Financial services represent around 8.3 percent of UK GDP and constitute the country’s largest recipient of Foreign Direct Investment. They are also hugely important to the economic and emotional wellbeing of our citizens, enabling them to buy homes, set up businesses, insure against adverse events and save for life goals such as studies, parenthood and retirement.
The flipside of this positive contribution is a capacity to cause considerable damage if things go wrong. The purpose of financial regulation should be to prevent, minimise and mitigate such harms, so far as is possible without impairing competition or choice. Such regulation must be performed to the highest possible standard, to protect consumers and maintain confidence in the financial sector both in the UK and abroad.
This APPG exists to bring together like-minded Parliamentarians who want to do all they can to help ensure people in the UK get a fair deal out of our financial sector, and to help ensure it and the regulatory framework that governs it do not suffer reputational damage as a consequence of poor conduct by firms or through regulatory failures.
Our Purpose Statement
“To advocate for the victims of financial misconduct, crimes, scandals, frauds and regulatory failures, by driving positive, progressive, and purposeful reforms that achieve a fair, trusted and just system, where the service providers, regulators and government agencies provide appropriate protection and deliver good outcomes, including redress for historical wrongs.”
