12 December 2008
Stuart Fraser, Chairman of the Policy and Resources Committee, City of London Corporation, said today:
“Bob Wigley and his team have produced a thorough and timely report. I have been involved throughout as a member of the panel and I know that the review reflects months of open, pragmatic debate between experienced practitioners.”
“I support the key recommendations of today’s review, and particularly the creation of a new organisation under the leadership of the City of London Corporation to promote London’s financial services - which will bring a more joined-up approach. These are difficult times for the City as we face the financial crisis, tough competition from emerging markets and negative public opinion. So a strong voice for financial services is more relevant than ever.”
“The City Corporation has agreed to go ahead and set up the new board, which, working with the Government and the Mayor of London, will bring together the best City brains to sustain London’s position as a world-leading financial centre. The challenges which confront us in the current economic climate are huge, but with a coordinated approach, the necessary resources and the right machinery, we can meet these challenges successfully. This report sets the path and the new board can deliver the results the City needs.”
Lord Mayor of the City of London Ian Luder said: “The reputation of financial services globally has suffered in the current crisis. This board will take the lead in sustaining London’s credibility as a world leading centre for international business. ”
Stuart Fraser, Chairman of the Policy and Resources Committee, City of London Corporation, said today:
“Bob Wigley and his team have produced a thorough and timely report. I have been involved throughout as a member of the panel and I know that the review reflects months of open, pragmatic debate between experienced practitioners.”
“I support the key recommendations of today’s review, and particularly the creation of a new organisation under the leadership of the City of London Corporation to promote London’s financial services - which will bring a more joined-up approach. These are difficult times for the City as we face the financial crisis, tough competition from emerging markets and negative public opinion. So a strong voice for financial services is more relevant than ever.”
“The City Corporation has agreed to go ahead and set up the new board, which, working with the Government and the Mayor of London, will bring together the best City brains to sustain London’s position as a world-leading financial centre. The challenges which confront us in the current economic climate are huge, but with a coordinated approach, the necessary resources and the right machinery, we can meet these challenges successfully. This report sets the path and the new board can deliver the results the City needs.”
Lord Mayor of the City of London Ian Luder said: “The reputation of financial services globally has suffered in the current crisis. This board will take the lead in sustaining London’s credibility as a world leading centre for international business. ”
The Wigley Report’s key recommendations are:
- Rebuilding the UK’s reputation for leading global financial regulation
The industry and the regulatory authorities working together to rebuild the UK's reputation in the wake of the financial crisis.
Supporting the FSA's planned and published move from risk based supervision to a more intense supervisory model, and supporting the creation of a new global policy framework.
The Government must urgently review the UK's administration laws to restore trust in London based financial services subsidiaries of overseas firms.
Statutory immunity must be granted to whistleblowers to deter insider dealing.
An annual independent survey of UK financial services regulation benchmarking it globally, to be carried out by the new International Centre for Financial Regulation - Creating a Financial Services Board to promote London as a financial centre
London should form a single powerful, properly resourced body, under the leadership of the City of London, to promote London’s position as a global financial centre.
The agency shall promote London’s financial services sector overseas, anticipate strategically important trends and highlight domestically the industry’s contribution to the UK.
A chairman of top industry calibre should be appointed to oversee the new body. - Boosting infrastructure
That the Greater London Authority set up a “financial services infrastructure group”, in co-operation with the City of London Corporation, to plan for the long term infrastructure needs of the industry.
The group would co-ordinate a solution to the industry’s fast-growing data processing requirements, collaborating to establish a common data centre. - Making London the location of choice for financial services careers
A Chancellor’s High Level Group-led programme to ensure that London remains the location of choice for professionals starting and progressing their international financial services careers.
The programme would help London become the centre for academic excellence in financial services, deepening the links between industry and academia and upgrading the facilities of the capital’s universities. - Improving the competitiveness and predictability of the UK’s tax regime
The Review developed three specific proposals for tax reform for consideration by HM Treasury:
Improve the process of introducing new tax policy by forming a panel of industry experts to support HMT and HMRC pre consultation
Use the tax system to reinforce the UK as the most attractive geographic location for companies to base their headquarters or regional holding companies
Formalise corporation tax policy to demonstrate the UK’s intention to remain globally competitive
An annual independent international benchmarking of the UK’s tax regime to be carried out by the widely respected Oxford Centre for International Taxation
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