PIMFA has laid out a five-year agenda for the course of the new Government to seek wealth creation and help the UK achieve economic growth.

The agenda, Creating a UK Culture of Thriving Financial Health, builds on the policy priorities set out by the Labour Government.

PIMFA is the trade association for wealth management, investment services and the personal investment and financial advice industry. It said that while it agrees there is "significant scope" to drive investment and growth in partnership with the financial services sector, more focus should be given to the role that retail investors will play in delivering this outcome.

In doing so, PIMFA said this would create a "culture of thriving financial health" and promote long-term investments that benefit "not only individuals but also the broader UK economy", in turn "creating a foundation for sustained economic prosperity".

Chief executive at PIMFA, Liz Field, said: "The start of a new Parliament earmarks a natural reset point for industries to consider how they align with Government policy programmes and identify where they can work with Government to transform policy ambitions into positive tangible outcomes.

"As this Government will look to utilise the financial services sector to drive growth, investment and wealth, I believe that there is significant scope at this crucial early stage for the Government to look across the full spectrum of the financial services sector. This means looking to properly utilise the retail investment market, in addition to its traditional focus on capital provided by larger institutions."

PIMFA said that in order to achieve this culture of thriving financial health, the Government and regulators should focus on giving consumers the tools and incentives to save and invest for financial futures; maintain and grow the UK as the destination of choice for investors and investment; and provide regulatory and legislative clarity for firms to invest and grow.

Field added: “The wealth management and financial planning industry provides access for UK individuals to take a real stake in the economy through their investments as well as safeguard their own financial health. This principle of ownership should be a key consideration for the Government as it returns to its missions of wealth creation and growth. In setting out our agenda for Government today, we aim to show how elements of these Government missions can be delivered through harnessing a combination of change, and in some cases, stability.

“We look forward to working closely with the new Government and wish them every success in delivering upon their priorities for this sector across the term of this Parliament.”

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