Press Release

WMA comments on US and UK cyber games

16th January 2015

As the British Prime Minister David Cameron and US President Barack Obama meet to discuss the growing threat of cybercrime and the increasing risk to business, Liz Field, CEO of the Wealth Management Association, the trade body whose members manage £650 billion of private clients assets, welcomes the support and believes that it should remain at the top of the agenda of policy-makers.

She comments: “We welcome the support from Prime Minster David Cameron and President Barack Obama to help improve the resilience of British, European and American companies to the ever growing threat of cyber attacks. Businesses are increasingly playing a bigger role in tackling the evolving problem of cybercrime, with a particular emphasis on the risk posed to the financial services sector.”

She adds: “Business is increasingly global due to the growing reliance on technology and the internet. Companies remain vigilant in their day-to-day operations and have implemented a range of safeguards, such as anti-money laundering initiatives and the protection of valuable client data to safeguard clients.

The sector is well aware of the increased danger and is working in close collaboration with the authorities to support policy makers to counteract the threat.  The WMA itself sits on various cross-industry groups to develop guidance and have a specific conference on financial crime, as well as developing specific guidelines for members.”

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Notes for Editors

About the Wealth Management Association (WMA)

The Wealth Management Association is a trade association that represents 186 firms and prides itself on working for the investment industry. Of this number 110 members are wealth management and stockbroking firms that deal directly for private investors. They deal in stocks and shares and other financial instruments for individuals, trusts and charities and offer a range of services from execution only trading (no advice) through to full portfolio management. The remaining 76 are associate members who do not deal directly for the private investor but provide professional services to our member firms. 

  • Our member firms manage in excess of £650 billion of wealth in the UK, Ireland, Channel Islands and Isle of Man and operate across more than 580 sites, employing c.32 000 staff.
  • They also run just under 6 million client portfolios, carry out over 20 million trades a year and represent over 4 million private investors in the stock market.
  • WMA’s aim is to ensure that regulatory, tax and other changes across Europe are appropriate and proportionate for the investment community.

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