PIMFA letter to new Prime Minister Boris Johnson
25th July 2019
The Rt Hon. Boris Johnson MP
The Prime Minister
10 Downing Street
Dear Prime Minister,
I would like to congratulate you on your election as the new Conservative Party Leader and Prime Minister. We would also like to offer you an open invitation of a platform for any future speech you are minded to make on savings, both long and short, personal Investment and the UK Financial Sector.
The Personal Investment Management and Financial Advice Association (PIMFA) is the UK’s leading trade association for firms that provide investment management and financial advice. Our members provide that advice and support to everyone from individuals and families with small savings, pensions savings, investments, UK charities, pension funds, trusts and companies, both large and small. Our firms currently manage approximately £1.6tn of individuals’ and families’ savings and investments.
As you may know, PIMFA has approximately 55,000 individuals members based all over the country, not just in the City, with more than two-thirds of the staff in our members’ firms based outside of London in every corner of the UK and who are predominantly small to medium sized businesses. As a nationwide membership organisation, the infrastructure of the City financial institutions is a crucial component of the work of our firms. It is essential that the City is able to remain a globally pre-eminent location of choice.
PIMFA is a thoughtful and constructive participant in the discussions on financial services. Reflective of that, last year we launched our Members Manifesto which lays out our organisation’s five-year approach to creating the optimal UK operating environment for member firms to deliver services and meet the needs of savers and investors.
At the core of the Manifesto are six pillars summarising the areas of focus that will contribute to a vision for the sector. Our proposals are the product of extensive consultation amongst our 55,000 members and our key stakeholders including government and regulators. The crucial components of continued success include designing the sector for the future, enabling the widest possible access to it, encouraging digital business transformation through a sector-wide digital strategy, ensuring its appropriate and proportional regulation, developing robust and thriving retail investment markets, and facilitating proper business security and protection.
We believe, like you do, that there needs to be an increased level of financial literacy, particularly amongst young people and older people too as they approach key life-altering financial decisions and PIMFA’s aim is to promote a culture of savings and investments so that more individuals prepare and are equipped for their financial futures.
As you will be aware from your time as London Mayor, our firms look after savers and investors of all types and ages from families looking to support children, young people exiting education and into the world of work, couples saving to buy a home or invest in their pensions, as well as those seeking advice on savings and investments into retirement and through providing for care.
Like you, we are committed to protecting the UK’s position as a global leader and London’s competitive advantage as a financial centre. As you are well aware, the decisions taken by the Government will be crucial in maintaining this success. PIMFA and our 55,000 members across the UK look forward to working with you and your Ministerial team to deliver prosperity, build a greater savings culture and ensure financial security.