Alternative Dispute Resolution
Disputes are a fact of human life. They can be painful and costly. Efficient dispute resolution is an essential lubricant of business. Whether a dispute can be resolved privately through arbitration or mediation, or can be resolved only through litigation, London is the place you will find the most appropriate, swift, fair and cost effective process. London provides dispute resolution service in a wide range of areas including maritime and aviation, banking and insurance, commodities and construction, and oil and gas.

Banking
The UK enjoys one of the most diverse and dynamic banking sectors in the world. It has the highest concentration of foreign banks in the world - 481 in 2000 (next nearest was the USA with 287). In 2000 London accounted for 19.1% of global cross-border bank lending, more than any other centre. Total assets of the UK banking system were £3,441 bn (August 2001) of which 55% belonged to foreign banks. The assets of UK owned banks, totalling £1,336 bn are dominated by a dozen or so retail banks, with national branch networks, mostly serving domestic, personal and corporate customers.

Insurance
The UK has the world’s leading insurance and reinsurance market covering common motor insurance to space satellites. The UK insurance business generated premium income of almost £174 bn in 2000. This was the third largest in the world, exceeded only by the US and Japan. The London market is a unique international wholesale insurance market-place and is the global market leader in aviation and marine insurance, with market shares of 31% and 19% respectively.

Pensions Reform
With a rapidly ageing population the world face a pensions crisis and many countries are passing the burden for pensions provision from the state sector to the private sector. The UK has unrivalled experience in private pension funds. A far higher proportion of pension payments are provided by the private sector in the UK than in nearly any other country. There are many British professionals including lawyers, actuaries and tax advisors who have extensive experience in advising countries on implementing tax reforms.

Privatisation
The placing of ownership and operation of a business from state control into the private sector was pioneered by the UK in the 1980s. Some 400 privatisations have been completed around the world many of them with input and advice from UK-based law forms, accountants and investment banks. Privatisation was essentially a UK product and UK expertise is acknowledged worldwide. This expertise has been developed against widely differing market conditions and across a broad spectrum of sectors and disciplines.

Public Private Partnerships (PPP)
London is the leading centre for expertise in PPP. Legal advisors, financial advisors, investment bankers and contractors, experienced a wide range of projects throughout the world, operate from the UK.

Fund/Asset Management
The value of identified assets under management increased by 40% between 1995 and the end of 1998 to £2.5 bn - 23% on behalf of overseas clients. Contributing factors which also provide selling points for the industry include - highly sophisticated and innovative management styles, techniques and strategies, a skilled labour force and high quality professional and support services, a highly liquid market with the opportunity to trade in large blocks of shares and an open and liberalised operating environment combined with protection against abuses.

Securities
Besides a substantial domestic market in equities and bonds the UK is a major international centre for trading in the Euromarket. Eurobonds account for the majority of all bonds issued and the UK issues 60% of them and has a 70% share of the secondary market. More funds are invested in the London than the ten top European centres combined. Edinburgh is the UK’s second major fund management centre and 6th largest in Europe. London is the largest centre for institutional equity management and also has the World’s largest share of the OTC derivatives market at 36% with a turnover of US$275bn in 2000. The UK has 31.1% of the global Forex market with a daily turnover of US$504bn.

More foreign companies are traded on the London Stock Exchange than on any other exchange (475 companies listed at the end of 2000). Turnover in these companies in London represents 48% of global turnover in foreign equities in 2000.

Government Partnership with the Financial Services Sector

HM Treasury is the main Government department responsible for partnership with 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 For Business
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.