across the full spectrum of the financial services sector. This means looking to properly utilise the retail investment market, in addition to its traditional focus on capital provided by larger institutions.”

She said the principle of ownership should be a key consideration for the government as it returns to its missions of wealth creation and growth.

Ms Field added: “In setting out our agenda for government today, we aim to show how elements of these government missions can be delivered through harnessing a combination of change, and in some cases, stability.”