FORUM HIGHLIGHTS QUALITY OF REGIONAL FINANCE CENTRES
The UKTI Financial Services Regional Forum has become a vibrant mouthpiece to promote the UK’s financial sector internationally or to highlight this country’s attractiveness for international investment.
Messages going out to the world emphasise the qualities of regional financial centres like Norwich.
The forum is also tackling concerns generated by the recession and doubts over ever- increasing regulations.
Fig Director Marjorie Eade represented Norwich at the latest regional forum hosted by the Lord Mayor of the City of London, Ian Luder, at Mansion House.
The group – which works with the Financial Services Sector Advisory Board – debated current issues affecting the reputation of UK financial services abroad and the impact of the global recession. Included in the discussions were proposals to change UK financial regulations. UKTI’s Philippe Gautier compared the conclusions of Europe’s Larosiere review with the review in the UK by Lord Turner, Chairman of the FSA – and he considered the latter superior and more appropriate. He also believed that proposed legislation from the US would be considerably stricter.
The group believed there was a need to lobby on the proposed European legislation and UKTI agreed to collate any comments from forum members and send them to the Treasury so the City of London could forward them to its EU Regulation Group. Also stressed was the need for individual organisations to lobby Brussels direct.
Marjorie Eade shared Mr Gautier’s concerns on the dangers of over-regulation and would welcome any views from the industry - in confidence if preferred - so that Fig, as an umbrella body, could pass them on.
The Lord Mayor said he recognised the importance of the regions – with more than half of the UK’s financial services industry based outside London and Edinburgh.
It made it even more important that the regions worked closely together and he mentioned the work he had encouraged for maritime centres across the UK to cooperate in various ways in marketing their financial services globally rather than compete.
His comments prompted Marjorie to suggest that the UKTI Regional Forum representatives should co-operate in a similar way, an idea which the Lord Mayor and forum agreed was a good idea. Moves to make sure it happens are already under way.
Other presentations included a background to carbon trading by Vicky Elliott, from the Climate Change Project Office. She is keen to engage with regions to discuss opportunities with any companies interested.
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