格伦(2011 p。20)指出,金融服务业使得整个世界经济活动的很大一部分,“已经有大量增加的各种新的和创新的金融工具在市场,以及一个巨大的市场,增加与放松管制和全球化的趋势………”(格伦2011 p。30)。这个行业基本上由一系列金融机构和功能。功能范围从促进交易的商品的交换,或投资基金的分配,或者只是改变的风险通过聚合和更多(WTO,2014)。
The financial services industry is an important part of a nation’s economy. The name is basically a blanket term for a group of institutions that will provide the functional needs for monetary movement in a country (WTO, 2014).
The financial services industry at present is characterized by financial sector reform where the industry is attempting to regain footing after the financial repressions and hence is involved with trade liberalization. There are technological developments too, which is greatly helpful for the consolidation aspect that has been recognized by the financial industry. Namely the industry attempts to engage in more mergers and acquisitions both in the domestic and international sense. The internationalization of financial services is yet another growing characteristic of this industry; here more than 18 percent of the world export of services is financial services and insurance services. This has led to dissolution of the categories and classifications of the financial services industry. Commercial banks which only provided banking products are not able to enter easily into investment banking.
The UK financial industry employs around 1,082,400 people in 2013 (Statista, 2014a) and hence is also a contributor to GDP from the employment perspective. The UK financial industry expects regulatory requirements to have the most impact on its businesses with the ability to raise capital being the least (Statista, 2014b).
Glen (2011 p. 20) states that financial service sector has made a significant proportion of the whole world economic activity and “There has been a massive increase in the variety of new and innovative financial instruments available on the markets, as well as a huge increase in the number of markets, along with a trend towards deregulation and globalization ………” (Glen 2011 p. 30). This sector basically comprises a range of financial institutions and functions. The functions range from facilitating transactions by means of the exchange of goods, or by the allocation of capital funds, or simply transforming the risk by means of aggregation and more (WTO, 2014).