TheCityUK

TheCityUK is a private-sector membership body and industry advocacy group promoting the financial and related professional services industry of the United Kingdom (UK).[1] TheCityUK is often referred to as the industry's "most powerful"[2] or "most prominent"[3] lobbyists with close links to the UK Government and to policymakers in Brussels and Washington.

TheCityUK
Formation2010
Legal statusNon-profit company
PurposeFinancial and related professional services industry
HeadquartersLondon, EC2
United Kingdom
Region served
United Kingdom
Board Chairman
Mark Tucker (business), Chairman of HSBC
Leadership Council Chairman
Sir Adrian Montague, Chairman of Aviva
Chief Executive
Miles Celic
Staff
40
WebsiteTheCityUK

Although 'The City' in the UK usually refers to the City of London, the world's foremost financial centre, the organisation also represents the industry throughout the UK.[4] As a business-led body, TheCityUK is distinct from the City of London Corporation which is the local government administrative body for the district of London which contains the traditional heart of the city's financial services industry, sometimes referred to as the Square-Mile.

The organisation focuses on three main areas:

  • Overseas promotion: it promotes the UK overseas as a world class centre for financial and related professional services.
  • Domestic promotion: it encourages greater understanding of, and support for, the financial services industry in the UK.
  • Regulation and trade: it supports industry efforts to work with government and regulators, to ensure that regulatory developments and trade policy foster free and open markets for the UK's financial services industry.

TheCityUK also conducts primary research among members, businesses and consumers about relevant financial and professional services issues and produces a range of authoritative economic reports on industry sectors, products, and key financial indicators.[5]

History

In June 2008, the then Mayor of London, Boris Johnson, launched the Review of the Competitiveness of London’s Financial Centre and asked its authors to make clear recommendations on how the capital could best sustain and strengthen its reputation as the “global capital of finance”.[6] A recommendation of this review was the formation of a new body to bring together existing overlapping financial and related professional services groups. This body would be tasked with promoting London’s financial services sector overseas, anticipating strategically important trends and highlighting to the domestic audience the industry’s contribution to the UK.

In 2009 a second and separate report from a group of industry representatives chaired by then UK Chancellor, Alistair Darling, and former Citigroup chairman, Sir Winfried Bischoff, recommended the creation of a new independent body to ‘promote the industry at home and overseas’.[7] The report also recommended the group should have a ‘formal link’ to a forum, led by government, which would focus on strategic issues relating to the financial industry. Based on this recommendation TheCityUK was founded in 2010 under the chairmanship of Sir Winfried Bischoff. The founding Chief Executive was Chris Cummings.[8] The report also led to the founding of Financial Services Trade and Investment Board, a partnership body sitting between the UK government and industry.

Financial Services Trade and Investment Board

TheCityUK sits on the government's Financial Services Trade and Investment Board.[9] The Financial Services Trade and Investment Board (FSTIB) is part of HM Treasury and is a partnership between the UK government and industry. The board meets on a quarterly basis to develop high-growth initiatives such as Renminbi internationalisation, green finance and fintech. Its aim is to strengthen Britain's position as the centre of global finance and deliver jobs and growth across the country.

TheCityUK Boards and committees

Board of Directors

Source:[10]

TheCityUK Leadership Council

TheCityUK's Leadership Council brings together a cross-sectoral group of the most senior leaders from the industry. The Council approves TheCityUK strategy and its members can be appointed to lead on major programmes of work. These meetings are regularly attended by Government Ministers, senior regulators, Ambassadors and other leading stakeholders.[11]

TheCityUK Senior Committees

Source:[15]

Independent Economist Group (IEG)

TheCityUK's Independent Economists Group (IEG) meets quarterly, giving organisation access to the expertise of leading City economists, as well as of academics and public-sector experts who occasionally join IEG meetings as guests. Chaired by Dr Andrew Sentance, Senior Economic Adviser at PwC, the group currently includes members from about 20 leading financial and related professional services firms with a UK presence, including: City of London Corporation, EY, KPMG, Nomura Group.[16]

The group discusses economic issues that affect the industry. The research arising from these discussions provides a macroeconomic perspective on many of the key issues facing the UK financial and related professional services sector.[17]

International Regulatory Strategy Group (IRSG)

The International Regulatory Strategy Group (IRSG)[18] is a practitioner-led body composed of leading UK-based figures from the financial and related professional services industry.[19] Within an overall goal of promoting sustainable economic growth, it seeks to identify opportunities for engagement with governments, regulators and European and international institutions to promote an international framework that will facilitate open and competitive capital markets globally.[8] Its role includes identifying strategic issues where a cross-sectoral position can add value to existing industry views. The Group is currently Chaired by Mark Hoban (Chairman, Flood Re).

The IRSG is made up of three core decision-making bodies the Council[20] which sets the high level strategic direction for the IRSG; an Executive Board[21] which sets the priorities for the IRSG and oversees delivery of its work programme; and the Experts and Engagement Group,[19] which gathers together technical experts and practitioners to discuss priority issues and to staff the many work streams that the IRSG undertakes.

The following government departments and regulatory bodies sit as observers on the IRSG Council:

International Trade and Investment Group (ITIG)

The International Trade & Investment Group (ITIG) identifies new trends within the regulatory and tax environment where the UK can taking a leading role and take advantage of emerging opportunities around the globe. ITIG is focussed on identifying opportunities for two-way trade and investment, as well as identifying market access possibilities and breaking down barriers to trade and investment. It is a cross-sectoral senior practitioner body composed of members of TheCityUK.[22]

The group has two major functions:

  1. to provide oversight, advice and input on the TheCityUK's international strategy, priorities and activities, including the development of our Market and Sector Advisory Groups which fall within the international framework
  2. to provide the industry's input to the Financial Services Trade and Investment Board.

Public Affairs Group (PAG)

TheCityUK's Public Affairs Group (PAG) brings together senior members with expertise in government relations, public policy and public affairs to discuss the development and implementation of TheCityUK's strategy. PAG's work is broadly divided into engagement in the UK and in the EU. It takes the form of bilateral meetings, roundtables, seminars and conferences, leveraging rigorous original research and thought leadership, with campaigns integrated across public affairs and public relations. The group is currently chaired by Nick Collier (Global Head of Government and Regulatory Affairs, Thomson Reuters).

Liberalisation of Trade in Services (LOTIS) Committee

The Liberalisation of Trade in Services (LOTIS) Committee, is a working group within TheCityUK, established in 1981 to enable discussions on overseas trade with the UK Government.[23] It was founded under the chairmanship of Sir Malcolm Wilcox and is currently chaired by John Cooke;[24] Michael Palliser, Sir Derek Thomas, Sir Nicholas Bayne and Christopher Roberts[25] were previous chairmen.[23] Committee members represent Standard Chartered, British Bankers' Association, Lloyd's, Association of British Insurers, Law Society of England and Wales, Association for Financial Markets in Europe, Institute of Chartered Accountants, Goldman Sachs, JP Morgan, Standard Life, HSBC, Thomson Reuters, BNP Paribas, and Prudential. Meetings are attended by representatives from HM Treasury, Department of Business, Innovation and Skills, and Foreign and Commonwealth Office.[26] A separate High Level LOTIS Working group was established in 1998 and was later chaired by Leon Brittan.[27][28]

The LOTIS Committee formed a separate working group for discussions specific to the Transatlantic Trade and Investment Partnership. The TTIP Working Group consists of representatives from Thomson Reuters, The Law Society, JP Morgan, HSBC, Goldman Sachs, IUA, Lloyd's, Deloitte, Association for Financial Markets in Europe, Standard Chartered, and TheCityUK itself.[29] Meetings are attended by representatives from HM Treasury and Department of Business, Innovation and Skills.[29]

TheCityUK Industry Groups

TheCityUK Sector Advisory Groups

TheCityUK Market Advisory Groups
  • ASEAN Market Advisory Group
  • China Market Advisory Group
  • India Market Advisory Group
  • Japan Market Advisory Group
  • Latin America Market Advisory Group
  • Middle East and North Africa Market Advisory Group
  • Sub-Saharan Africa Market Advisory Group
  • Turkey Market Advisory Group
  • North America & Transatlantic Trade and Investment Partnership (|TTIP) Market Advisory Group
  • Russia, CIS and Mongolia Market Advisory Group

References
  1. "About | TheCityUK". www.thecityuk.com. Retrieved 2016-12-08.
  2. "Britain's finance industry drops demands for passporting after Brexit". Reuters. 2017-01-12. Retrieved 2017-01-16.
  3. "Barclays Chair To Head City Lobbying Group". Sky News. Retrieved 2017-01-16.
  4. "Finance for growth in the UK | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  5. "Job for the brave is yet to be filled as TheCityUK recruits some fresh faces"
  6. "London: Winning in a Changing World, Review of the competetiveness of London's Financial Centre" (PDF). Mayor of London. Archived from the original (PDF) on 14 July 2014. Retrieved 22 July 2019.
  7. "UK international financial services – the future: A report from UK based financial services leaders to the Government" (PDF). webarchive.nationalarchives.gov.uk/. HM Treasury. Archived from the original on 7 April 2010. Retrieved 9 December 2016.CS1 maint: bot: original URL status unknown (link)
  8. "Speech by the Financial Secretary to the Treasury, Mark Hoban MP, to City UK - Speeches - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  9. "About - Financial Services Trade and Investment Board - GOV.UK". www.gov.uk. Retrieved 2016-12-09.
  10. "Board of Directors | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  11. "Advisory Council | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  12. "Subscribe to read". www.ft.com. Retrieved 2016-12-09. Cite uses generic title (help)
  13. "Paul Manduca to be next Chairman of TheCityUK's Advisory Council". www.prudential.co.uk. Retrieved 2016-12-09.
  14. "Subscribe to read". www.ft.com. Retrieved 2016-12-09. Cite uses generic title (help)
  15. "Working Groups | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  16. "Independent Economists Group (IEG) | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  17. "IEG: Emerging markets, financial volatility, and opportunities for UK financial and related professional services | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  18. "International Regulatory Strategy Group (IRSG) | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  19. "Experts Panel | International Regulatory Strategy Group". www.irsg.co.uk. Retrieved 2016-12-09.
  20. "Council | International Regulatory Strategy Group". www.irsg.co.uk. Retrieved 2016-12-09.
  21. "Executive Board | International Regulatory Strategy Group". www.irsg.co.uk. Retrieved 2016-12-09.
  22. "International Trade & Investment Group (ITIG) | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  23. "30 years of the LOTIS Committee". TheCityUK. Retrieved 8 September 2014.
  24. "Global Services Industries Highlight TISA Importance". Retrieved 8 September 2014.
  25. "World Services Congress Hong Kong 2001" (PDF). Hong Kong General Chamber of Commerce. Retrieved 8 September 2014.
  26. "LOTIS Minutes January 2014". What Do They Know?. Retrieved 8 September 2014.
  27. "LOTIS Committee Linking up GATS and Corporate Political Power". Corporate Watch. Retrieved 8 September 2014.
  28. "The WTO's Hidden Agenda". Retrieved 8 September 2014.
  29. "LOTIS Minutes June 2014". What Do They Know?. Retrieved 8 September 2014.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.