Non-banks muscle in on UK financing

Shadow banks, insurers, pension funds and investment funds today account for more than half of UK's financial sector assets, having grabbed market share off of traditional lenders.

Banks made up 49% of total financial assets in 2018, down from 58% a decade ago, Bank of England data shows. Non-banks account for 51%, up from 42% in 2008.

Alternative lenders, including broker-dealers, special-purpose vehicles and mortgage companies, have a 27% share today, investment funds 6%, pension funds 9%