The UK-US financial and related professional services relationship is an important one. The US is the UK’s largest single-country trading and investment partner in financial services, and vice-versa. The UK and US are market leaders in key sectors such as investment banking, asset management, insurance, FinTech and professional services. All these sectors play a critical role in delivering economic growth, jobs and national economic security.
The newly inaugurated Republican administration and Congress offers a strategic opportunity to build on already extensive and productive exchanges on policy issues impacting the financial and related professional services industry.
There are opportunities to strengthen the US-UK trade and investment relationship in financial and related professional services including:
- Enhancing the US-UK data bridge to encompass financial services, fostering closer regulatory alignment on broader technological advancements, including Artificial Intelligence (AI), digital assets, and cybersecurity.
- Aligning UK pension reforms to attract US investment in productive and financial assets.
- Cooperation to work towards a common or mutually recognized framework of guardrails for AI and related supervisory frameworks.
- Fostering cooperation in short-term business mobility such as streamlining the UK’s Senior Managers and Certification Regime (SMCR).
- Developing a cross-border, transatlantic innovation ecosystem which combines private capital with the development of next generation technologies, particularly in the fields of AI, distributed ledger technology (DLT), cybersecurity, and quantum computing.