Financial Services Subsectors - a list of Industries covered by this sector
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 Overview
Financial Services account for nearly 7% of Britain's gross domestic product, employing over 1 million people. Banking
The banking sector comprises both UK-owned and foreign-owned banks operating in the UK. The assets of UK-owned banks are dominated by a dozen or so retail banks, with national branch networks that primarily serve domestic, personal and corporate customers. The remaining UK banks consist of investment banks and a large number of other banks, including London headquarters of banks operating abroad, private banks, and small banking boutiques. There are over 500 foreign banks, based in the UK. These banks serve predominantly overseas clients and the majority of their business is conducted in foreign currency. Insurance
The UK insurance industry provides both general insurance (i.e. marine, aviation, motor, fire, property and personal accident) and long-term insurance (i.e. life assurance and annuity and investment policies) and is the fourth largest in the world. The London market is a unique international wholesale insurance marketplace and is the global market leader in aviation and marine insurance, with market shares of 34% and 21% respectively. Securities Dealing
The UK securities market consists of a substantial domestic market in equities and bonds. London is also the major international centre for trading in the Euromarket. More foreign companies are traded on the London Stock Exchange than on any other exchange worldwide, turnover of these companies in London representing 60% of global turnover in foreign equities. The UK as a centre for International Financial markets
The City of London is one of the top three international financial centres in the world and Europe's leading financial centre. There are more foreign banks in London than in any other financial centre, and London is the largest centre for cross-border bank lending. London's position derives from the critical mass of markets and the concentration of the strongest financial businesses from all over the world that are based there. It is also home to all the professional skills necessary to service the markets, and has a world-class technological infrastructure that is constantly being updated. The majority of this information was compiled from details supplied by HM Treasury.
Government Sponsorship of the Financial Services Sector HM Treasury is the main Government department responsible for sponsorship of the UK's Financial Services sector. The Treasury aims to raise the rate of sustainable growth, and achieve rising prosperity, through creating economic and employment opportunities for all. Contact HM Treasury (Tel: 020 7270 5614 Fax: 020 7270 5430) for further information. Schemes and Initiatives Financial Services Authority
The Financial Services Authority is an independent body that regulates the financial services industry in the UK. The FSA has four main objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime. The FSA provides access to an Industry Resources Centre through its web site. Financial Services and Markets Act
The Financial Services and Markets Act (FISMA) received Royal Assent on 14 June 2000. It provides the framework for completing the modernisation of financial services regulation announced by the Chancellor in May 1997. The Act provides the framework within which a single regulator for the financial services industry, the Financial Services Authority (FSA), will operate. The Contacts with Industry Scheme
HM Treasury run a scheme to encourage stronger contacts between Treasury officials and all sectors of British Industry. The visits generally last one day and usually consist of a presentation by the host company followed by a discussion of issues raised. Specific Export Help for the Financial Services Sector UK Trade & Investment
UK Trade & Investment is the Government Organisation that brings together the work of the Foreign & Commonwealth Office (FCO) and the Department of Trade & Industry (DTI) in support of British trade and investment overseas. Sector specific export help for Financial Services can be found on the UK Trade & Investment website. Other Sector Contacts Listed below is a selection of organisations that can offer assistance to companies in this sector.
A more extensive list of Trade Associations in this sector can be found at the Trade Association Forum website. Association of British Insurers
51 Gresham Street
London EC2V 7HQ
Tel: 020 7600 3333
Fax: 020 7696 8999 Association of Investment Trust Companies
Durrant House
8-13 Chiswell Street
London EC1Y 4YY
Tel: 020 7282 5555
Fax: 020 7282 5556 Association of Unit Trusts and Investment Funds
65 Kingsway
London WC2B 6TD
Tel: 020 7831 0898
Fax: 020 7831 9975 British Bankers Association
Pinners Hall
105-108 Old Broad Street
London EC2N 1EX
Tel: 020 7216 8800
Fax: 020 7216 8811 Building Societies Association
3 Savile Row
London W1X 1AF
Tel: 020 7437 0655
Fax: 020 7734 6416 Chartered Institute of Bankers
90 Bishopsgate
London EC2N 4AS
Tel: 020 7444 7111 Corporation of London
Mansion House
London EC4N 8BH
Tel: 020 7626 2500 Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: 020 7676 1000
Fax: 020 7676 1099 General Business Support, Schemes and Initiatives DTI Business Support
This page lists many of the initiatives that the DTI and other parts of Government currently operate. Included on this page are links with various support schemes and initiatives. DTI Information Age
This page lists many of the initiatives that the DTI and other parts of Government currently operate. Included on this page are links with schemes and initiatives offering guidance and advice relating to new technology and fast access to information. DTI International Trade and Investment
This page offers a comprehensive menu of links to sites offering support to exporters (through UK Trade & Investment), investors in the UK and importers into the UK. Companies House
From this site, you can link to a wide range of Government sites and Professional Bodies that can provide general guidance and support for all UK companies. The Trade Association Forum
The Trade Association Forum helps associations to deliver best practice to members. Small Business Service
The Small Business Service operate a number of schemes and initiatives that are designed to help small businesses in a variety of ways. Further information found on their website.
Regulatory Guidance Financial Services Authority (FSA)
The FSA will become the single regulator for financial services in the UK in the second half of 2001, when the Financial Services and Markets Act 2000 (FSMA) is implemented. From then on the FSA will have a single Handbook of rules and guidance. The Direct Access Government is a one-stop shop for business to access regulatory guidance and forms published on Government web sites. DTI Regulatory Guidance provides information on a wide range of regulatory guidance material for which DTI is responsible.
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