PwC: Financial services reform 'constraining advice'

Sustainable and well regulated growth in financial services could generate an additional 265,000 jobs and boost GDP by between 2% and 3% by 2020, a report from PwC has found.

However, the company said  current reforms to regulation are "constraining" the products and advice available to the consumer. The report, “Where next? Assessing the current and future contribution of the UK Financial Services sector”, launched today, also said if the contribution by financial services was 'weaker' the wider economy could see a smaller GDP rise of 0.2% with only 12,000 extra jobs. Key findings from the report included: •    About 218,000 more jobs could be created in the wider economy across the UK and approximately 47,000 additional jobs in the financial service...