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UKTI FSO Financial Services Organisation Trade and investment support for the financial, business and professional services sectors
www.ukti.gov.uk
Contents
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UK Trade & Investment 4
UKTI FSO, Financial Services Organisation 5
Sector overview 6
Investment management 7
Insurance 8
Back and middle office 9
Financial technology 10
Associated professional and business services 11
How can UKTI FSO help? 12
International opportunities 14
Contact the FSO team 15
Front cover: The Shard London© Crown copyright
UKTI is the UK Government department that helps overseas companies bring high-quality investment to the UK’s dynamic economy, acknowledged as Europe’s best place from which to succeed in global business. It also assists and supports local UK companies export, or grow their exports via its vast network of international trade advisors and overseas networks in its consulates and embassies.
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UK Trade & Investment
Business people using apple ipad 2 on the upper concourse of St Pancras International Station with eurostar train in background.
© Crown copyright
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The UKTI FSO is comprised of a team of dedicated professionals with a sector specific approach to financial and related professional and business services.
INVESTMENT MANAGEMENT
BACK AND MIDDLE
OFFICE
FINANCIAL TECHNOLOGY
INSURANCE
The UKTI FSO has two principal aims:
1.Toattracthighvalueforeigndirectinvestment(FDI)intotheUK
2.Tohelpcompaniesgrowtheirbusinessthroughinternationaltrade.
UKTI FSO Financial Services Organisation
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The UK is the world’s leading global financial services centre and the most internationally focused marketplace in the world.
Financialservicestoucheseveryaspectofoureverydaylives.ThesectorprovidesfinanceandservicesthatkeepbusinessesworkingandsupportsjobsandgrowthacrosstheUK.TheUK’sfinancialservicessectoremploysoveronemillionpeople,withanothermillionintherelatedprofessionalservices.
Withabusinessfriendlyenvironment,skilledworkforce,competitivetaxregime,advantageoustime-zone,Englishastheworld’sdominantbusinesslanguage,astronglegalandregulatoryenvironment,globallinks,excellentICTinfrastructureandsupportivestanceforinnovation,therearemanyclear-cutreasonswhyanybusinessseekingtoexpandinternationallywouldbenefitfromastrongpresenceintheUK.
Foreigncompaniesinvestedacumulative£40billionintheUKfinancialservicessectorbetween2008and2011,closetoathirdoftotalforeigndirectinvestment(FDI).FinancialservicesattractsmoreFDIintotheUKthananyothersector.
ThesectorisalsoasignificantcontributortoUKeconomicoutputacrosstheirdomesticandinternationalactivities,financialandrelatedprofessionalservicescontributed£174billiontotheUKeconomyin2012.Exportsmakeupasubstantialshareofthiscontribution,witharoundathirdoffinancialservicescontributiontoGDParisingfromservicesprovidedtooverseasclients.
Sector overview
Investment management
Insurance
Back and middle office
Financial technology
Associatedprofessional & business services
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The UK is one of the largest markets in the world for investment management. Last year firms operating in the sector managed an estimated £5.4 trillion in funds.
Investment management
ThroughacompetitivetaxregimetheUKGovernment’sobjectiveistomaketheUKoneoftheworld’smostcompetitiveplacesfortheinvestmentmanagementindustry.
UKTIandTheCityUK,supportedbytradebodies,aredevelopingaone-stopshopserviceforassetmanagerswishingtosetupfirmsorfundsintheUK.Thisweb-basedservicewillprovideusefulcontenttohelpexplaintheUK‘offer’andprovideguidanceontherelevantprocesses.
TheOne Stop ShopwillprovideaportalforinvestmentmanagementcompaniesconsideringestablishingapresenceintheUK,frominitialassessmentofthemarkettostartingbusinesshereintheUK.
The UK insurance sector is the largest in Europe and a leading global centre in a truly global industry. The sector benefits from a broad and highly developed skills base. Around 320,000 people are currently employed in the UK insurance market, contributing to 1.6% of total GDP.
TheUKisoneofthemostcompetitiveplacesintheworldtoundertakeinsurance.TheGovernmentiscommittedtodowhatitcantosustainandsharpentheUK’scompetitiveedge,andmaketheUKtheworld’sleadingcentreforinsurance.
Overseas,theUKGovernmentisdeterminedtodowhatitcantohelpfirmsgraspopportunitiesinemergingeconomies,especiallyinhighgrowtheconomiessuchasthoseinAsiaandLatinAmerica,aswellatheemergingmarketsofBrazil,China,India,IndonesiaandTurkey.
TheUKGovernment’sInsuranceGrowthActionPlansetsoutapackageofmeasurestostrengthentheinsurancesector’scontributiontotheUKeconomyandenhancetheUK’spositionasagloballeaderinatrulyglobalindustry.UKTIisworkingcloselyacrossgovernmentandwithindustrytoensurethattheUKinsurancesectorisequippedforsuccessintheglobalrace.
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Insurance
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The UK as a destination for back and middle office functions offers a compelling proposition that forms a crucial bedrock for the wider development of the financial, professional and business services infrastructure in the UK. Such operations are estimated to have contributed £29.4 billion to the UK economy in 2011.
Withtherecenttrendsinmaturingoverseasmarketsandcostsavingsdifferentialbecomingnotassubstantial,otherfactorsarebecomingmoreimportanttocompaniesinvestinginthesetypesofprojects.
Languagecapabilities,timezoneadvantages,proximitytomarketsandavailabilityofrelevantskillsarenowofparticularimportance.
ThegeographicalpositioningoftheUK,alongwiththesheersizeoftheUK’ssectoracrossvariousregionallocationsprovidesampleopportunitiesforfirmsinthissector.
UKTIcanofferassistanceandsupportinfacilitatingcompanieswishingtobringbackandmiddleofficefunctionsbacktotheUK,orwishingtooutsourcefunctionswithintheUK.
Back and middle office
Financial technology
Fintech cuts across all sectors of the digital economy and is becoming an increasingly important part of the UK’s financial services industry. In 2011, financial institutions in the UK spent approximately £8 billion on ICT.
TheUKisoneofEurope’slargestmarketsandleadinginnovatorsine-paymentsandthesecondlargestdatacentremarketintheworld,with2012investmentvaluedat£2.08billion.
Astheworld’sleadingglobalfinancialservicescentreandthemostinternationallyfocusedmarketplaceintheworld,combinedwithathrivingtechnologicalsector,theUKisfastbecomingthedestinationofchoiceforcompanieswantingtoestablishaglobalpresence,outsideoftheUnitedStates.
TheUKisinastrongpositiontoforgethewaygloballyinrespecttoFintech.Londonisalreadytheworld’sleadinginternationalfinancialcentrewiththeUKsecondonlytotheUSgloballyintermsofprojectinvestmentinFintech.
TheUKGovernmentisstrivingtocreatetherightconditionsforathrivingfinancialtechnologysector.TheroleoftheUKTIFSOistoattracthighqualityforeigndirectinvestmenttogrowtheUKeconomyandhelpsupportcompaniesinexpandingtheirUKoperationsandtoincreasetradeinternationally.
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UKTIhavedevelopedarobusttradeandinvestmentstrategytohelpUKcompaniescompetegloballyandattractnewinvestmenttotheUK,includingpromotingtheUKastheleadingglobalPBShub.Tobolstertheseefforts,UKTIareestablishinganewnetworkofsectorspecialenvoystoidentifyopportunitiestopromotethesectorintargetmarkets.
Promote the excellence of the UK’s capabilities in targeted overseas markets to boost exports.
Asemergingeconomiesgrow,thedemandforPBSisincreasing.ThisrepresentsasignificantopportunityforPBSbusiness.CountrieslikeIndia,China,BrazilandmarketsacrossAsiaandAfricahaverapidlygrowingeconomies,amassivelyexpandingnumberofconsumersandinfrastructuredevelopment.IndiaforexampleisthefastestgrowingeconomyintheworldwithstronglinkstotheUK.Theopportunitiesarevast.
UKTIisheretoassistPBSbusinessestoexploretheopportunitiesforexportstoandinvestmentsfromthesefastgrowingglobalmarkets.
Associated professional and business services
The UK’s professional and business services (PBS) sector is a global success story. We are host to top international firms providing the various highly skilled services that make up the sector, including advertising, accountancy, architecture, legal services and management consultancy.
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SmallandmediumsizePBSenterprisesflourishintheUK:barrierstoentryandconcentrationlevelsaregenerallylow,withintellect,ideasandpersonalcontactsmoreimportantthancapitalassets.
TheUK’sPBSsectorishighlycompetitiveinternationally,withashareofexportstodevelopedcountriessecondonlytotheUSandatradesurplusof£19billion.
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Through our bank of knowledge, extensive networks and teams of specialists UKTI FSO can help identify and leverage potential opportunities, both for trade and investment.
UKTI support companies wanting to locate to the UKUKTrade&InvestmentistheUKnationalgovernmentdepartmentthatoffersfreesupportandindependentadvicetooverseascompanieslookingtoinvestorlocateintheUK.
UKTIprovidesanumberofservicestooverseascompanies.Theseinclude:
1. Accessing market opportunities HelpinternationalcompaniesquantifyandassessmarketopportunitiesintheUK
andEurope
2. Access and introductions to the right people WorkwitheveryUKgovernmentdepartmenttosupportbusinessaccesstoavast
networkofindustryexpertsandlocalpartners
3. Setting up in the UK Provideguidanceonsetupprocedures,includingregisteringacompany,corporate
structureandopeningabankaccount
4. Bespoke market research Compilein-depthfactualreportstailoredtoyourneeds,includingmarketentrysupport,
researchanddevelopmentcollaborationsandcostanalysis
How can the UKTI FSO help?
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5. Helping select the best market location Providepracticalhelpwithsiteselectionthroughvisitstolocationsandpremises
andhasregionalexpertsonhandtoofferadvice
6. Tax advice UKTIcanhelpprovideinformationabouttheUKtaxsystem,incentivesand
administrativeprocesses
7. Ongoing government support ContinuedsupportafteryourbusinessisestablishedintheUK,providingassistance
onexpansionandrepresentingyourinterestsingovernment
8. Support with applying for visas and entry to the UK ProvidepracticalsupportandadviceontheUKimmigrationsystem,howitworks
andthedifferentvisacategories
9. Finding top quality staff Guidanceonstaffrecruitmentandlocatingtherequiredskillsbase
10. Tailored assistance for entrepreneurs Assistancetoentrepreneursthroughanetworkofmentorswiththeinsightandexperience
tohelpmakeacommercialsuccessofearlystagecompanies
Ourinvestmentlocationservicesareindependent,highlyprofessionalandfreeofcharge.
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Growing your business and leveraging opportunities internationally
UKTrade&Investment(UKTI)staffareexpertsinhelpingyourbusinessgrowinternationally.WeprovideexperttradeadviceandpracticalsupporttoUK-basedcompanieswishingtogrowtheirbusinessoverseas.
UKTIhasprofessionaladvisersbothwithintheUKandacrossmorethan100internationalmarkets.Througharangeofuniqueservices,includingparticipationatselectedtradefairs,outwardmissionsandprovidingbespokemarketintelligence,wecanhelpcompaniesenteroverseasmarketsandgettogripsquicklywithoverseasbusinesspractice.
Wealsooffersectorandmarketspecificadviceandsupportthrougharangeofongoinggovernmentinitiativesandbespokeactivities.
International opportunities
A businessman and woman leaning on a wall talking outside a large glass office building in London, UK
© Crown copyright
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SueLangleyhasextensiveboardexperienceasanExecutiveDirector,Non–ExecutiveDirectorandChair.SheiscurrentlyaNon-ExecutiveDirectorforUKAR(NorthernRockAssetManagementandBradford&Bingley)andChairmanoftheRemunerationCommittees.
PreviouslyshewasDirectorofMarketDevelopmentandamemberoftheExecutiveTeamforLloyd’sofLondon,ChairmanofLloyd’sJapanandDirectorofLloyd’sAsia.
PriortothisSuewasChiefOperatingOfficer(COO)andamemberoftheExecutiveteamfortheHiscoxGroupholdingvariousboardpositions.ShejoinedHiscoxfromPriceWaterhouseCooperswhereshewasaPrincipalConsultantandworkedwitharangeofFTSE100companies.
SueisthefinancialservicesrepresentativeontheGovernment’sWomen’sBusinessAdvisoryCouncil.
Formorespecificadviceonhowwecanfacilitateyourplansforgrowthoverseasorifwishingtoinvestthencontact:
T:+44(0)2072155152
Contact the FSO team
Gavin Cleary ChiefCommercialOfficer
Matt ListerAccountCoordinator
Emma WegodaBusinessManager
www.ukti.gov.uk
Sue Langley
Chief Executive
Financial Service Organisation
Contact the FSO team
www.ukti.gov.uk
UKTIUKTrade&InvestmentistheGovernmentDepartmentthathelpsUK-basedcompaniessucceedintheglobaleconomy.Wealsohelpoverseascompaniesbringtheirhigh-qualityinvestmenttotheUK’sdynamiceconomyacknowledgedasEurope’sbestplacefromwhichtosucceedinglobalbusiness.
DisclaimerWhereaseveryefforthasbeenmadetoensurethattheinformationinthisdocumentisaccurate,neitherUKTrade&InvestmentnoritsparentDepartments(theDepartmentforBusiness,InnovationandSkills,andtheForeignandCommonwealthOffice)acceptliabilityforanyerrors,omissionsormisleadingstatements,andnowarrantyisgivenorresponsibilityacceptedastothestandingofanyindividual,firm,companyorotherorganisationmentioned.
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Published March 2014by UK Trade & InvestmentURN: UKTI/14/691-UKTI FSO