The All-Party Parliamentary Group on Wholesale Financial Markets and Services is an informal, cross party interest and educational group. It was established in March 2003 to provide Parliamentarians with a unique forum for briefings and constructive debate on issues relating to the wholesale financial sector with senior city practitioners, advisors, economists and academics. Topics include:
- assessing the impact of domestic, EU and international political, economic and regulatory developments on the wholesale financial services sector and its customers
- the competitiveness of the domestic and international wholesale markets
- the role and significance of wholesale financial services in the wider economy, on retail consumer services and in the wider environment
- growth in emerging financial centres around the world
- the sector’s contribution to the UK economy
The main purpose of the APPG is educational. With the relationship between Government, regulators and the City under constant public, political and press scrutiny, the need for dialogue has never been greater. The APPG is well regarded in both Westminster and the City, and fully complies with the rules and regulations for such groups, as set out in the “Guide to the Rules on APPGs” published by the Office of the Parliamentary Commissioner for Standards. The Group’s sole mission is to provide a mechanism for MPs and Peers to obtain a balanced industry view on topical issues or matters which they may be required to consider as part of their parliamentary responsibilities.
The All-Party Parliamentary Group on Wholesale Financial Markets and Services is supported by a senior City practitioner Industry Advisory Group representing the leading wholesale markets’ trade associations, market infrastructure providers, and the City of London Corporation.
In order to ensure balance and transparency in its ethos and in its briefings and discussions, in December 2012 a new role of ‘Observer’ was set up. This role provides a standing invitation to the heads or senior directors of a select number of independent financial institutions to attend any or all APPG WFM&S briefings as they feel relevant or appropriate. Institutions currently accredited with ‘Observer’ status are shown on the Representing the Industry page.
The Secretariat is provided by the Industry Advisory Group and is located at UK Finance.