The members of the new Financial Services, Trade and Investment Board, which was established by the Chancellor at Budget 2013 to promote the UK's world class financial services industry, have been announced.
The Board, which will meet formally for the first time on October 8th 2013, will be charged with leading the government's drive to promote external trade, attract inward investment and lift market access barriers for the UK's financial services sector.
The FSTIB will be chaired by Charles Roxburgh, director general of financial services at the Treasury. Its membership comprises of senior representatives from the Foreign and Commonwealth Office (FCO), UK Trade and Investment (UKTI), the department for Business, Innovation and Skills,TheCityUK and its new International Trade and Investment Group, chaired by Sir Andrew Cahn.
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 Group
In addition, Dame Amelia Fawcett, currently a non-executive director for the Treasury, has agreed to act as 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 Treasury's broader business plan.
The Board reports directly to the Chancellor of the Exchequer.
The Board will seek to build on the UK's existing status as a major global financial centre:
– The sector contributes around half of the total trade surplus for our net exporting industries.
– In 2012 the financial and insurance services sector contributed £109 billion to the economy (Gross Value Added) and accounted for over 10% of total UK tax receipts.
But the government is determined to do even better.
The sector has an important role to play in boosting the UK's economy through exports and foreign investments, and can generate growth across all regions of the UK. It is critical that UK financial services firms can secure access to markets around the world.
Financial services create jobs across all regions of the UK with over 2 million people employed in financial and related professional services, and more than two thirds of these outside of London. The government is keen to accelerate this as part of the UK's broader recovery strategy.
It is the government's job to create the right environment and support firms to gain market share, especially in emerging market economies where new investors, savers and markets are appearing. At the same time, the government is determined to encourage growth in all sectors of the UK economy, create an attractive market for inward investment and drive further economic growth and expansion in the financial services industry.
Chancellor of the Exchequer, George Osborne said:
"Ensuring the UK is able to compete in the global race is one of the government's key priorities.
"That is why I have established the Financial Services Trade and Investment Board – to bring together the best that our public and private sectors have to offer to strengthen the UK's performance in financial services at home and abroad."
Chief Secretary to the Treasury, Danny Alexander said:
"Financial services are important for the whole of the UK, and particularly in Scotland. The sector can play an important role in the economic recovery, and this Board will help to ensure that it does."
Gerry Grimstone, Chairman of TheCityUK said:
"As the financial services industry's representative on the Board, our priority is to ensure that FSTIB delivers jobs across the country and sustainable growth for the wider economy."
Martin Scicluna, Chairman of RSA said:
"The Financial Services Trade and Investment Board has a unique role to play in supporting British businesses in identifying and taking advantage of trade and investment opportunities and driving the economy back to growth and recovery."
Ana Botin, CEO of Santander UK said:
"As a major inward investor to the UK, Santander welcomes this important initiative to bring new investment into the country and to promote UK financial services across the globe. I am delighted to serve on the Board and look forward to working with the government and industry partners."
The FSTIB will meet every quarter, identify trade and investment priorities within financial services and provide senior level steers and directions for joined up government and industry actions.