Martin Gilbert: The three big challenges for the industry

Discussing Andrew Bailey's Mansion House speech

Martin Gilbert, co-chief executive of Aberdeen Standard Investments, examines three big issues for the financial services sector.

There is really only one speech that has been discussed in the media over the past two weeks. It is Prime Minister Theresa May's address to the Conservative Party Conference.  Other recent speeches, however, have received rather less attention. One I have in mind is the address that the chief executive of the FCA, Andrew Bailey, gave at the City Banquet at Mansion House. He highlighted three big challenges facing the regulator and financial services industry. First, is the growth of consumer credit. This currently stands at around £200bn, encompassing around £68bn of credit card debt,...