In respect of financial inclusion, this is positive as it could lead to an increasing customer base for advisers.

However, it also creates a new target market that firms will need to understand the characteristics of.

Advisers play a crucial role in helping clients navigate the financial landscape safely and effectively, and increasing focus will be placed on advisers providing customers with their expertise to assist them in making good financial decisions and helping individuals to have access to the financial products and services they need.

In conclusion, Labour’s plan for the financial services sector presents a vision for the future that is rooted in many of the themes of the recent past.

The plan for “Financing Growth” is certainly more of an evolution than a revolution, which should help provide comfort to firms that the regulatory landscape is not going to significantly change in the near future.

However, further detail will be welcome to firms to allow them time to adapt to the changes. 

For financial advisers, it is crucial to remain informed about and adapt to the regulatory landscape under the new government.

What will be particularly interesting to watch will be where the new government lands on the balance between growth, stability and consumer protection, as this will likely dictate the opportunities for advisers in the UK. 

Daniel Meyer is a senior associate – financial services regulation at Freeths