UK Trade & Investment has appointed Sue Langley, formerly an executive director of Lloyd’s of London and Hiscox, as head of its newly created Financial Services Investment Organisation.
The Financial Services Investment Organisation will attract high value investment into the UK’s financial services sector. It will take strategic direction from the Treasury-led Financial Services Trade and Investment Board and will work closely with industry bodies.
Sue brings a wealth of experience of working in the financial sector and has been appointed to increase high value foreign direct investment to strengthen the UK’s reputation as the world’s leading financial centre.
Trade and Investment Minister Lord Green said:
The UK financial services sector represents tax receipts worth £63 billion, and inward investment is a key driver of jobs and growth. Sue Langley’s appointment will drive investment and strengthen our relationships both at home and abroad.
The Financial Secretary to the Treasury, Sajid Javid MP said:
I am delighted that Sue Langley has agreed to lead the Financial Services Investment Organisation. Her leadership and experience make Sue the right person to deliver a step change in our promotion of the UK’s world class financial sector to inward investors.
Our expertise in financial services is already recognised by many of our international partners, but we can do more to build upon this success, and in so doing help to sustain our economic recovery and ensure we compete in the global race.
The new CEO of the Financial Services Investment Organisation Sue Langley said:
The financial services sector has been my passion for many years; I understand the challenges of the task ahead and relish the opportunity to make a difference in such an important sector for the UK economy. I will be collaborating with industry bodies to promote why the UK continues to be the location of choice for the financial services sector.
Notes to editors:
1.Sue Langley has extensive board experience as an Executive Director, Non–Executive Director and Chair. She is currently a Non-Executive Director for UKAR (Northern Rock Asset Management and Bradford & Bingley) and Chairman of the Remuneration Committees. Previously she was Director of Market Development and a member of the Executive Team for Lloyd’s of London, Chairman of Lloyd’s Japan and Director of Lloyd’s Asia. Prior to this Sue was Chief Operating Officer (COO) and a member of the Executive team for the Hiscox Group holding various Board positions. She joined Hiscox from PriceWaterhouseCoopers where she was a Principal Consultant and worked with a range of FTSE 100 companies. She is the Financial Services representative on the Government’s Women’s Business Advisory Council.
2.The Financial Services Trade and Investment Board (FSTIB) will be chaired by Charles Roxburgh, Director General, Financial Services at the Treasury. Its membership comprises of senior representatives from the Foreign and Commonwealth Office (FCO), UK Trade & Investment (UKTI), the Department for Business, Innovation and Skills (BIS), TheCityUK and its new International Trade and Investment Group chaired by Sir Andrew Cahn.
3.Five independent external members will also join the Board. All are industry leaders with extensive experience within the financial services sector, leading successful global firms. They will be acting within a personal capacity, on a pro bono basis, providing advice and expertise to the Board’s deliberations and challenging the Board on its delivery. These external members are:
- Ana Botin, CEO Santander UK
- Douglas Flint, Chairman HSBC
- Martin Gilbert, CEO, Aberdeen Asset Management
- Martin Scicluna, Chairman, RSA
- Xavier Rolet, CEO, London Stock Exchange
4.In addition, Dame Amelia Fawcett, currently a Non-Executive Director for the Treasury, has agreed to act the Non-Executive Director for the FSTIB. Dame Amelia, who has long standing experience of the financial services sector, will provide independent inputs and challenges to the Board’s deliberations and operations. She will also ensure that the Board’s decisions and strategies are consistent with the broader business plan of HMT.
5.In the 2012 Autumn Statement, UKTI was awarded an additional £70 million for each of 2013/14 and 2014/15, enabling the recruitment of more international trade advisers around the country, expansion of existing services including the Trade Access Programme (TAP) and the Overseas Market Introduction Service (OMIS), and support to expand the range of assistance available to UK companies through overseas British chambers of commerce.
6.The government’s economic policy objective is to achieve ‘strong, sustainable and balanced growth that is more evenly shared across the country and between industries’. It set 4 ambitions in the ‘Plan for Growth’, published at Budget 2011:
- to create the most competitive tax system in the G20
- to make the UK the best place in Europe to start, finance and grow a business
- to encourage investment and exports as a route to a more balanced economy
- to create a more educated workforce that is the most flexible in Europe
Work is underway across government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the government wants the economy to travel.
2.UK Trade & Investment (UKTI) is the government department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.ukti.gov.uk or visit the online newsroom at www.ukti.gov.uk/media.