As the Director of ICAEW in Wales, I welcome this renewed commitment to building a regulatory environment that is proportionate, predictable and internationally competitive. These reforms signal that the UK government recognises the vital contribution of financial services in driving inclusive growth—and importantly, that this growth must not be confined to London. The Leeds Reforms offer Wales a generational opportunity to harness its own strengths in FinTech, attracting investment, simplifying regulation, and unlocking new pathways for innovation.

Wales has long shown promise as a financial services hub, but in recent years, FinTech has emerged as a true flagship of our economic strategy. With over 13,000 people working in FinTech across the nation and a collective contribution of £1.6 billion to the Welsh economy, this is no longer a niche industry—it’s a cornerstone of modern Wales.

The dramatic rise in investment, from £13 million in 2022 to over £70 million in 2023, is testament to the strength of the sector and the hard work of organisations like FinTech Wales. This industry-led membership body has played a central role in uniting start-ups, scale-ups, corporates and academia, fostering a dynamic ecosystem grounded in innovation, collaboration and inclusion.

At ICAEW, we’ve proudly supported these ambitions—bringing our expertise in regulation, finance and governance to bear through partnerships, events and policy engagement. Our conversations with members in Wales consistently highlight the need for simplified, efficient regulation that enables rather than hinders growth. These sentiments have been echoed and amplified in our work, resulting in direct calls for reforms that we now see reflected in the UK government’s new strategy.

The Financial Services Growth and Competitiveness Strategy addresses many of the barriers Welsh firms have long grappled with: overlapping regulators, slow authorisation processes, and burdensome reporting requirements. The reforms to streamline the Senior Managers and Certification Regime—cutting pre-approval roles by 40%—and the new concierge service for international investors are particularly welcome steps that will help Welsh FinTechs scale faster and connect more easily with global markets.

These reforms go beyond bureaucracy—they reflect a shift in mindset that ICAEW has championed: treating financial services firms more like clients who deserve a responsive, service-driven regulatory framework. From our standpoint in Wales, this is not just good policy—it is essential if we are to nurture the next generation of tech-driven financial firms emerging from Cardiff, Swansea, and beyond.

The inclusion of regional clusters in the UK government's strategy is a turning point. Recognising Cardiff as a FinTech leader—alongside Edinburgh for asset management and Norfolk for insurance—rightly positions Wales as a pillar of the UK’s financial future. This is more than symbolic. It validates the hard work of Welsh firms and offers an open invitation for deeper investment, talent development and innovation in our region.

However, talent remains central to the future of financial services. ICAEW has long invested in training, mentorship and capacity-building across financial sectors. We want to make sure that Welsh FinTech is inclusive, sustainable and future-proof. As the strategy points to major investments in AI and data infrastructure—up to £12 million—it’s imperative that Welsh firms are ready to capitalise. ICAEW will continue to offer support to ensure our members in Wales are not just participating, but leading in these transformative spaces.

The Leeds Reforms and the wider financial services strategy offer Wales an extraordinary opportunity: to become a go-to destination for financial innovation and inclusive growth. But this will not happen by default—it demands bold ambition, coordinated effort, and consistent support from government, industry and institutions like ICAEW.

Our role as a trusted partner to business and policymakers remains clear. We will continue to advocate for proportionate regulation, world-class standards and meaningful collaboration—ensuring that all businesses in Wales have everything they need to thrive. And we’ll do so while championing values that matter: professionalism, integrity and a commitment to the public good.

I very much hope that the strategy outlined in the Chancellor’s Mansion House speech gives confidence to every financial leader in Wales. These reforms are not just about unlocking capital—they’re about unlocking potential. Wales is ready. Let us seize this opportunity to shape the next chapter of UK financial services—with Welsh innovation leading the way.