UK Business Information / Financial Services
Encompassing fund management, insurance and legal services, the Financial Services industry forms an important part of the UK economy. Canary Wharf in London is undoubtedly the hub of the UK's financial services industry but other cities, such as Leeds are building considerable too.
Nine of the top ten wealth management firms have offices in the UK, the UK's insurance industry is the biggest in the world and the British law, respected throughout the world, is commonly used for commercial transactions.
LONDON
The world's leading international finance centre, London offers a range of financial services including foreign exchange trading, international equities trading, derivatives trading, international insurance and bonds trading. It is also the largest centre for Islamic finance outside the Muslim world.
Canary Wharf is South East London - sometimes referred to as the Square Mile - is the epicentre of the Financial Services industry in the UK. Almost every major international finance company has an office in Canary Wharf or its environs.
The London School of Economics is one of the most esteemed financial universities in the UK, with a higher than average influx of international students each year. Its research department is particularly strong. Imperial College, Kings College, and the London Business School are all also rated highly as research institutions and provide excellent training for those wishing to go into financial services.
Further information about financial opportunities in London can be found on the City of London's website.
SCOTLAND
Many of Britain's top banking institutions were founded by Scots and the country retains a reputation for being strong in the financial services sector. International financial companies, such as Morgan Stanley, JP Morgan, Aon and National Australia Group all have offices in Glasgow.
The International Financial Services District (IFSD) in Glasgow is set to become one of the UK's major financial centres outside of London. £1 billion is being invested into the project, over 10 years, creating an expected 20,000 jobs. A significant £50 million is being invested in broadband facilities to ensure companies operating out of the IFSD have the very latest technologies at their disposal.
The Chartered Institute of Bankers in Scotland (CIOBS) is the foremost financial services training institution in the country. Glasgow University has expertise in risk management and there is a strong actuarial department at Heriot-Watt University.
YORKSHIRE AND HUMBER
Leeds City is undergoing a remarkable transformation from manufacturing heartland to London's main rival for legal and financial services. Over 30 national and international banks are represented in Yorkshire and Humber and many top legal firms have strategic bases in the region.
Leeds University Business School and Bradford University Business School are both featured in listings of the top 100 international business schools. Leeds University is also home to the International Institute of Banking and Financial Services.
There is ambition demonstrated away from Leeds, too. A new financial services quarter is developing around the marina in the Hull and Humber World Trade Centre, with PricewaterhouseCoopers and RBS already operating from there.
EAST OF ENGLAND
Norwich in the East of England is very strong for financial services, in particular, insurance. Aviva, formerly Norwich Union, is one of the largest companies in the region, employing 7,000 people. Swiss Re and Marsh, Moneyfacts and Virgin Money all also have a presence in the region.
Norwich is home to the National Skills Academy for Financial Services (NSAFS), training up hundreds of prospective financial services employees in vocational and employer-led courses. Judge Business School at the internationally renowned Cambridge University is held in very high repute for both training and academic research.
The Centre for Computational Finance and Economic Agents (CCFEA) at the University of Essex is an interdisciplinary financial services training and research centre that prides itself on have strong business links with the banking sector.
FURTHER RESOURCES
The Financial Services Authority (FSA) is the regulatory body for all businesses involved in financial services, in the UK.
