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Financial and Professional Services

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We want to support this exciting and fast-paced sector in Wales.

Wales is home to some of the world’s biggest names in financial and professional services, such as Deloitte, Legal & General, Admiral and Lloyds Banking Group.

Our financial services sector has an impressive foundation in retail banking and general insurance. The growth in asset finance, wealth management, life insurance and pensions and advisory services has broadened the sector more recently.

Our professional services sector includes Legal, Accountancy and Corporate Services. They are increasingly working in different ways to respond to regulatory and market changes through the deployment of advanced technological solutions.

The sector is continuing to expand in Wales with Legal & General recently confirming a £400million investment in Cardiff’s Central Square project.

Key priorities 

We're working with the sector panel to develop and implement a strategy and action plan for the Financial and Professional Services the sector in Wales. 

Our vision

We aim to make Wales the most competitive region in the UK for Financial and Professional Services outside London by 2021.

We will promote a sustainable and internationally competitive Finance and Professional Services sector which is underpinned by a pool of highly skilled and qualified people supported by advanced infrastructure.

Objectives

We will focus on driving four business outcomes:

1. Growing employment in the Financial and Professional Services Sector

We plan to grow this from 124,000, representing 16% of total employment in Wales (source Office for National Statistics (ONS) December 2010) to 200,000 by 2021.

2. Growing Financial and Professional Services Gross Value Add (GVA)

We plan to grow the GVA of the Financial and Professional Services sector in Wales so that it matches the UK average by 2021.

3. Creating the Environment for Growth

We will work across Government to create the supportive economic environment that business needs to exploit opportunities for business growth.

4. Raising Wales’ International Profile and Attracting Investment

With a particular focus on London, we will ensure that Wales is seen as being open for business with an attractive pool of skilled people and joined-up Government support.

Support available

We offer a range of support for the sector. To find out more about financial and professional services in Wales, visit our specialist zone (external link) which includes a savings calculator, case studies of companies already in Wales and a virtual tour of Cardiff.

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