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Treasury appoints financial services board

23 September 2013 by Alexandra Jones

The Treasury has announced the members of its new Financial Services, Trade and Investment Board (FSTIB), which was established by the Chancellor in the 2013 Budget to promote the UK's financial services industry.

The Board, which will meet formally for the first time on 8 October 2013, will lead the government's drive to promote external trade, attract inward investment and lift market access barriers for the UK's financial services sector.

 

Its members include senior representatives from the Foreign and Commonwealth Office (FCO), UK Trade and Investment (UKTI), the department for Business, Innovation and Skills (BIS), TheCityUK and its new International Trade and Investment Group, chaired by Sir Andrew Cahn.

 

The Treasury’s Director General of Financial Services, Charles Roxburgh, will chair the FSTIB and five independent external members will also join the Board.

 

All are industry leaders with extensive experience within the financial services sector, leading successful global firms.

 

They will be acting within a personal capacity, on a pro bono basis, providing advice and expertise to the Board's deliberations and challenging the Board on its delivery.

 

These external members are:

 

Ana Botin, CEO Santander UK

Douglas Flint, Chairman HSBC

Martin Gilbert, CEO, Aberdeen Asset Management

Martin Scicluna, chairman, RSA

Xavier Rolet, CEO, London Stock Exchange Group

 

In addition, Dame Amelia Fawcett, who has long standing experience of the financial services sector and currently a non-executive director for the Treasury, has agreed to act as the non-executive director for the FSTIB.

 

She will also ensure that the Board's decisions and strategies are consistent with the Treasury's broader business plan.

 

The Board reports directly to the Chancellor of the Exchequer and will build on UK's existing status as a major global financial centre.

 

Chancellor of the Exchequer, George Osborne said: ‘Ensuring the UK is able to compete in the global race is one of the government's key priorities. That is why I have established the Financial Services Trade and Investment Board - to bring together the best that our public and private sectors have to offer to strengthen the UK's performance in financial services at home and abroad.’

 

Chief Secretary to the Treasury, Danny Alexander added: ‘Financial services are important for the whole of the UK, and particularly in Scotland. The sector can play an important role in the economic recovery, and this Board will help to ensure that it does.’

 

The FSTIB will meet every quarter, identify trade and investment priorities within financial services and provide senior level steers and directions for joined up government and industry actions.

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