TheCityUK

Last updated
TheCityUK
Formation2010
Legal status Non-profit company
PurposeFinancial and related professional services industry
Headquarters London, EC3A 8BF
United Kingdom
Region served
United Kingdom
Board Chairman
Anne Richards, Chief Executive Officer of Fidelity International
Leadership Council Chairman
Bruce Carnegie-Brown, Chairman of Lloyd's of London
Chief Executive
Miles Celic
Staff
50
Website 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.

Contents

Although 'The City' in the UK usually refers to the City of London, one of the world's foremost financial centres, 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:

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, chaired by former Merrill Lynch EMEA Chairman Bob Wigley, 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.

TheCityUK Boards and committees

Board of directors

Source: [9]

TheCityUK Leadership Council

TheCityUK Leadership Council brings together a cross-sectoral group of the most senior leaders from the industry. The Leadership Council oversees TheCityUK's strategy and its members lead on major programmes of work. These meetings are regularly attended by Government Ministers, senior regulators, Ambassadors and other leading stakeholders. The current Chair of the Leadership Council is Bruce Carnegie-Brown (Chairman of Lloyd's of London). [10]

TheCityUK senior committees

Long-Term Competitiveness Group

TheCityUK Long-Term Competitiveness Group is responsible for influencing the policy environment and evolution of regulatory frameworks to ensure the UK remains an internationally attractive and domestically competitive place for financial and related professional services firms to do business. It is focused on the future shape of the UK’s regulatory, legal, mobility and tax regimes and the approach of its regulatory and supervisory authorities.

International Regulatory Strategy Group (IRSG)

The International Regulatory Strategy Group (IRSG) [11] is one of the leading cross-sectoral groups in Europe for the industry, discussing and acting on regulatory developments. It comprises senior leaders from across the UK-based financial and related professional services industry. [12] The IRSG is jointly run by TheCityUK and the City of London Corporation to promote sustainable economic growth and an international framework that facilitates 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 IRSG Council is currently chaired by Dr Kay Swinburne (Vice Chair of Financial Services, KPMG UK).

The IRSG Council [13] which sets the high level strategic direction for the IRSG and the IRSG Board [14] which sets the priorities for the IRSG and oversees delivery of its work programme.

International Trade and Investment Group (ITIG)

TheCityUK International Trade & Investment Group (ITIG) sets the strategic direction for international engagement for UK-based financial and related professional services firms. The group oversees all of TheCityUK's internationally-focused workstreams. ITIG is focused on delivering an international strategy it commissioned to see the UK become the world’s leading international financial centre through collaboration between industry, government and regulators to promote the UK’s international competitiveness. It is a cross-sectoral senior practitioner body composed of members of TheCityUK. [15]

Public Affairs Group (PAG)

TheCityUK Public Affairs Group (PAG) brings together senior leaders in government relations, public affairs and communications, drawn from our membership and representing a diversity of sectors, to develop and implement a programme of work aligned to our strategic objective on trust and reputation. It also it oversees the work and direction of TheCityUK's public affairs programme, including its engagement with the devolved administrations of the UK’s regions and nations and in Westminster.

TheCityUK Working Groups

TheCityUK Market Advisory Groups

See also

Related Research Articles

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

Derek George Henry Laud is a British banker, author, journalist, broadcaster and visiting professor. He has other wide business interests. He is the Chairman of the Foundation Board of Lucy Cavendish College at the University of Cambridge, and the first elected male Honorary Fellow in the history of the College. He also Chairs the North American Committee for Cambridge. He was Chairman of the Board of Ravenstone House Group of Schools in the UK, controlled and owned by Pacific Investments PLC. He has been an accredited journalist and has written on social, political, travel and tennis. He has covered the Wimbledon Championships for more than 15 years.

Scottish Financial Enterprise (SFE) is the representative body for Scotland's financial services industry. It is a company limited by guarantee based in Edinburgh.

<span class="mw-page-title-main">Howard Davies (economist)</span> British economist and author

Sir Howard John Davies is a British historian and author, who is the chairman of NatWest Group and the former director of the London School of Economics.

Strategic and Competitive Intelligence Professionals (SCIP), formerly the Society of Competitive Intelligence Professionals, is a global non-profit best practice sharing community for experts from industry, academia, government, and non-profits in Strategic Intelligence: competitive intelligence, market intelligence, market research, strategic analysis, business intelligence, and strategy. SCIP is one of the only global membership organizations in the field of competitive intelligence (CI) and business strategy and organizes an annual international meeting and exposition. The last (2019) annual meeting was held in Orlando, Florida, US, and the 2020 Conference will be held May 11-13, 2020 outside Chicago, Illinois. It is called SCIP IntelliCon 2020.

Dame Deirdre Mary Hutton, is a British public servant, termed by the British media as "Queen of the Quangos" and "The great quango hopper". She was the chair of the UK's Civil Aviation Authority from 2009 to 2020.

<span class="mw-page-title-main">China Investment Corporation</span> Chinese sovereign wealth fund

China Investment Corporation is a sovereign wealth fund that manages part of China's foreign exchange reserves. China's largest sovereign fund, CIC was established in 2007 with about US$200 billion of assets under management, a number that grew to US$1,200 billion in 2021 and US$1,350 billion in 2023.

The Netherlands Authority for the Financial Markets is the financial services regulatory authority for the Netherlands. Its role is comparable to the role of the SEC in the United States.

Robert (Bob) Wigley, OStJ, BSc, HonDBA, FCA, CCMI, is chairman of UK Finance, Vesta Global Holdings Ltd, Vizolution Ltd and is an investor, entrepreneur and philanthropist. He is author of a book about the effects of technology on Gen Z, Born Digital: The Story of a Distracted generation. He is a non-executive director of Symphony Environmental Plc, the Qatar Financial Centre and chairman of its audit committee. He is a Founding Global Britain Commissioner, member of the Trade Advisory Group for Financial Services at the Department for International Trade and a member of the UK's Economic Crime Strategic Board at the Home Office, co-chaired by the Home Secretary and Chancellor. He is an executive member of Seraphim Space Enterprise LLP.

The Broadband Stakeholder Group is the UK government's advisory body on broadband. Created in 2001 by then Minister for E-Commerce and Competitiveness Stephen Timms, it provides a neutral forum for organisations across the converging broadband value-chain to discuss and resolve key policy, regulatory and commercial issues, with the ultimate aim of helping to create a strong and competitive UK knowledge economy.

Corporate venture capital (CVC) is the investment of corporate funds directly in external startup companies. CVC is defined by the Business Dictionary as the "practice where a large firm takes an equity stake in a small but innovative or specialist firm, to which it may also provide management and marketing expertise; the objective is to gain a specific competitive advantage." Examples of CVCs include GV and Intel Capital.

<span class="mw-page-title-main">Hector Sants</span> British investment banker and financial regulator

Sir Hector William Hepburn Sants is a British investment banker. He was appointed Chief Executive Officer of the Financial Services Authority in July 2007 and stepped down in June 2012. He took up a new position with Barclays Bank at the end of January 2013, but resigned from the bank on 13 November 2013.

<span class="mw-page-title-main">Greg Clark (urbanist)</span> Author, global advisor, chairman and non-executive director

Greg Clark, an urbanist, is an author, global advisor, chairman and non-executive director. Clark has advised more than 300 cities, 50 national governments and a wide array of bodies including the OECD, Brookings Institution, the World Bank and the Urban Land Institute (ULI) on strategies for city development and investment. He also advises global investors and corporate service companies on how to align with city leaders.

<span class="mw-page-title-main">Hassan Abdullah</span> Egyptian Governor of The Central Bank of Egypt (born 1960)

Hassan Abdallah is an Egyptian financier. He is the current governor of the Central Bank of Egypt. He previously held the chief executive officer position of the Arab African International Bank (AAIB), a regional financial services institution that was Egypt's first Arab multinational bank. Abdalla joined the AAIB in 1982 and, by 2002, had become CEO. In parallel to his executive mandate, Abdalla has also been an adjunct finance professor at the American University in Cairo (AUC) for the past 18 years. In August 2022, Hassan Abdallah was appointed as the new acting governor of the Central Bank of Egypt (CBE) by presidential decree.

<span class="mw-page-title-main">Fintech</span> Subset of technologies used in finance

Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are regarded as the "ABCD" of fintech. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies designed to make financial services more accessible to the general public. Fintech companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.

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 financial technology. Its aim is to strengthen Britain's position as the centre of global finance and deliver jobs and growth across the country.

<span class="mw-page-title-main">Astana International Financial Centre</span> Financial hub in Astana, Kazakhstan

Brexit and arrangements for science and technology refers to arrangements affecting scientific research, experimental development and innovation that are within the scope of the negotiations between the United Kingdom and the European Union on the terms of Britain's withdrawal from the European Union (EU).

James Neilson Pettigrew who is currently the chairman of the AIB Group Plc, RBC Global Asset Management UK Ltd,and Scottish Ballet. Until recently, he was the chairman of Virgin Money & CYBG PLC, the owners of Clydesdale Bank, Yorkshire Bank and the digital app based current account provider, B. CYBG PLC was formed as part of the demerger with National Australia Bank in early 2016. From 2016-2019, he was Chairman of Scottish Financial Enterprise (SFE), the representative body for Scotland's financial services industry, from 2016-2019. He was also co-chair for the Financial Services Advisory Board (FiSAB) with the First Minister, and was on the advisory board of TheCityUK. and chaired Dundee Heritage Trust.

The Abu Dhabi Investment Office (ADIO) was launched with the objective of helping investors and companies of all sizes establish, grow and develop their business in the Emirate of Abu Dhabi.

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 competitiveness 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.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  8. 1 2 "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. "Board of Directors | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  10. "Advisory Council | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  11. "International Regulatory Strategy Group (IRSG) | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.
  12. "Experts Panel | International Regulatory Strategy Group". www.irsg.co.uk. Retrieved 2016-12-09.
  13. "Council | International Regulatory Strategy Group". www.irsg.co.uk. Retrieved 2016-12-09.
  14. "Executive Board | International Regulatory Strategy Group". www.irsg.co.uk. Retrieved 2016-12-09.
  15. "International Trade & Investment Group (ITIG) | TheCityUK". www.thecityuk.com. Retrieved 2016-12-09.