Financial Services Trade and Investment Board

The Financial Services Trade and Investment Board (FSTIB) is part of HM Treasury and is a partnership between the UK Government and industry.[1] The Board meets on a quarterly basis to develop high-growth initiatives such as Renminbi internationalisation, green finance and financial technology. Its aim is to strengthen Britain's position as the centre of global finance and deliver jobs and growth across the country.

The FSTIB works closely with the Financial Services Organisation (FSO).[2] The FSO is a key delivery partner for the FSTIB's initiatives.

History

The FSTIB was formed by Chancellor George Osborne in Budget 2013 to promote the UK's financial services industry.[3] The Board first met on 8 October 2013 and was 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.[4]

In July 2015, the Chancellor re-launched the FSTIB with a new board composed of senior representatives from across government and industry.[5]

Achievements
  • establishing the UK as the centre for Renminbi business outside China
  • developing the UK as a western hub for Islamic finance
  • delivering the Investment Management Strategy to create a simpler tax regime for the sector
  • launching the Insurance Growth Action Plan (GAP) to expand British insurers into key emerging markets
  • cementing the UK's world-leading position in financial technology[6]

Membership

The Economic Secretary to the Treasury, Simon Kirby, chairs the quarterly board meetings.

Members include:

References
  1. "Financial Services Trade and Investment Board - GOV.UK". www.gov.uk. Retrieved 2016-12-09. This content is available under the Open Government Licence v3.0. © Crown copyright.
  2. "Financial Services Organisation - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  3. "Budget 2013: documents - Publications - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  4. "Board appointed to help UK's world class financial services grow - News stories - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  5. "New Financial Services Trade and Investment Board appointees - News stories - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  6. "Financial Services Trade and Investment Board: annual report 2014 to 2015 - Publications - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
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