Finance for Growth: A Shared U.S.-UK Prosperity Agenda

Dated: October 20, 2025

Executive Summary

Since 2020, the British American Finance Alliance1 (BAFA), comprising 22 trade associations and other industry organizations, has advocated for deeper regulatory and policy cooperation between the United States and the United Kingdom in financial and professional services.

BAFA has provided regular industry input to the bilateral biannual Treasury-led meetings between officials convened through the Financial and Regulatory Working Group (FRWG) and the associated Financial Innovation Partnership (FIP). The resumption of trade negotiations in 2025 has created further opportunities for strengthening Transatlantic trade and investment in financial and related professional
services. We welcome in particular the announcement of a bilateral Treasury “Transatlantic Taskforce for Markets of the Future” to enhance collaboration on capital markets, digital assets and other innovative financial activities2. BAFA stands ready to support the Taskforce and believes we offer a ready-made vehicle for the Taskforce to regard as its industry analogue.

Following elections in 2024, both governments have prioritized economic growth and prosperity and recognize the key role that financial and professional services play in meeting these objectives. To that end, BAFA has surveyed its members and identified cross-cutting areas where U.S.-UK cooperation can unlock growth potential. Many of our priority issues are based on rapid changes in technology and innovation. Making the most of these opportunities requires a proportionate approach to regulation,
where possible mutual recognition or equivalence arrangements between the two sides would be desirable.

Taking policy and regulatory action on the priorities of the financial services sector will help strengthen our existing Transatlantic financial partnership and benefit our domestic economies by deepening the Transatlantic marketplace in financial services. This will bring benefits for both business end-users and domestic consumers of financial services, widening choice, reducing costs, and enhancing jobs and growth in both the U.S. and the UK.