Promoting the City: first meeting of UKTI's Financial Services Sector Advisory Board

11 Dec 2006 05:15 PM

Better promotion of the unique strengths and expertise of the UK's financial services sector are on the agenda today at the first meeting of UK Trade & Investment's Financial Services Sector Advisory Board (FSSAB). The group brings together senior figures from City companies and institutions, as well as business associations and national and regional government bodies. It is Chaired by Roy Leighton, Chairman of NYMEX Europe. Today's meeting will take place at the offices of Think London.

With its blend of private and public sector expertise, the FSSAB's role is to provide strategic advice to UKTI on where joint public-private effort and activities can add the most value, and its members will be at the forefront in delivering key initiatives. The group was set up following the Chancellor's High Level Group when it met on 18 October.

Trade and investment Minister Ian McCartney said:
"The UK financial services sector is crucial for the economy, representing more than 10% of GDP. It is growing at twice the rate of the rest of the economy. But increasing competition from other financial centres, both existing and emerging, means that future success can never be taken for granted.

"Our aim is to help UK based firms win more business overseas and to write more business in London, as well as to attract more inward investment to the UK. To do this we need a coordinated, joint public-private strategic approach to promoting the financial services sector overseas. The Financial Services Sector Advisory Board will play an essential role in making this work."

Following consultation with City and regional stakeholders over the summer, UKTI has developed a plan of action that highlights five key areas where UKTI can make a difference in ensuring London and UK Financial Services remain the world's number one.

Strategic partnership between public and private sector: * Working together with the Lord Mayor, British Council and UK professional bodies to promote UK standards of professional training and financial qualifications in key markets to establish them as the global standard in high quality, internationally portable qualifications.
* There will also be a greater role for the Financial Services Authority (FSA) - it is important for the FSA to be more active overseas and in the UK in explaining the benefits of the UK's model.

More visible Ministerial and Senior level business support: * Greater role for Ministers and the Lord Mayor in leading outward missions, supported by business delegations securing high level access and making real impact, with a target of 30 missions per year * For inward investment, VIPs would be more actively targeted through 12 main missions a year, and also offered high level access in the UK, with the support of overseas posts.

Enhanced access and support in key markets:
* Developing targeted country strategies for China and India by December 2006, and the Gulf and Russia in 2007.
* New Financial Services dedicated posts will also be created in Mumbai and Beijing (at First Secretary level); further posts are to follow in Shanghai and Guangzhou.
* UKTI will also ensure business access to quality financial services reporting from our embassies and high commissions overseas, initially on a pilot basis.
* UKTI will work with business more strategically to identify and tackle market access barriers abroad making full use of UKTI's global network and inter-governmental, bilateral and business-to-business regulatory dialogues.

Strengthening UKTI's resource and professional expertise in the financial services sector
* Bringing together UKTI's work on trade promotion and inward investment for the first time in this sector
* More interchange between UKTI, the City of London Corporation and the private sector staff through secondments and joint working; * And the appointment of a new sector champion to target "must win" inward investment.

Developing robust promotional materials
* Single website to be launched by summer 2007 with access to information about the breadth and depth of UK financial services on offer
* New high quality prospectus on UK Financial Services in the first quarter of 2007.

ENDS

Notes to editors:

1. UK Trade & Investment is the lead government organisation that provides support for UK companies looking to develop international business. It also provides support for UK overseas companies wishing to invest in the UK. UK Trade & Investment has a wide range of services, backed-up by a network of trade advisors worldwide who can provide market intelligence, advice on regulations, sales leads, and financial and practical support. www.uktradeinvest.gov.uk. For latest press releases from UK Trade & Investment register on our on-line newsroom www.newsroom.uktradeinvest.gov.uk.

2. For many years the UK financial services sector has been growing at more than double the rate of the economy. Its productivity is rising at more than three times the average rate. Financial and business services now account for more than 10 per cent of the UK's gross domestic product and contribute around £16bn net surplus to the UK's balance of payments.

3. London is the world's greatest global financial centre - the location for 70 per cent of the global secondary bond market, over 40 per cent of the derivatives market, over 30 per cent of world foreign exchange business, over 40 per cent of cross-border equities trading and 20 per cent of cross-border bank lending.

4. The FSSAB will work alongside, and report to, the Chancellor's High-Level Group, set up following the 2006 Budget to develop a strategy to enhance the UK and the City of London's international competitiveness.

5. The members of the FSSAB are:
Name Organisation/Representation
1 Roy Leighton (Chairman) NYMEX
2 Robert Gray (Deputy Chair) HSBC
3 Andrew Cahn UK Trade & Investment
4 Alderman David Brewer London Asia Capital
5 Sir David Wright Barclays Capital
6 Paul Sizeland City of London Corporation
7 Anthony Belchambers Futures & Options Association
8 Alison Hook The Law Society
9 Peter Linthwaite British Private Equities and Venture Capital Association
10 Jonathan Taylor London Investment Banking Association 11 James Sutherland Lloyd's of London
12 David Wheeldon London Stock Exchange
13 Graham Ward Price Waterhouse Coopers
14 Graham Kane UBS Global Asset Management (UK)
15 Richard Thomas ABC International Bank
16 James Wilcox Prudential
17 Teresa Sayers Financial Services Skills Council
18 John Davie British Expertise
19 Amanda Harvie Scottish Financial Enterprise
20 David Read North West Development Agency
21 John Ansbro (rotating seat) Leeds Financial Services Initiative Daniel Dobson-Mouawad PRO Manchester
22 Michael Charlton Think London
23 Paul Wright Financial Services Authority
24 James Sassoon H M Treasury
25 Edward Whitley International Financial Services London 26 Angela Knight British Bankers' Association
27 Stephen Haddrill Association of British Insurers
28 John Ross Greater London Authority
29 Andrew Scott Confederation of British Industry
30 Ian McCartney MP Minister of State for Trade, Investment and Foreign Affairs

6. Think London is the official foreign direct investment agency for London. We provide free, confidential and comprehensive advice to help international businesses set up and succeed in London. Think London's principal funding partners are the London Development Agency (LDA) and London's business community, through London First.