London roadmap fails to address key points

Daily news headlines

LONDON - A group of government officials and city grandees, co-chaired by Sir Win Bischoff, the former Citigroup chairman, and Alistair Darling, the UK Chancellor of the Exchequer, was charged with producing a roadmap for the future of London's financial services sector over the next 15 years. Membership included Dame Clara Furse, outgoing chief executive of the London Stock Exchange, Lord Levene, chairman of Lloyd's of London, and David Blizter, of private equity group Blackstone. However, the final report published smacks of a compromise between city members and government as it omits any criticism of the controversial rise in the top rate of tax to 50p in the pound or any assessment of how the City would be affected by the creation of an overarching regulator.

Shadow Chancellor George Osborne was one of the first to criticise the report: "I am a little disappointed that it has not gone further in addressing some of the big issues we will need to get right if financial services are going to recover and prosper. It is increasingly clear that the Labour government won't provide answers."

Writing in the Wall Street Journal, Win Bischoff commented that better regulation of the banking system was needed to keep London and the UK competitive.

He said: "There are important lessons to be learnt, by regulators, governments and by the banks themselves. But we believe the UK can play a key role in setting a new global standard.

"No one wants regulation that stifles innovation or prevents wealth creation. But at the same time, no one wants to see banks taking excessive risks that can bring the whole system down. This is not an easy balance to strike but it is one we need to get right."

"Across the world, we are seeing the most disruptive financial crisis in generations, which has completely shaken up the global financial services industry," he said.

"Our goal is to maintain a competitive and vibrant sector in Britain.

"At the core of our analysis is the realisation that maintaining Britain's position as a world centre for financial services must not come at the expense of other countries, but by working in partnership with them."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

Op risk outlook 2022: the legal perspective

Christoph Kurth, partner of the global financial institutions leadership team at Baker McKenzie, discusses the key themes emerging from’s Top 10 op risks 2022 survey and how financial firms can better manage and mitigate the impact of…

Emerging trends in op risk

Karen Man, partner and member of the global financial institutions leadership team at Baker McKenzie, discusses emerging op risks in the wake of the Covid‑19 pandemic, a rise in cyber attacks, concerns around conduct and culture, and the complexities of…

Moving targets: the new rules of conduct risk

How are capital markets firms adapting their approaches to monitoring and managing conduct risk following the Covid‑19 pandemic? In a webinar in association with NICE Actimize, the panel discusses changing regulatory requirements, the essentials…

Building resilience into ESG risk management

Risk and resilience continue to play an important role in the navigation of an increasingly uncertain world. Fusion Risk Management explores why it is equally crucial for technology to support organisations in addressing pertinent environmental, social…

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here