TheCityUK launched its Next Generation Vision back in 2010 to ensure the financial services sector can be an engine for growth; a source of pride for those who work in it, and for the country as a whole. I look to a time when our world leading skills are recognised as serving the community of the UK. That opportunity is fully articulated in this vision.
The objective of this project was to create a fundamental improvement in the relationship between the financial services industry and the nation. It has been written by the industry’s next generation. We have come together from across the sector to develop a shared understanding of where the industry stands today and form a collective vision of where we will take it over the next 10 to 15 years.
We have listened to a breadth of insights from across society, which has helped us to examine the industry and its behaviour. We see the current crisis of confidence as an opportunity for the industry as a whole to change. Today the industry is often seen as disconnected from society and defined by self-interest.
This is our statement of intent: to enrich, protect and satisfy customers; to become an integral contributor to the community; to be a source of deep national pride and a standard bearer for financial services globally. To be a part of society, not apart from society.
We have listened to and have sought to understand the views of our Stakeholders. As the next generation we have a choice: we can live with the consequences of the erosion of trust in our sector, and the undermining of confidence it has caused, or we can strive to build a new kind of relationship. Our goal is to earn the admiration of the public, and to establish a productive relationship with government for the betterment of our industry and the collective good. At best, our industry is a critical economic engine, vital to the success of individuals and the confidence of the nation; we are determined that the industry must perform at its best.
We are also determined to build on our position as the number one financial services centre in the world, to grow our revenue and profits, and to ensure the growth of the companies and individuals who so vigorously contribute to the vitality of the industry.
Ours is an industry that has always been driven and results-focused. This will not change. But our perspective and actions will be guided by a new moral code, appreciation for the consequences of our actions, and a sincere belief in collective responsibility and shared success.