The Financial Services Trade and Investment Board (FSTIB) is a partnership organization between the

UK Government His Majesty's Government, abbreviated to HM Government or otherwise UK Government, is the central government, central executive authority of the United Kingdom of Great Britain and Northern Ireland.

and British industry. It is part of

HM Treasury His Majesty's Treasury (HM Treasury or HMT), and informally referred to as the Treasury, is the Government of the United Kingdom’s economic and finance ministry. The Treasury is responsible for public spending, financial services policy, Tax ...

department. The Board meets on a quarterly basis to develop high-growth initiatives such as

Renminbi The renminbi ( ; currency symbol, symbol: Yen and yuan sign, ¥; ISO 4217, ISO code: CNY; abbreviation: RMB), also known as the Chinese yuan, is the official currency of the China, People's Republic of China. The renminbi is issued by the Peop ...

internationalisation, green finance and

financial technology Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

. Its aim is to strengthen Britain's position as the centre of global finance and deliver jobs and growth across the country. The FSTIB works closely with the Financial Services Organisation (FSO). The FSO is a key delivery partner for the FSTIB's initiatives.

History

The FSTIB was formed by

Chancellor Chancellor () is a title of various official positions in the governments of many countries. The original chancellors were the of Roman courts of justice—ushers, who sat at the (lattice work screens) of a basilica (court hall), which separa ...

George Osborne George Gideon Oliver Osborne (born 23 May 1971) is a British retired politician and newspaper editor who served as Chancellor of the Exchequer from 2010 to 2016 and as First Secretary of State from 2015 to 2016 in the Cameron government. A ...

in Budget 2013 to promote the UK's financial services industry. The Board first met on 8 October 2013 and was charged with leading the government's drive to promote external trade, attract inward investment and lift market access barriers for the UK's financial services sector. In July 2015, the Chancellor re-launched the FSTIB with a new board composed of senior representatives from across government and industry.

Achievements

* establishing the UK as the centre for Renminbi business outside China * developing the UK as a western hub for

Islamic finance Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...

* delivering the Investment Management Strategy to create a simpler tax regime for the sector * launching the Insurance Growth Action Plan (GAP) to expand British insurers into key emerging markets * cementing the UK's world-leading position in financial technology

Membership

The

Economic Secretary to the Treasury The Economic Secretary to the Treasury is a junior ministerial post in HM Treasury, His Majesty's Treasury, ranked below the First Lord of the Treasury, the Chancellor of the Exchequer, the Chief Secretary to the Treasury, the Paymaster General a ...

, Simon Kirby, chairs the quarterly board meetings. Members include: *

Helena Morrissey Helena Louise Morrissey, Baroness Morrissey, (' Atkins; 22 March 1966), is a British financier, campaigner and Conservative peer. Early life Morrissey was born in Bowdon, Cheshire, in 1966. She grew up in Alverstoke near Portsmouth, and was e ...

, Chair, Newton, and Chair,

Investment Association The Investment Association is a British trade association that represents the investment management industry in the United Kingdom. , there were over 250 corporate members. History The ''Association of Unit Trust and Investment Funds'' (AUTIF) ...

* John McFarlane, Chairman,

Barclays Barclays PLC (, occasionally ) is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services ...

* Inga Beale, CEO,

Lloyd's of London Lloyd's of London, generally known simply as Lloyd's, is a insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gover ...

* Nathan Bostock, CEO,

Santander UK Santander UK plc (, ) is a British bank, wholly owned by Banco Santander, a Spanish bank. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance. Santander UK is one of th ...

* Miles Celic, CEO,

TheCityUK TheCityUK is a private-sector membership body and industry advocacy group promoting the financial services, financial and related professional services industry of the United Kingdom (UK). TheCityUK is often referred to as the industry's "most po ...

* Xavier Rolet, CEO,

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

* Sir Gerry Grimstone, Chairman, Standard Life * Mark Garnier, Parliamentary Under Secretary of State,

Department for International Trade The Department for International Trade (DIT) was a Departments of the Government of the United Kingdom, department of the Government of the United Kingdom, United Kingdom Government, from July 2016 to February 2023. It was responsible for stri ...

* Charles Roxburgh, Second Permanent Secretary, Financial Services,

* Deborah Bronnert, Director General, Economic and Consular,

Foreign and Commonwealth Office The Foreign, Commonwealth and Development Office (FCDO) is the ministry of foreign affairs and a Departments of the Government of the United Kingdom, ministerial department of the government of the United Kingdom. The office was created on 2 ...

* Katharine Braddick, Director, Financial Services,

* Rob Ward, Deputy Director, Financial Services,

References

{{Reflist 2013 establishments in the United Kingdom British trade policy