TheCityUK supports its members in identifying and capitalising on new opportunities which follow on from financial services expanding into new areas.
Whether through growth in new markets, or adapting to shifts in customer behaviour in existing markets, expanding our services is integral to our vision for the future and will help ensure the continued success of the financial and related professional services industry.
We’re working with our members to support growth and expansion in across a wide array of fields, including cyber insurance, infrastructure financing and green finance. These growth sectors help to negate the decline of employment and profitability of fixed income, currencies and commodities (FICC) businesses and uncertainty surrounding Brexit.
This priority is underpinned by our reports, ‘A vision for a transformed, world-leading industry’ and ‘UK financial and related professional services: meeting the challenges and delivering opportunities’.
To maintain its position as the leading international financial centre the industry should:
Strengthen UK capital markets and market infrastructure
As capital markets products and services become increasingly digitised it is essential the UK identifies targeted improvements to retain its competitive advantage. In the primary market, efforts should be made to scale up promotion and improve research quality and availability. In the secondary market, market infrastructure must be modernised (e.g. clearing and settlement facilities for emerging market currencies) and should support the electronification of front and back office processes.
Accelerate insurance product innovation
As the world’s largest hub for specialty commercial insurance, the UK has the capability to help businesses better manage emerging risks (cyber, longevity, corporate liability, giga loss and reputational damage). New capabilities and more robust data and analytics should be made a priority.
Revitalise the global market for infrastructure financing
The UK can lead infrastructure financing and advisory, and establish consistent legal, financial and management standards, develop new financing instruments, provide project pipeline transparency and foster a secondary market in infrastructure-related securities. In an era when public finances are significantly restrained, there is a need to think again about the role of private finance in ensuring badly needed infrastructure projects and upgrades get the green light.
Preserve the UK’s global leadership in investment management
The UK can strengthen its domestic investment management market through, for example, skills development; and enhance the sector’s international standing through greater product expertise and market liberalisation.
Secure the UK’s position as the world’s legal capital
To strengthen the UK’s distinctive legal offering and maintain the primacy of English law in commercial contracts and disputes we will work with government to ramp up efforts to export UK legal and regulatory standards to both developed and emerging markets, which will also facilitate trade and investment. In dispute resolution, cost and efficiency improvements will be key drivers of competitiveness. Our ‘Legal excellence, internationally renowned’ report discusses the UK’s strengths and opportunities in legal services.
Our Public Affairs Group (PAG) brings together our senior members with experts in government relations, public policy and public affairs to discuss the development and implementation of the expand our services priority.
For more information about our work to 'Expand our services' please contact us.