The London Market Group has provided an update on the progress of its work with the UK Government aimed at developing new trading opportunities.
Part of the workstream’s goal is to engage with the UK government, parliamentary parties and the civil service to provide clarity on the position of the London Market and its place in the wider UK economy.
Sean McGovern, sponsor of the workstream, says the initiative has already enjoyed considerable influence in shaping UK trade policy on its target markets.
As a result, McGovern says there has been success in building confidence within the UK Government that the London Market is a valuable partner in delivering its policy objectives.
The LMG is reportedly playing a central role in influencing negotiations between the UK and US after being asked by ministers to be part of the Financial Services Expert Trade Advisory Group.
In Switzerland, work is underway with the Treasury on a new regulatory arrangement for Swiss insurance which has secured support in Parliament.
The latest activity with the Association of Southeast Asian Nations involved holding a virtual roundtable with major businesses in Indonesia to promote the value of London’s cyber insurance offering.
Meanwhile in Brazil, the LMG is supplying the UK Government with market analysis to encourage greater market access for UK firms.
Lastly, work has been undertaken in the Middle East North Africa market to promote the activities of London Market firms that provide specialist Sharia compliant cover.
“We will continue to shape the Government’s approach to third country trade through our membership of the Financial Services Expert Trade Advisory Group and governmental and parliamentary activity, drawing attention to the London Market as a major export industry that can support the UK Government’s trading ambitions,” McGovern added.
“We also want to maintain momentum with campaigns to promote market innovations and ensure that the UK Government positions the London Market as an attractive market for foreign investment.
“This includes our long-standing campaign to reintroduce an international competitiveness duty, fostering a domestic captive insurance market and taking advantage of the next phase of the Treasury’s regulatory review and the Financial Services legislation which we expect to see next year.”
