Gary Campkin, Director, International Strategy, TheCityUK, said,
The Financial List is an initiative that presents significant opportunity for London to reinforce and build upon its position as the pre-eminent centre for the resolution of international financial disputes. Not only does it offer an effective solution for managing technical, high value and complex financial disputes, it will deliver a deeper pool of financial market expertise and ultimately help to enhance the reputation of UK-based legal services internationally.
TheCityUK has been engaged in the development of this initiative from its inception, meeting the Honourable Mrs Justice Rose and the Honourable Mr Justice Hamblen to discuss the initiative and preparing a detailed submission to the consultation. We have always been very clear that while legal services make a significant contribution to the UK economy – rising 9.4% in 2013 to £22.6bn or 1.6% of GDP – the sector is highly competitive and other jurisdictions are vying to take London’s crown. It is essential we ensure the UK remains the jurisdiction of choice for dispute resolution and initiatives such as the Financial List support this effort by helping to deliver quick, efficient and cost-effective dispute resolution.