Moreover, as the supervisor of an internationally active sector, we have an obligation to be safeguarding stability beyond our borders. The sector has developed and changed at pace over the last few years. The funds industry is of international and growing significance. The domestic banking industry continues to recover and is starting to transition from a period of sustained retrenchment towards modest growth.
The international banking and investment firms sectors are growing again and increasing in complexity – in large part due to Brexit. There are similar trends in insurance – both in the domestic market and for the internationally active firms. All of which is taking place during a welcome period of continued recovery and economic growth.