Chancellor Philip Hammond announced a strategy to improve training and the use of financial technology in the asset management industry in today’s (22 November) Budget.
The Budget document said: “The government will publish a new long‑term strategy to ensure that the UK asset management industry continues to thrive and deliver the best possible outcomes for investors and the UK economy.
"This will include actions, to be taken forward in close collaboration with the industry, on skills, harnessing financial technology solutions, mainstreaming innovative investment strategies, and continuing a coordinated programme of international engagement.”
The announcement is contained on page 50 of the Budget document.
This is additional to previously announced strategies, though the impact, effectiveness and ways in which this strategy will differ from anything previously announced are not clear.
Chris Cummings, chief executive of the Investment Association said: “The chancellor's announcement today to publish a new strategy for the asset management industry demonstrates how central our industry is to our country's economy and to financial services.
"This strategy forms part of a package of measures, alongside the Asset Management Taskforce launched this autumn, which will provide our sector with a roadmap to help firms thrive through Brexit and beyond. These measures will help to ensure our industry continues to deliver the best possible outcomes for savers and the UK economy in the years to come.”
David.Thorpe@ft.com
