UK and Moscow reaffirm joint commitment to improving financial services standards

TheCityUK and the Forum Analytical Center today signed a Memorandum of Understanding (MoU) continuing collaboration to support the development of Moscow as an international financial centre.

The MoU aims to bring mutual benefit to both countries’ financial and related professional services industries by enhancing cross-border collaboration and encouraging joint initiatives and standards.

Areas of cooperation will include projects to reform and improve corporate governance, FinTech and accompanying regulation, wider regulatory improvement, development of the insurance sector and measures to improve investor protection.

Wayne Evans, Managing Director, International Trade and Investment, TheCityUK, said,

For many years we have worked with partners in Russia, supported by the British Embassy, to further deepen the relationship between our two financial and related professional services industries. As a world-leader in this area, the UK is well placed to help with developing standards in corporate governance and financial regulation in Russia. By building bridges between our two countries we create space for new trade and investment relations to grow.”

Alexander Voloshin, Chairman of the Board, Forum Analytical Center, said, 

We are pleased to reaffirm our positive working partnership with TheCityUK. The insights we share are helping us to take an active role in financial market development and corporate governance reform, working as a constructive liaison between the State, regulators and the business community. Today, the world’s economies face new and complex challenges, and we feel optimistic about finding solutions in our close and productive Russia-UK liaison.”

Trevor Lewis, Counsellor, Director of Trade & Investment Russia, said, 

The UK and Russia have a growing trade and investment relationship, and this new agreement is a tangible demonstration of the opportunities for collaboration to further increase this relationship and our mutual prosperity.”