25 March 2014 Insurance

London's position slipping - LMG's chair

Steve Hearn, chairman of the London Market Group, has set out plans to address London’s slipping position as a global leader in the London Market Agenda’s (LMA) 2014 plans.

These market wide initiatives will include work to develop talent and promote diversity, co-ordinate a common voice for the market in its dealings with Government and regulators; and commission research to understand the customer base better and to identify ways to make the London market more attractive to them.

Hearn, who is also deputy chief executive officer of Willis Group, said: “There is increasing evidence that London’s position in the global industry is slipping. So I want to use the unique cross-market vehicle that LMG is to understand why that is, to understand our customers’ needs better and then do something about the issues we have.”

“Whilst we must not lose our focus on operational reform, we need to accept that, although this is very important, it cannot be the whole solution. We need to be talking about the major influences that can sustain or even grow London's influence in the global marketplace. To do that we need to understand what it is that makes a successful financial centre capable of delivering high quality customer service. And then we need to determine which of those elements we need to improve upon if we are to retain our position.”

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