The business environment for financial services remains challenging. The global financial system remains fragile and the outlook is still very uncertain. Economic recovery is questionable. Sovereign debt – especially in the eurozone – is a growing source of concern. New regulatory measures are still unclear. Political leaders are clearly struggling to manage a return to stable and sustainable growth. Financial services firms need to think hard and develop new strategies and business models for the changing environment. But in doing so, it is important that banks, insurers and asset managers stay focused on their clients as they work through and around the changes in the system. This is a theme which underpins most of the articles in this edition of the magazine.