London Market Group chairman, Steve Hearn, announces group’s agenda for 2014, which aims to reverse London’s decline within the global industry

London Market Group (LMG) chairman Steve Hearn announced the group will be expanding its remit to improve the position of the London market in relation to its global competitors.

Hearn made the announcement after setting the group’s agenda for 2014, in which he detailed market initiatives he believes will help reverse the London market’s decline within the global industry.

He 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.”

Hearn, who is also deputy chief executive of Willis Group said he believes LMG’s unique cross-market platform can help understand why the London market’s position is slipping and to better understand customer’ needs.

He said: “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.

“I am announcing today that LMG is to expand its remit to ensure it provides this service to the market. We have agreed with the Association Boards enhanced terms of reference to enshrine this and have identified a series of initiatives to take this forward.”

LMG’s objectives for 2014 will include:

·         developing talent and promoting diversity,

·         co-ordinating a common voice for the market in its dealings with government and regulators; and

·         commissioning research to understand their customer base better and to identify ways to make the London market more attractive.