The government has reaffirmed its commitment to the UK remaining the second largest global hub for wealth management, economic secretary to HM Treasury John Glen, said in his keynote address at PIMFA’s Virtual Fest 2.

He praised the “vital contribution” the wealth management and advice sector makes to the UK economy and people’s lives.

“Your service isn’t just a nice to have, it’s often essential to ensuring people have confidence in their financial decisions, helping consumers make the right choices at life’s big moments,” he said.

Mr Glen said it was important that the industry seized the a...