PIMFA Unveils Ambitious Five-Year Plan to Cultivate a Culture of Thriving Financial Health in the UK

PIMFA, the trade association for wealth management, investment services, and personal investment and financial advice industry, has revealed an ambitious five-year plan aimed at cultivating a culture of thriving financial health in the UK. The organization is urging the government and the Financial Conduct Authority (FCA) to prioritize retail investors in order to drive economic growth and create wealth within the country.

The plan, titled ‘Creating a UK Culture of Thriving Financial Health,’ aligns with the policy priorities set out by the current Labour government. PIMFA emphasizes the importance of equipping retail investors with the necessary tools and incentives to save and invest for their financial futures. By focusing on retail investors, PIMFA believes that a culture of thriving financial health can be established, leading to long-term investments that benefit individuals and the broader UK economy.

To achieve this goal, PIMFA has outlined three overarching aims for the government and regulators:
1. Giving consumers the tools and incentives to save and invest for their financial futures
2. Maintaining and growing the UK as a destination of choice for investors and investment
3. Providing regulatory and legislative clarity for firms to invest and grow

Liz Field, Chief Executive of PIMFA, emphasized the importance of aligning with government policy programs and working together to transform policy ambitions into tangible outcomes. She highlighted the potential for the government to leverage the retail investment market in addition to focusing on capital provided by larger institutions.

The wealth management and financial planning industry play a crucial role in allowing individuals to take a stake in the economy through their investments and safeguard their financial health. PIMFA’s agenda aims to demonstrate how government missions of wealth creation and growth can be achieved by harnessing a combination of change and stability.

PIMFA looks forward to collaborating closely with the government to deliver upon their priorities for the financial services sector throughout the term of this Parliament. The organization’s plan sets a bold vision for cultivating a culture of thriving financial health in the UK, with a focus on empowering retail investors to drive economic prosperity.