Leading figures from across the UK-based financial services industry gathered today 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.
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.
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.
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.
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