SFE responds to Mansion House reforms

Chancellor of the Exchequer Jeremy Hunt MP set out a range of proposals in the annual Mansion House speech on 10 July.

Commenting on the proposals, Sandy Begbie CBE FRSE, Chief Executive, Scottish Financial Enterprise, said:

“We are encouraged to see several ambitious proposals set out in the Chancellor’s Mansion House Reforms, aimed at unleashing greater potential from the UK’s financial services industry. 

“Following the announcements of the Edinburgh Reforms and Solvency II reforms, these reforms are another encouraging sign of how the UK Government aims to fully harness the industry’s strength to unlock investment that can benefit entire economy, better fund our public services and support our customers to thrive.

“We’re pleased to see SFE members at the centre of the new agreement committing major pensions providers to allocate five per cent of assets in their default funds to unlisted equities by 2030. The agreement is a welcome example of how Scotland’s insurance, long term savings and asset management industries are driving our strategic ambition of creating and enabling sustainable growth in Scotland and the UK through greater collaboration.

“We look forward to continued engagement with both the UK and Scottish Governments as these and other reforms make their way through the legislative process. Our sector growth strategy will capture the opportunities these reforms present for our members and for the benefit of our customers, communities and the wider economy.