Government appoints new external members to the Financial Services Trade and Investment Board (FSTIB).
The new appointments are part of a re-launch of the cross-government and industry body.
FSTIB, which was created by the Chancellor in Budget 2013, is tasked with strengthening Britain’s position as the centre of global finance, as well as enabling our world-class financial services sector to deliver jobs and growth across the country.
The new external board members, who all have extensive experience leading globally successful firms, are:
- 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
Chris Cummings, the CEO of TheCityUK, and Xavier Rolet, CEO, London Stock Exchange Group, will continue in their roles as board members. Sir Gerry Grimstone, Chairman of Standard Life, is also reappointed to the board, this time in the capacity of an external member.
The board has achieved a number of successes over the last two years. These include significant progress on the internationalisation of the renminbi (RMB), with the establishment of an RMB clearing bank in London, and the UK government’s issuance of an RMB 3 billion bond. The UK has also issued the first sovereign Sukuk outside of the Islamic world.
Chancellor of the Exchequer, George Osborne said:
Cementing Britain’s position as the centre of global finance is a key part of our long term economic plan. Because it’s only by harnessing the full potential of our world-class financial services industry that we’ll deliver jobs and growth for the future.
That’s why I created the Financial Services Trade and Investment Board two years ago, and it’s why I’ve appointed a set of new members with extensive experience of leading some of the largest financial services firms in the world. I would like to thank all departing members for their valuable contributions.
Sir Gerry Grimstone, Chairman of Standard Life said:
Maintaining Britain’s position as the global financial centre needs close co-operation between the Treasury, other government departments, and the City. FSTIB has proved to be extremely effective at this and everyone is very pleased that it is being relaunched.
Helena Morrissey, Chair of the Investment Association said:
An innovative, competitive and ethical financial services industry is important for both the whole UK economy and the customers we serve around the world – and best achieved through a joined up approach between government and business. We can never be complacent and I look forward to playing my part on the FSTIB to help the UK benefit from the opportunities and challenges that lie ahead.
The board will continue to work closely with TheCityUK, who act as the key industry representative and bring together the financial services sector, as well as other industry bodies and with individual firms.
The board will continue to meet every three months, identifying trade and investment priorities within the financial services sector, and report directly to the Chancellor.
Previous members Douglas Flint, Martin Gilbert, Ana Botin, Martin Scicluna and Sir Andrew Cahn have stepped down as part of normal board rotation, having successfully served on the FSTIB for the first two year term. They have all provided valuable contributions to the FSTIB programmes, and were critical to the board’s success.
The FSTIB is chaired by Charles Roxburgh, Director General of financial services at the Treasury. Membership also comprises senior representatives from the Foreign and Commonwealth Office (FCO), UK Trade and Investment (UKTI), and the department for Business, Innovation and Skills (BIS).