As per the measurement of Gross Domestic Product, the UK has been considered as fifth largest national economy in the world. As far as inward foreign direct investment, UK stool on Second place. The financial services industry is more particular as the London described as world’s largest financial centre. National output is contributed with at least 9.6% from financial services sector. In UK, financial services sector comprises with the Banking, Insurance, Securities Market and fund Management. Out of other, the banking services play a prominent role in the financial services sector.
London rates as top global financial services centre and it has several financial related agencies such as world’s leading markets and exchanges, dispute resolution bodies etc. The generation employment was 1 million people with financial services and another 1 million people associated with professional services.
The banks are regulated in the UK with Capital Requirements Directive IV, Capital Requirements Regulations, Banking Act 2009, Bank Resolution and Recovery Directive and Banking Reform Act 2013. Out of the above, Bank Resolution & Recovery Directive and Capital Requirements Regulations were formulated by EU legislation.