The Financial Services Trade and Investment Board (FSTIB) met for the third time today (7 July 2016) following its re-launch last year, and was chaired by the Economic Secretary to the Treasury, Harriett Baldwin.
The FSTIB is made up of senior figures from the financial service industry and government, and is focused on strengthening Britain’s position as the most international and experienced financial centre in the world.
Today’s discussion focused on how government and industry can work together to build on Britain’s status as a global, sustainable, innovative and competitive financial services sector.
Established by the Chancellor in 2013, the FSTIB has already helped the UK begin to establish itself as a global hub for renminbi, rupee, Islamic finance, green finance and FinTech business as well as to continue to promote existing areas of strength, for example through the Insurance Growth Action Plan, and the Insurance Management Strategy.
Over the next two years, it will focus on boosting exports and investment in 7 priority areas: Capital markets, FinTech, Insurance, Investment management, UK-China Financial Services, UK-India Financial Services, and UK-US Financial Services.
The latest meeting was held at the London Stock Exchange and attended by private sector board members who all have extensive experience leading globally successful firms. These include:
- Helena Morrissey, CEO, Newton and Chair, The Investment Association
- Inga Beale, CEO, Lloyd’s of London
- John McFarlane, Chairman, Barclays, and incoming Chairman, TheCityUK
- Nathan Bostock, CEO, Santander UK
- Xavier Rolet, CEO, London Stock Exchange Group
- Sir Gerry Grimstone, Chairman of Standard Life
- Chris Cummings, CEO, TheCityUK
The FSTIB have also today (7 July 2016) published its annual report.
The Economic Secretary to the Treasury, Harriett Baldwin, said:
The Financial Services Trade and Industry Board has delivered many successes over the past year. We have continued to reach out and create even deeper partnerships with the fastest growing economies in the world and we have taken steps to cement the growth of the UK’s world-leading FinTech sector.
There are challenges ahead but there is already so much to build on. The FSTIB will continue to play an important role in ensuring the continued success of the UK’s financial services sector.