12 May 2010
TheCityUK lays out vision for financial services industry
Leading figures from across the UK-based financial services
industry gathered today (12 May) to discuss TheCityUK’s vision for
the financial services industry. TheCityUK is the new, independent
membership body dedicated to promoting the UK financial and related
professional services at home and overseas.
During the morning briefing, further details on TheCityUK's
governance and organisational capacity were provided, and the
developing work programmes of its core three committees – Domestic
Promotion, Overseas Promotion and International Regulatory Strategy
Group – discussed. This included an interactive polling
session focused on identifying the key priorities for TheCityUK’s
prospective members.
Details of the Advisory Council, which fulfils an oversight role
and is chaired by Sir Win Bischoff, were presented. The
Advisory Council has members from all parts of the industry,
including the chairman of Barclays Marcus Agius, Santander’s CEO
Antonio Horta-Osorio and the senior partners of the top four
accountancy firms (the full list is available on the new website
launched today at
www.thecityuk.com).
Findings from recently commissioned YouGov research were
presented. The research shows there is an overwhelming
recognition from the public of the importance of the financial
services sector to the success of the UK economy – 84% agreed that
a successful financial services sector in the UK is important for
the economy. 70% of the financial services employees that
participated in the survey said that people outside of the industry
do not really understand how important the industry is to the UK.
There was strong public support for government policies that led to
better regulation rather than more regulation (67% agreed) and
ensured the UK is an attractive and competitive place to do
business (55% agreed). Highlighting the need for a body
such as TheCityUK, survey participants thought that the industry
could improve its reputation by showing how the UK benefits from
being a leading financial services centre and explaining the value
of financial services to the economy.
The body, which is due to be fully up and running this summer,
also unveiled a report on the industry’s vital role in supporting
the UK economy, as well as meeting global challenges such as
climate change and global economic development. The report is
also available on the website.
Stuart Popham, TheCityUK's chairman and Senior Partner at the
law firm Clifford Chance, said:
“TheCityUK has made great strides in developing the structures
and attracting the industry support needed to promote the interests
of the financial services sector both here and overseas.
"Today's briefing will help us to build on this momentum by
charting the issues TheCityUK’s prospective members would like to
address over the coming years.
"All corners of the UK-wide financial services industry need to
speak with a single voice if we are to meet the challenges, and
indeed opportunities, that face us in this post-crisis world.
“TheCityUK is ready and able to deliver on this agenda through
partnership with our member organisations.”
Stuart Popham and Director of TheCityUK John Ingamells addressed
today's briefing, as did several industry leaders. Among those
were: Lord Mayor Nick Anstee, City of London Corporation Policy
Chairman Stuart Fraser, Mayor of London Boris Johnson (via a
pre-recorded video), Lloyds Banking Group Chairman Sir Win
Bischoff, Scottish Financial Enterprise Chairman Mark Tennant,
former LIFFE Chairman Andre Villeneuve and HSBC's Debt Finance
& Advisory Chairman Robert Gray.
TheCityUK will meet all of the recommendations set out in the
report produced by the group chaired by Bob Wigley in December 2008
for Boris Johnson, Mayor of London, and the report produced in May
2009 by the Financial Services Global Competitiveness Group chaired
by Sir Win Bischoff for Alistair Darling, Chancellor of the
Exchequer. Working in partnership with existing trade bodies and
industry representatives, it will have a clear agenda to coordinate
and lead the promotion of the entire industry in the UK and around
the world.
John Ingamells, Director of TheCityUK, added:
“TheCityUK encompasses three different work streams and we are
devoting the resources needed to succeed on all fronts.
"Many organisations have signed up to our vision of a
coordinated promotional effort, which can deliver tangible results
through a more efficient, streamlined process.
"Today's briefing will showcase some of the initial results we
have achieved, and hopefully inspire the industry to join
TheCityUK."
The industry briefing takes place at Westminster Central Hall
this morning following on from a successful event with
representatives from the financial services sector in London on
November 19, 2009.
Endorsements
The fast‐growing countries I visit around the world are always
eager to work with London‐based firms and institutions, and rightly
so – we must do all we can to enhance our well‐deserved, and
hard‐earned, international reputation for excellence. TheCityUK
will help facilitate this by strengthening the bonds between the UK
and our global partners and by ensuring we are in a position to
continue attracting substantial investment and the top talent from
all over the world. Alderman Nick Anstee, Lord Mayor of the
City of London and President of TheCityUK
London faces a real challenge to retain its international
competitiveness and position as the capital of finance. The
financial sector makes a huge contribution to both London and the
UK’s economy and funds so many of the other industries that make
this the vibrant and creative city we have today. In these
difficult times, TheCityUK now has the important task of restoring
the reputation of the country's financial services and successfully
promoting the sector internationally. I am confident the sector
will rise to this great challenge in the years ahead under the
leadership of TheCityUK. I encourage financial firms to sign up to
this vital initiative. Boris Johnson, Mayor of London
This crisis has deeply shaken public confidence in key parts of
the financial services industry. We urgently need to rebuild that
confidence, with a fresh approach to promoting the industry and
explaining its value, both overseas and domestically. It is too
important to the UK to neglect or delay this task much longer.
Fortunately there is widespread consensus on the way forward.
Industry leaders and government are all agreed that we must
strengthen promotional efforts. TheCityUK offers us the new,
efficient structure we need to do this. It should reduce
duplication by rationalising and consolidating resources from the
private and public sectors, and from London and the regions. For
our part, UK‐based firms must also step up to the challenge as
solid ‐ but not uncritical ‐ supporters of this initiative. Sir
Win Bischoff, Chairman, Lloyds Banking
Group plc and Co‐chair of the report, “UK international financial
services – the future”
I am delighted to play my part in the creation of this
industry‐led, strategic, properly resourced body whose job will be
to promote the UK‐based financial services industry internationally
and domestically. TheCityUK will ensure London positions itself to
remain the leading global financial centre by anticipating and
preparing itself for emerging financial sector trends, by
systematically targeting and attracting the organisations which
should have UK representation, including banks, insurance
companies, hedge funds, asset managers and private equity firms,
and by highlighting any necessary central and local government
policy initiatives. Bob Wigley, Financial Services Operating
Partner, Advent International plc and Chair of the report, “London:
Winning in a Changing World”
The City of London Corporation is proud to have helped
facilitate the creation of this body to support and promote the
work of the whole of the UK‐based financial services industry in
the UK and across the world. Good faith and trust sit at the heart
of the financial services industry and I am confident TheCityUK
will help restore public confidence by reaffirming our reputation
for competence, responsibility and trustworthiness. Stuart
Fraser, Chairman of the Policy and Resources Committee, The City of
London Corporation
From the outset of this initiative almost a year ago IFSL has
consistently expressed its support for the proposed new
organisation to strengthen the promotion of the UK‐based financial
services industry. IFSL is determined to contribute to the
effectiveness of TheCityUK by bringing to it the support of its
broad‐based membership of financial services businesses along with
its well‐established capability for delivering international
promotional activity and publishing research to spread awareness of
the international performance of the sector. IFSL is confident that
TheCityUK will fulfil its objectives and looks forward to being
part of its success. Lord Levene of Portsoken KBE, Chairman,
Lloyd's and Chairman, IFSL
I fully support TheCityUK and look forward to working with them
to deliver a step change in how the sector promotes itself
overseas. Lord Davies of Abersoch, Minister for Trade,
Investment and Small Business
The UK is the largest international centre in the world for
banking and this has made, and continues to make, a substantial
contribution to the economy. TheCityUK initiative has an important
role to play in helping sustain and promote not only banking but
financial and professional services generally and I am delighted to
give it my support. Angela Knight, Chief Executive, British
Bankers’ Association
Scotland has a strong track record of providing the innovation
and know‐how that has served customers so well around the globe.
Given the opportunities now presented by emerging, high growth
economies, especially in Asia, a co‐ordinated approach is vital if
Scotland and the rest of the UK are to be successful in promoting
our world‐class expertise. The future of Scotland’s financial
services industry also depends on a successful City of London.
Together we need to work with other European centres to ensure a
successful Europe which looks outwards not inwards. We are acutely
aware of the need for change in our industry, and are working hard
to learn from the past. TheCityUK is part of this – it is the right
initiative at the right time. It will maximise resources and focus
effort, and I and Scottish Financial Enterprise will give it our
full support. Mark Tennant, Chairman, Scottish Financial
Enterprise
Never before has it been so important for the whole of the
financial services industry across the UK, and its many
representative bodies, to work together to promote our expertise
around the world and help shape the global partnerships and
environment so important to our economic prosperity. TheCityUK will
provide the vital leadership, coordination and impetus required and
I am pleased to support its work. Harvey McGrath, Chairman,
London Development Agency and Chairman, Prudential
From the work I do to promote the UK’s financial services
interests in India, and to develop ties between our two countries,
it is clear that there is a tremendous appetite in India to partner
with the UK and with UK based firms and to learn from our
expertise. To fully realise this opportunity, both industry and the
public sector need to be well co‐ordinated and work closely
together. Much work has been done towards this recently and I’m
very hopeful that TheCityUK will give a further push to this.
Gerry Grimstone, Chairman, Standard Life and UK Trade &
Investment’s Financial Services Country Champion for India
Competition is growing across the world from countries keen to
take advantage of a recovering world economy and the UK, which is a
global leader and centre for asset management, has a unique
opportunity. TheCityUK has been created to co‐ordinate activities
around the country and cut out any consequent overlap here and
abroad. It's long overdue for companies, industry groups and the
public sector to join forces to promote the UK, which is after all
home to the world's leading financial centre. This is a very timely
initiative for the financial services industry and I am delighted
to give it my full support. Martin Gilbert, Chief Executive,
Aberdeen Asset Management PLC
The private equity industry has a vital role to play in
delivering the investments that will help companies to grow and
support economic recovery in the UK, the rest of Europe and around
the world. We and the other sectors of the financial services
industry need to work more closely together – both to promote our
expertise overseas and to improve understanding of what we do and
the many positive contributions we make to the economy and society
at large. TheCityUK will provide the drive, initiative and
co‐ordination we need. I am pleased to be involved in its
development and hope that the whole of the UK‐based financial
services industry commits its full support to this important new
organisation. David Blitzer, Senior Managing Director, The
Blackstone Group
A strong financial services industry is critical to support a
robust and fully functioning UK economy. In the current economic
climate it is vital that the various organisations involved in
supporting and representing the industry and the many individual
financial services firms based around the UK work together to
promote the industry at home and abroad. The CBI welcomes the
establishment of TheCityUK and looks forward to working closely
with it. Richard Lambert, Director-General, CBI
Financial and professional services are vital to the economic
development of Liverpool City Region and the North West of England,
just as they are around the UK. I welcome the establishment of
TheCityUK, particularly at a time when all of us involved in
attracting investment to our shores need to work more effectively
together in true partnerships to promote the world‐class expertise
and competitive advantages the UK has to offer abroad, whilst
reinforcing the importance of financial and professional services
to our economy and society here at home. Mark Chadwick, Chief
Executive, Professional Liverpool
Ends
Notes for editors
About TheCityUK – structure and operations
TheCityUK is the new, independent membership body for promoting
the UK-based financial services industry. Our purpose is partnering
prosperity – supporting the competitiveness of UK fi nancial
services – and providing a voice for our members.
Its strategic priorities are guided by an Advisory Council of
financial services leaders spanning all sectors of the industry
throughout the UK. The Board of Directors is responsible for
developing strategy and overseeing delivery, including the remits
and activity of the organisation’s advisory groups and
committees.
TheCityUK will integrate functions of IFSL (International
Financial Services London) into its operations as soon as possible
and no later than April 2011.
There will be three principal strands to TheCityUK’s work:
- overseas promotion – promoting the UK overseas as a world class
centre for financial and related professional services;
- domestic promotion - encouraging greater understanding
of, and support for, the financial services industry in the
UK;
- regulation and trade – supporting industry efforts to work with
government and regulators to ensure that regulatory developments
and trade policy foster free and open markets for our financial
services industry.
TheCityUK is in the process of recruiting a permanent executive
team to cover strategy setting, research, visits, events and
marketing and communications.
Initial funding is being provided by The City of London
Corporation. By 2011, TheCityUK will become a membership
organisation, funded largely by the financial services
industry.
About TheCityUK – original Steering Group members
- Stuart Fraser, Chairman of the Policy and Resources Committee
at the City of London Corporation
- Lord Levene of Portsoken, Chairman of Lloyd's
- Harvey McGrath, Chair of the London Development Agency and
Chairman of Prudential plc
- André Villeneuve, Former Chairman of LIFFE, independent
director of United Technologies and Chairman of the City of London
EU Advisory Group
- Mark Garvin, Chairman of JP Morgan Europe
- David Blitzer, Senior MD in the Corporate Private Equity Group,
the Blackstone Group
- Dominic Jermey, MD of Sectors Group, UK Trade &
Investment.
Stuart Popham, Chairman – TheCityUK
Stuart Popham has, since 2003, been the Senior Partner,
worldwide, of Clifford Chance LLP, one of the world's leading law
firms. He chairs the firm's Partnership Council, the supervisory
board of the worldwide firm. While being responsible for a number
of client relationships, he has particular responsibility for
Clifford Chance's reputation and values.
He joined Clifford Chance in 1976, qualifying as a solicitor in
1978 and was elected to the Partnership in 1984. He has held
various roles within the firm including leading the Banking and
Finance practice areas between 1999 and 2003. He was based in the
firm's Singapore office from 1981 to 1984 and is presently based in
the London office.
Stuart is a member of the International Advisory Board for the
CBI and Chairman of the CBI London Council. He sits on the EU
Advisory Board for the Corporation of the City of London and is an
International Envoy for London. He is a trustee of the Tower
Hamlets Business Education Partnership and a director of PlaNet
Finance, a charity which promotes micro finance to assist the
alleviation of poverty. Stuart is also a member of the Business
Advisory Forum of the Saïd Business School, Oxford University; he
is a member of the DTI Asia Task Force, the UK India Business
Council and also sits on the Council of The Royal Institute of
International Affairs (Chatham House). Stuart is a member of the
London Promotional Council and a Patron of the Whitehall Industry
Group.
John Ingamells, Director – TheCityUK
John Ingamells graduated from the University of Liverpool with a
degree in Modern Languages in 1984. He worked at the FCO for HM
Diplomatic Service between 1984 and 1999. He was Political
Secretary to the British Embassy in Seoul between 1985 and 1990
before moving to the British Embassy in Buenos Aires as the Press
Attaché.
Following a short secondment from the FCO at IFSL (then ‘BI’) in
1999, John became the Director of Public Affairs at Fidelity
International, a role he fulfilled until 2008. In 2008 John was
appointed as Adviser to the Director of Economic Development at the
City of London Corporation.
In 2009, John was appointed by the City of London Corporation to
be the first Director of TheCityUK.
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