The financial services sector in the UK provides law firms with many opportunities to deliver both bespoke legal services and volume (commoditised) legal services. Although much of the wholesale financial services sector is based in London, the retail financial services sector is located throughout the country. The sector as a whole contributes about 6.8% of the UK’s gross domestic product and employs more than 1.1 million people. The Financial Services Authority (FSA) regulates approximately 29,000 firms and about 165,000 individuals (known as approved persons).
In the southwest – including Bristol, Cornwall, Devon, Dorset, Gloucestershire, Somerset and Wiltshire – there is a significant number of national retail players. According to the South West of England Regional Development Agency, around 232,000 people – representing 15% of the regional workforce – are employed in the region’s banking, insurance and financial services sectors, working for companies such as Chase Manhattan, Cheltenham & Gloucester, Clerical Medical, DAS, Lincoln Fin-ancial, Lloyds TSB and AXA Group.
