The Financial Services sector is one of the UK’s most critical growth engines, powering the economy through investment, innovation, and global competitiveness. It comprises institutions that manage money, provide access to capital, and help individuals and businesses manage risk.
From banks and insurers to fintech startups and asset managers, this sector supports both domestic prosperity and the UK’s global financial influence. As part of the UK’s Industrial Strategy, Financial Services underpin productivity, innovation, and sustainable economic development.
What Is the Financial Services Sector?
The Financial Services sector in the UK encompasses businesses and organisations that deliver essential financial products and services. These include:
- Banks and credit unions
- Insurance and reinsurance companies
- Investment and asset management firms
- Capital markets and hedge funds
- Fintech and private equity firms
- Real estate and financial advisory companies
These institutions offer a wide range of services, including lending, investment management, insurance, payment processing, and financial advisory services. Operating across both retail (individual) and wholesale (institutional) markets, the sector helps fuel innovation, facilitate trade, and strengthen economic resilience.
Frontier Industries in Financial Services
The UK Financial Services sector comprises several frontier industries that lead innovation, efficiency, and transformation within global finance:
- Asset Management and Wholesale Services – managing investment portfolios and providing strategic advice to corporations, governments, and high-net-worth clients.
- Capital Markets and Retail Investment – enabling firms and individuals to raise and invest capital through stocks, bonds, and derivatives.
- Fintech – transforming financial services through technology, automation, AI, and digital platforms.
- Insurance and Reinsurance – supporting risk management and global resilience through coverage for commercial, speciality, and cross-border risks.
- Sustainable Finance – integrating environmental and social goals into finance and investment decisions to support the transition to a net-zero economy.
SIC Codes for the Financial Services Sector
The financial services sector is broadly defined under Section K, Financial and Insurance Activities, within the Standard Industrial Classification (SIC) system.
Below is a consolidated table representing core and frontier activities across the sector.
| SIC Code | Description |
| 64 | Financial service activities, except insurance and pension funding |
| 64191 | Banks |
| 642 | Activities of holding companies |
| 643 | Trusts, funds, and similar financial entities |
| 64301 | Activities of investment trusts |
| 6499 | Other financial service activities, except insurance and pension funding, not elsewhere classified |
| 65 | Insurance, reinsurance, and pension funding, except compulsory social security |
| 6512 | Non-life insurance |
| 65202 | Non-life reinsurance |
| 66 | Activities auxiliary to financial services and insurance activities |
| 6611 | Administration of financial markets |
| 6612 | Security and commodity contracts brokerage |
| 6621 | Risk and damage evaluation |
| 6622 | Activities of insurance agents and brokers |
| 663 | Fund management activities |
While Fintech and Sustainable Finance are vital to the UK’s growth, they are not fully represented within traditional SIC classifications due to their cross-sectoral and technology-driven nature.
Think Data. Think DataGardener
DataGardener users double their leads and cut research time in half — with smarter data, faster insights, and better decisions.
Top 5 UK Financial Services Companies by Turnover
The UK hosts some of the world’s most influential financial institutions, driving innovation, digital transformation, and sustainable finance.
1. Glencore Energy UK Ltd
Incorporated: 2002
Location: London
Latest Turnover: £42.9b
Engages in the marketing and trading of oil, gas, and energy commodities. The company plays a major role in the UK’s energy supply chain, connecting global producers with industrial and commercial buyers.
2. Lloyds Bank PLC
Incorporated: 1865
Location: London
Latest Turnover: £34.3b
One of the UK’s largest retail and commercial banks, offering financial products and services ranging from personal banking to corporate finance and asset management.
3. NatWest Group PLC
Incorporated: 1968
Location: Scotland
Latest Turnover: £29.3b
A leading banking and financial services group providing personal, business, and corporate banking across the UK, with a focus on innovation, sustainability, and customer trust.
4. HSBC Bank PLC
Incorporated: 1880
Location: London
Latest Turnover: £27.3b
Operates as one of the world’s largest banking and financial institutions, delivering retail, commercial, and investment banking services to millions of customers across the UK and globally.
5. J.P. Morgan Securities PLC
Incorporated: 1992
Location: London
Latest Turnover: £24.4b
Provides investment banking, asset management, and securities trading services, supporting institutional clients and corporations across Europe and beyond.
Conclusion
The UK’s Financial Services sector remains a cornerstone of national prosperity and global influence. It combines tradition with innovation from fintech advancements to sustainable finance, ensuring that the UK continues to lead in financial resilience, investment capability, and regulatory excellence. Through platforms like DataGardener, businesses can explore detailed company data, SIC classifications, and financial insights to drive smarter decisions, ensure compliance, and seize growth opportunities within this dynamic sector.