An interim review into the impact of the Financial Services Sector in West Cheshire and Chester and its immediate sub-region

Centre for Labour Market Development University of Chester First published 2011 by the Centre for Labour Market Development University of Chester Parkgate Road Chester CH1 4BJ

Printed and bound in the UK by the LIS Print Unit University of Chester Cover designed by the LIS Graphics Team University of Chester

© Centre for Labour Market Development, University of Chester, 2011

All Rights Reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior permission of the copyright owner, other than as permitted by current UK copyright legislation or under the terms and conditions of a recognised copyright licensing scheme

A catalogue record for this book is available from the British Library

ISBN 978-1-905929-96-2

This report has been produced by the University of Chester’s Centre for Labour Market Development (CLMD) at the request of Cheshire West and Chester Council. CLMD is a key research centre within the University of Chester’s Faculty of Business Enterprise and Lifelong Learning. The Centre focuses upon developing the knowledge base to support the economic and social capital of the North West. This report has been prepared by

Professor Phil Harris, Executive Dean of Business, Enterprise and Lifelong Learning and Westminster Chair of Marketing and Public Affairs

Professor Chris Pyke, Associate Dean and Head of Chester Business School and Bank of America Chair of Consumer Financial Services

Dr Simon Adderley, Assistant Director of the Centre for Labour Market Development

The information and advice within this report has been produced with all reasonable care in respect of accuracy and correctness using nationally recognised sources of statistics and advice from the organisation who commissioned the document.

The Centre for Labour Market Development acknowledges the assistance and support given by the organisations that have provided information for the development of this interim review of the Financial Services sector within our region.

Centre for Labour Market Development University of Chester Parkgate Road Chester CH1 4BJ

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Contents

page

Appendices 4 List of figures 5 List of tables 6

Executive Summary 7

Introduction 9 Purpose of the study Methodology Geographic Scope Sectoral Scope Developing an intelligence base Structure of the report

Policy and Context 15 European and National Policy Context National Market Performance

Mapping the sector 24 Size and nature of the sector Strategic companies Market Performance Benchmarking

Qualitative Review 36 Methodology Key findings Context Vision, Leadership and Decision Making Impact and Effectiveness Image, Awareness and Partnership

Risk Assessment 47 Workforce and labour market Higher level skills Transport infrastructure Government policy risks

Recommendations 63

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Appendices

A: Glossary of Terms

B: Comparative analysis of data sources utilised within the report

C: CH1 Postcode coverage

D: Definition of ‘Financial Services’

E: Companies within the study area FSA Authorised Companies FSA Recognised Appointed Representatives Payment Services Firms Debt Management Firms FSA Recognised Introduction Agencies FSA Recognised Exempt Professional Firms

F: Strategic companies

G: HEI support within reach of the study area

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List of Figures

page

Stages within the report production 10

Illustration of the geographic areas covered by the report 11

Financial Services and constituent sub-sectors 12

GVA of financial services as part of the total UK economy, 2000-2006 16

Financial assets in selected major economies, 2004-2008 17

Top ten centres of commerce in the world 18

Growth by financial services sub sector - GVA (1994-2008) 19

Financial Services contribution to GVA growth (1997-2007) 20

Revealed comparative advantage 23

Finance and Insurance enterprises and sites across the MDA 27

Approximate GVA of the Financial Services sector across the MDA area 32

Travel to work distances from Chester Business Park 50

Home location of new starters at Bank of America 2009-present 50

Key Factors in the development of a future Strategy 64

5

List of Tables

GFCI Ranking, September 2009 17

Banking and Financial Intermediation activity by Local Authority 25

Insurance and Pension Funding activity: MDA 25

Legal and Accountancy activity: MDA 26

Real Estate activity: MDA 26

Distribution of companies by number of employees and sub-sector across 28

MDA area

'Strategic' companies within the study area 30

Relative sector performance of Cheshire (1995-2007) 31

Relative performance of Business services and Finance (1995-2007) 32

Local Authority benchmarking of CWAC Financial Services Sector 33

City Regional benchmarking of MDA Financial Services Sector 34

Proportion of LCR employees within CWAC by sub-sector 35

Comparative numbers of people economically active 51

Comparative Job Density of Cheshire West and Chester Council area 52

Summary of risks and their potential impact 62

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Executive Summary

This paper has been prepared by the University of Chester’s Centre for Labour Market Development in response to a recognised need for a greater understanding of the financial services sector within Chester and its sub-region.

It undertakes a quantitative and qualitative analysis of the Financial Services sector in its current form and details a series of potential risks to the sector before recommending a range of actions to support and foster the sector across the region.

The report contains the following key findings:

Finding 1: The sector exists within a changing framework of national activity and regulation as well as a changing level of support from statutory partners.

Finding 2: West Cheshire and Chester has a significant financial cluster which is comparable to other cities with high levels of financial services.

Finding 3: The Mersey Dee Alliance (MDA) has a significant financial services cluster which is comparable to other city regions.

Finding 4: West Cheshire and Chester is a significant driver of the Liverpool City Regions financial services cluster, particularly in the banking sector.

Finding 5: The sectors shape is that of a pyramid, comprising a large number of small and medium sized enterprises and a few large ‘strategic’ firms.

Finding 6: Senior figures within the Financial Services sector feel that the recession has had a significant impact upon their business model and operations.

Finding 7: The Financial Services sector remains committed to the West Cheshire and Chester area.

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Finding 8: The Financial Services sector impacts in a number of intangible ways upon the local economy through CSR activities and place ‘branding’. However, these have not been mapped within this report.

Finding 9: There are no significant ‘local’ risks in the short term to the continuation of the sector, and indeed the local economy is well placed to support the sector compared to similar locations.

The report recommends the development of a regionally based strategy and action plan to support the sector.

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Introduction

Purpose of the study

This report has been prepared by the University of Chester’s Centre for Labour Market Development (CLMD) in response to a recognised need for a greater understanding of the financial services sector within Chester and its sub-region.

The report outlines the economic impact of the financial services sector and highlights the risks, barriers and opportunities currently available to the sector. It also proposes developing a more precise model for measuring the potential impact of national, trans-national, regional and local public sector policies upon the sector and vice versa.

The study utilises econometric and qualitative data from a variety of sources to produce a detailed picture both of the economic impact of the sector within the study area and the perceptions of key stakeholders within the sector. This information forms the basis of a series of recommendations to policy makers.

Methodology

The methodology utilised for this report is outlined overleaf and reflects that put forward within the project proposal.

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Figure 1: Stages within the report production

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5

•Mapping sectoral • Qualitave review • Risk Assessment • Recommendaons • Final Report acvity • A qualitave map of • An analysis of current • A series of • Co‐development of • provision of a the views and services and business recommendaons findings with Cheshire quantave map of aspiraons of the models against based upon the West and Chester the current financial sector. changing regulatory report to feed into Council. sector within Cheshire • Unstructured frameworks and a future public policy. • Final raficaon of West and its interviews will be changing economic report. immediate sub‐ held with senior and policy context. • Report Presentaon. region. figures from across • Use of stascal and the sector to develop quantave data to a qualitave build up a picture of understanding of the sector within the their percepons of study area. the sector and its future.

Geographic scope

The report is primarily concerned with the spatial area of the City of Chester and its economic and political sub-regions. However the nature of the data discussed and the strategic context which has underpinned previous policies means that a number of sub-regional geographies are included within the report.

These include:

• Cheshire West and Chester (CWAC): Incorporating the local authority area of Cheshire West and Chester Council • Cheshire and Warrington (C&W): Incorporating the sub-regional area as defined by the North West Development Agency and including the local authorities of Cheshire West and Chester Council, East Cheshire Council and Warrington Borough Council • Mersey Dee Alliance (MDA): Incorporating the area of the Mersey Dee Alliance including the local authority areas of Cheshire West and Chester Council, Wirral Metropolitan Borough Council, Flintshire County Council, Wrexham Borough Council and Denbighshire County Council • Liverpool City Region: The City Region comprises the core City of Liverpool and local authority districts of St. Helens, Wirral, Knowsley, Sefton, and

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Halton plus the adjacent areas of Warrington, elements of the MDA area and West Lancashire (beyond Skelmersdale and north to Burscough). • North West: The area covered by the North West Development Agency and incorporating the sub-regional economies of Cheshire and Warrington, Merseyside, Greater Manchester, Lancashire and Cumbria.

Figure 2: Illustration of the geographic areas covered by the report

The Local Authority Areas mentioned above do not exactly match postcode areas. We have therefore utilised CH postcode areas for the use of data from the Financial Services Authority. This is defined in Appendix A

Sectoral Scope

The report utilises a number of sources to provide a detailed evidence base. Inevitably this means that there will be differences between the sectoral scope of the ‘Financial Services Sector’ as a result of drawing from different sources. While the use of differing data sets throughout the report is useful in building a comprehensive picture of the sector it should be noted that the datasets are in no way directly

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comparable

Moreover the multi-faceted geographic picture described above and the fact that much of the historical data was created for the Cheshire County Council area prior to the creation of Cheshire West and Chester Council has meant that a number of sources have been utilised many of which have a slightly different sectoral definition.

Appendix B compares the data sources utilised in more detail.

The utilisation of multiple data sources has meant that at different points within the report a range of definitions of ‘financial services’ has been used. The core definition adopted has been as follows:

Figure 3: Financial and Professional Services and constituent sub‐sectors

Financial & Professional Services

Banking and Insurance and Legal and Financial Pension Real Estate Accountancy intermediaon Funding

Soliciters Agents Retail banking Brokers Barristers Developers Investment Banking Underwriters Accounng Architects Other FS Assurance and pensions Book‐keeping and auding Others Tax consultancy

The majority of calculations have been completed using the first two of these sub- sectors while legal and accountancy, and real estate have been used for additional information where identified. The SIC Code definitions for the first two sub-sectors are provided in Appendix B. ABI data has been derived using 2003 SIC codes which

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allows for greater historical and cross source comparison than the 2007 set.

However, as will be discussed in more detail later within the report, the use of different data sets based on the historical definitions of the sector and the changing statutory boundaries within the study area means that there is a need for greater clarification of the interaction between financial and professional services. This need for additional clarification makes up the first recommendation of this report,

RECOMMENDATION 1: Greater clarification of the interaction of, the impact of, and support for, financial services with the professional services sector, particularly legal, accountancy, real estate and IT security which often make up the ‘supply chain’ to financial services companies

Developing an intelligence base

The development of a solid evidence base to underpin the qualitative data has entailed the use of a significant amount of data in order to develop a picture of both the size and trends of the sector within the study area.

Every effort has been made to identify the total population of financial sector companies across the study area utilising the data sets outlined above. There is however no guarantee that every organisation has been identified due to the dynamic range of businesses and scale of operations in the sector.

The following issues have presented challenges to the creation of a full data set:

• There is no legal requirement to register a branch of an operation registered elsewhere in the UK • Many companies within this sector are micro businesses operating as sole

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traders (this is particularly pertinent to financial advisors based either at home or within estate agents) • Many larger firms have a number of companies operating from one location and utilising the same staff but registered in a number of different names.

The study has taken account of this by examining a wide range of data sources. We have also defined a number of ‘strategic’ organisations which we believe, based on our assessment and stakeholder input can be categorised as key to the development of the sector within the study area.

Report Structure

Chapter one of the report outlines the policy context within which the Financial Services sector within these geographic areas operate. It details the significant changes to the strategic and regulatory framework governing such organisations within the European Union and the United Kingdom. It then analyses the impact of these changes at a national level.

Chapter two of the report looks in detail at the sector within the study area. It outlines the size and nature of the sector before mapping its market performance and benchmarking it against other areas.

Chapter three outlines the methodologies and findings of the qualitative review undertaken by us as part of the preparation of this report. It details the perceptions and understandings of key individuals within the sector and external stakeholders. This chapter provides added value to the stark economic figures shown in part two.

Chapter four provides an analysis of potential localised risks to the sector and measures the ability of the local economy to withstand those risks.

Finally a series of recommendations are provided in order to facilitate the development of public sector responses to the details discussed throughout the report

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Policy and Context

Introduction

Perhaps more than any other sector, Financial Services does not operate within clear geographical boundaries. It is vital when assessing the nature of any operation within the sector to understand the policy and market contexts which underpin the decisions made by senior officers and individuals.

This chapter outlines the policy and strategic documents which provide the context within which the Cheshire West and Chester’s Financial Services Sector operates. It also provides an overview of existing (although time limited) statutory activity which directly supports the sector.

European and National policy context

The UK Financial Services industry consists of a broad range of organisations providing a range of money management services to local and internationally diverse customers. It is one of the most important sectors in the UK economy and, historically, one of the most productive, with average GVA per head in excess of £100,000 and average remuneration in excess of £40,000.

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Figure 4: GVA of financial services as part of the total UK economy, 2000‐20061

12.00 10.00 8.00

% 6.00 4.00 2.00 0.00 2000 2001 2002 2003 2004 2005 2006 Contribuon towards the 'service sector' Contribuon towards total GVA

In recent years, the UK Financial Services industry has risen in importance in terms of its contribution to GDP, its share rising from 5.5% in 2001 to 8.5% in 2005. Moreover growth in GVA during the boom market that ended in 2008 was double that of the UK economy as a whole. Prior to the ‘credit crunch’ financial services had generated an almost unbroken increasing trade surplus for a decade, up from £6.9bn in 1995 to £19.1bn in 2005

The majority of the UK’s international financial services activity is carried out in London. The volume of activity, particularly in wholesale financial activities, has made London one of the world’s most important financial centres. Furthermore when compared with other countries it can be seen that the UK has a higher than average dependence upon financial services, this has been particularly true in the years immediately preceding the financial crisis. This is highlighted by the ratio between financial assets (non-physical assets such as securities, bank deposits and loans) and gross domestic product (GDP) of a selection of leading economies (Figure 5).

1 ONS

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Figure 5: Financial assets in selected major economies as a percentage of GDP, 2004‐20082

At the peak of the boom in 2007, the UK had established itself as the leading global financial market. In spite of the current financial crisis, and the growing importance of emerging financial centres in Asia, London has maintained its premier position in the latest Global Financial Centres Index (GFCI) and within the MasterCard Worldwide Centres of Commerce Index (WCCI).

Table 1: Global Financial Centres Index Ranking, September 20093

Centre GFCI 6 Rating GFCI Rank Change in Change in Rank (Sept 2009) Rating since since GFCI 5 GFCI 5 (March 2009) London 790 1 9 0 New York 774 2 6 0 Hong Kong 729 3 45 +1 Singapore 719 4 32 -1

2 Source: Economist Intelligence Unit (2008) 3 Source: City of London and Z/Yen Group (2009)

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Figure 6: Top ten centres of commerce in the world4

90 80 70 60 50 40 Index Score 30 20 10 0

Banking accounts for 59% of total financial services GVA5 and has been the primary source of growth in the sector over the last 15 years. The insurance market, which accounts for 15% of financial services GVA, is relatively mature in the UK and has grown only modestly over the same period. Asset management accounts for 9 per cent of GVA and has grown strongly on the back of buoyant financial markets. Other financial services, including the administration of financial markets, risk and damage evaluation, and financial consulting, account for the remaining 17 per cent of output.

4 Mastercard Worldwide Centres of Commerce Index (2008) 5 ONS (2008)

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Figure 7: Growth by financial services sub sector ‐ GVA (1994‐2008)6

70

60

50

40

£bn 30

20

10

0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Year

Banking Insurance Asset Management Other

Financial services growth has historically moved in cycles and the industry has recognised several distinct periods of “boom and bust”. Financial services have historically tracked above the wider UK economy in terms of growth rates, although “bust” cycles also tend to cause deeper industry recession. Over the period of 1974- 2008, financial services grew more than twice as fast as the UK economy, taking into account any shrinkage, to achieve a compound annual growth rate (CAGR) of 4.9 per cent. This is almost 2.5 times as fast as the wider UK economy, which grew at 2.1 per cent p.a.7

While the sector as a whole underwent a significant downturn as a result of the post 2007 credit crunch recent indications show a mixed picture. It is clear that there has been a continuing “improvement in sentiment” within the sector since mid 2009. However, short-term prospects are weaker than had been expected, suggesting that the recovery in activity will be slow. Cost reduction remains a dominant theme, although marketing plans have started to increase. 8

It is worth noting however that there are still differences between individual industry

6 ONS and PWC analysis in UKES/PWC, Strategic Skills Needs in the Financial Services Sector (2010) 7 UKES/PWC, Strategic Skills Needs in the Financial Services Sector (2010) 8 CBI/PricewaterhouseCoopers financial services survey, December 2009

19 sectors. Securities traders and investment managers have seen strong volume growth since mid 2009, while banks and building societies have only recently begun to expect growth to resume. In contrast life insurers and insurance brokers anticipate further, albeit slower, falls in business volumes.

National Market Performance

The financial, business and professional services industries are amongst the most important industries in the UK. The sector has been growing at more than double the rate of the economy for many years, its productivity rising at more than three times the average. In 2004 these industries accounted for 10% of UK GDP and jointly employed over 5 million people (1.1 million in financial services and some 4 million in business and professional services).

The financial services sector is the single largest contributor to the UK balance of payments: net UK financial services exports in 2005 were £19 billion. Within professional services, legal services alone contributed £14.9 billion or 1.4% to the UK’s GDP in 2004, and exports generated by law firms totalled £2.2 billion in 2005 – more than three times the amount generated in 2000.

Figure 8: Financial Services contribution to GVA growth (1997‐2007)9

14 12 10 8 6 4

% of total GVA growth 2 0 US UK Italy Canada France Japan Germany

9 BIS calculations from OECD STAN database

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In terms of employment, the financial services sector is dominated by London. The Northwest accounts for 9.2% of UK employment within the sector, the highest of all English regions outside London and the Southeast. Similarly, employment in the broader business and professional services sector is heavily focused in London and the Southeast. The Northwest has the highest number of employees in the UK outside London and the Southeast with 9%, compared to 7% in Scotland, 8% in the West Midlands, and 7% in Yorkshire and Humberside.

Recent surveys have shown signs of qualitative growth in activity within the sector. In the three months leading up to September 2010 the sector grew at the fastest rate since June 2007, although this growth was much slower than was expected.

Furthermore, a recent CBI/PwC Financial Services Survey stated that for the fifth quarter in a row, profitability improved in the financial services sector, and is expected to continue growing over the next three months (Sept – Dec, 2010)

Although the following figures should be read with the caveat that they involved a small sample size the September 2010 Financial Services Survey reported that 37% of businesses questioned said that volumes rose and 9% said they fell. The resulting balance of +28% was the most positive since June 2007 (+51%), although it fell short of expectations (+63%). A similar pace of growth is expected next quarter, by a balance of +24% of firms.

Business volumes rose across all sub-sectors of financial services in 2010 Q2, apart from general insurance, which saw a modest fall in activity. Banks’ volumes increased after two quarters of decline, but at a slower pace, as expected, and building societies saw the fastest rise in volumes since March 2008, helping to achieve a near unanimous rise in profitability

Within the same period, business grew across all customer groups, apart from business with financial institutions, where there was a modest decline. The strongest growth was seen in business with overseas customers, with the highest balance of firms since September 1999 describing this level of business as above normal.

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The value of fee, commission and premium income rose only slightly in the period, while the value of income from net interest, investment and trading was broadly flat. While the former is expected to pick up in the coming three months, the latter is expected to fall.

Total operating costs (excluding costs of funds) continued to fall, but at a much slower pace than in the previous quarter. Average operating costs per transaction also fell, but this was slower than expected. However, firms expect average operating costs per transaction to fall at a more rapid pace over the next quarter.

On the back of falling costs, faster growth in business volumes and the widening of spreads10, a rise in profitability was recorded for the fifth quarter in a row. The balance of +23% is the highest since June 2006 (+28%). Next quarter, firms expect a similar growth in profitability.

Numbers employed in the sector rose for the first time since December 2007, and the balance of +12% was broadly in line with expectations (+14%). However, a decline in headcount is expected again next quarter (-20%).

Expenditure on training rose in the last three months, with the highest number of firms since September 2007 saying their spending increased.

Firms’ investment plans for the next 12 months are the most positive since December 2007 for information technology (IT). Investment plans for land & buildings and vehicles, plant & machinery have also improved, rising above their long-run averages, though not as strong as IT.

Since the economic downturn ‘shortage of finance’ has regularly been cited as the key reason likely to limit capital authorisations. However, while still a significant concern it was highlighted by the lowest number of firms since September 2008. Similarly the number of firms concerned with the ‘cost of finance’ also fell.

10 The difference between deposit and lending interest rates

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The survey highlighted particularly good news for those sectors which are heavily represented within the West Cheshire sub-region.

There was strong optimism within the Banking sectors where after decline over the previous two quarters, business volumes rose in the three months to September 2010 driven by an increase in activity with industrial & commercial companies and overseas customers. Spreads continued to widen sharply and both total and average costs continued to fall. However, this failed to lift profitability, which was unchanged after three quarters of growth.

There was also significant optimism within the Insurance sector where optimism regarding the overall business situation rose solidly, as profitability rose rapidly for the third consecutive quarter, driven by particularly strong growth in business volumes and fee, commission & premium income.

Moreover for those companies involved in Insurance broking both business volumes and income from fees, commissions & premiums rose at the fastest pace since March 2009. As a result, profitability rose unexpectedly, after a small decline in the previous quarter. Headcount grew at its fastest for two-and-a-half years, and investment intentions for the year ahead have strengthened noticeably.

Summary

• The UK Financial Services Sector has historically been internationally competitive and has made up a significant proportion of UK GVA.

• Despite the impact of the recession the sector remains strong.

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Mapping the sector

Introduction

This chapter outlines a qualitative analysis of the nature and size of the financial services sector within West Cheshire and Chester and its immediate sub-region.

It utilises a series of analytical techniques to build up a detailed picture of the sector including:

• Number of operations and sites • Geographic distribution of companies • Identification of ‘strategic’ companies within the study area • Market performance of the sector • Benchmarks of the sector against comparator areas • Initial observations based on data analysis

Size and nature of the sector

Financial Services is a significant sector in the West Cheshire and Chester economy. However, the exact size and structure of the sector differs depending upon data sets.

For example utilising FSA data we identified 664 organisations registered as being involved in some way with financial services within the CH postcode. This number includes introductory agencies and associated firms not all of which would see financial services as their core business. Therefore, we estimate that the actual size of the financial services sector within this postcode area is 385 organisations. These firms are listed in Appendix C

However, ABI data, which utilises the larger Local Authority areas, identified 727 operations employing a total of 14,976 people.

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Table 2: Banking and Financial Intermediation activity by Local Authority11

Local Authority Operations Employees Proportion of the Workforce CWAC 237 11,495 7.7% Denbighshire 55 482 1.25% Flintshire 67 571 0.89% Wirral 138 946 0.98% Wrexham 44 343 0.64% Total 541 13,837

Table 3: Insurance and Pension Funding activity by Local Authority12

Local Authority Operations Employees Proportion of the Workforce CWAC 81 517 0.34% Denbighshire 15 81 0.21% Flintshire 26 145 0.23% Wirral 53 350 0.36% Wrexham 11 46 0.09% Total 186 1,139

Moreover the same data source identifies a further 3,414 firms employing 15,862 individuals in associated industries.

11 ABI 2008 12 ABI 2008

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Table 4: Legal and Accountancy activity by Local Authority13

Local Authority Operations Employees Proportion of the Workforce CWAC 1,287 5,194 3.45% Denbighshire 149 81 1.42% Flintshire 264 145 1.5% Wirral 598 350 2.72% Wrexham 212 46 1.34% Total 2,510 5,816

Table 5: Real Estate activity by Local Authority14

Local Authority Operations Employees Proportion of the Workforce CWAC 408 5,194 0.83% Denbighshire 73 548 0.47% Flintshire 104 965 0.64% Wirral 224 2,625 0.63% Wrexham 95 714 0.51% Total 904 10,046

Utilising the UK Business Activity survey gives similar but slightly different results, suggesting that there are 465 ‘Financial or Insurance’ firms within the MDA area based on 745 sites.

13 ABI 2008 14 ABI 2008

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Figure 9: Numbers of Finance and Insurance enterprises and sites across the MDA region15

350

300

250

200 Enterprises 150 Sites 100

50

0 Cheshire West Denbighshire Flintshire Wirral Wrexham and Cheshire

Despite the minor differences from different data sources the above shows that while the MDA area, as a whole, has a significant Financial Services sector this has an epicentre based within the CWAC area.

Moreover the sector is clearly predominantly made up of Banking and Financial Intermediation. There is significantly more activity within this sub-sector than exists within insurance and pension funding.

There is also a clear cluster of activity in related sub-sectors, particularly legal services, risk management and accountancy. However, there are also a number of other ‘professional services’ which impact upon the financial services sector more widely but have not been measured within this report.

The sector is primarily made up of small and medium sized enterprises.

15 ONS, UK Business: Activity, Size and Location survey (2010)

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Table 6: Distribution of companies by number of employees and sub‐sector across MDA area16

Local Authority Number of employees Area 1‐10 11‐49 50‐199 200+ Banking & Financial CWAC 76.37 16.03 5.06 2.53 intermediation (including Denbighshire 85.45 10.91 3.64 0 auxiliary activities) Flintshire 83.58 13.43 2.99 0 Wirral 78.99 21.01 0 0 Wrexham 81.82 13.64 4.55 0 Insurance and pension funding CWAC 90.12 7.41 5.06 0 (including auxiliary activities) Denbighshire 93.33 6.67 0 0 Flintshire 84.62 15.38 0 0 Wirral 81.13 15.09 3.77 0 Wrexham 90.91 9.09 0 0 Legal & Accountancy CWAC 93.94 3.68 2.47 0 Denbighshire 91.95 8.05 0 0 Flintshire 94.7 4.55 0.96 0 Wirral 92.47 6.02 1.51 0 Wrexham 92.92 6.6 0.47 0 Real Estate CWAC 95.83 4.9 1.01 0.16 Denbighshire 95.89 4.11 0 0 Flintshire 94.23 4.81 0.76 0 Wirral 96.43 3.13 0.45 0 Wrexham 95.79 4.21 0 0

Table 6 shows the distribution of companies by number of employees. It can be seen that the vast majority of companies engaged in the various sub-sectors operate with less than ten employees. Only within the West Cheshire and Chester area is this figure less than 90% for Banking and Financial Intermediation.

RECOMMENDATION 2: Efforts should be made to ensure greater strategic business support for the large number of SME’s within the sector rather than primarily focussing upon the larger companies. This should include support for business innovation which will support the development of the sector as a whole.

16 ABI 2008

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Strategic companies

It is important to note that within this picture there are also a number of key strategic companies. These companies have been identified because of their significant contribution to the economy through large scale employment, civic involvement or brand association with Chester.

Such companies include • Aktiv Kapital • Bank of America • The Funding Corporation • Lloyds Banking Group • M&S Money • Moneysupermarket.com

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Table 7: 'Strategic' companies within the study area Head office Location Wales Cheshire/North East No. Of sites within West within study area Location of ‘main’ site staff currently employed Approximate number of (million) Last reported – Operating profit (millions)

Company if known

17

18

turnover

Aktiv Kapital Bromley 1 Chester 130 £289 Unknown City Centre Bank of America Charlotte, 3 Chester 4000 $123,165 $4,360 North Business Carolina Park The Funding Chester 1 Chester 250 £73 unknown Corporation Business Park Lloyds Banking Group London/ 4 Chester 2,50019 £45,297 £1,794 Edinburgh City Centre Marks and Spencer’s Chester 1 Chester 1400 £545 unknown Money Business Park Moneysupermarket.com Ewloe 1 St David’s 450 £137 £2.3 Business Park

The role and impact of these companies is detailed further in Appendix D

Market Performance

Historical data for the local authority area is only relatively useful when analysing market performance, primarily because prior to local government re-organisation data was only calculated to upper tier local authority level. As a result the ONS NUTS3 data is only utilisable at a Cheshire level. However, once more the picture

17 N.B. This data is for indicative use only. It reflects data given or available to CLMD. While all figures are from 2009 they are not necessarily from the same quarter. Data also is for total operations rather than the Chester based operations 18 .B. This data is for indicative use only. It reflects data given or available to CLMD. While all figures are from 2009 they are not necessarily from the same quarter. Data also is for total operations rather than the Chester based operations 19 This figure is liable to significant change after an internal revie of operations completes early in 2011

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this data gives is indicative of a strong financial cluster within the study area.

Table 8: Relative sector performance of Cheshire (1995‐2007)20

Industrial Sector Percentage change in GVA 1995‐200721 Agriculture, forestry and fishing ‐27 Production 18.8 Construction 148 Distribution, transport and communication 65 Business services and finance 159 Public administration, education, health and other services 92 Total GVA 72

Given these caveats to the data sets it is clear that the Business Services and Finance sector outperformed all other sectors in Cheshire between 1995 and 2007. Moreover the same GVA data illustrates that Cheshire outperformed both the Liverpool City Region and the United Kingdom as a whole.

20 ONS: 2010 Regional GVA Accounts NUTS3. Data deficienceies limit sector definition to Business Services and Finance. Data in the ABIs of 1995-2007 was only collated at Cheshire County Council level. It is worth noting that the 2007 ABI stated that those Local Authorities which later made up the Cheshire West and Chester Council had 53.67% of Cheshire’s Business Service and Financial employment. 21 Data deficiencies limit sector definition to Business Services and Finance. Data in the ABIs of 1995-2007 was only collated at upper tier of local authority level therefore we have used Cheshire here. It is worth noting that in the 2007 ABI stated that those Local Authority Areas which later made up the Cheshire West and Chester Authority had 53.67% of Cheshire’s Business Service and Finance employment

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Table 9: Relative performance of Business services and Finance (1995‐2007)22

1995‐2007 Growth in the GVA of Percentage of GVA Overall GVA Growth Business and Finance generated by Business 1995‐2007 Services and Finance 2007 Cheshire 159% 31% 71% Liverpool City 139% 28% 71% Region23 United Kingdom 157% 32% 90%

While the figures highlighted above do differ depending upon the data source, they do show a general degree of similarity (at least at Local Authority level) which allows us to develop a ‘picture’ of the market performance of the sector. Using the UK Business Activity survey as an approximate figure we can calculate an estimated total GVA to the MDA region of almost £1.5bn24 subdivided in the following areas.

Figure 10: Approximate GVA of the Financial Services sector across the MDA area25

$800 $700 $600 $500 $400

GVA (£m) $300 $200 $100 $0 Cheshire Denbighshire Flintshire Wirral Wrexham West and Cheshire

22 ONS: 2010 Regional GVA Accounts NUTS3 23 Including Merseyside, Cheshire, Denbighshire, Wrexham, Flintshire and Conwy 24 2008 figures indicate a per firm GVA of £3,143,244 within the sector. Given the number of businesses in the MDA region and no increase in GVA this would mean a total GVA contribution of £1,461,608,460. 25 CLMD calculations

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Benchmarking

The ABI estimates of employee numbers show that Cheshire West and Chester has a nationally significant cluster in financial intermediation comparable with major cities across the UK.

Table 10: Local Authority benchmarking of CWAC Financial Services Sector26

Local Authority Area Total Employees in Proportion workforce Financial Services Manchester 306,685 25,706 8.4%

Leeds 417,046 32,353 7.8%

CWAC 149,370 11,495 7.7%

Liverpool 227,230 12,774 5.6%

Birmingham 484,363 24,815 5.1%

Newcastle‐upon‐Tyne 175,637 7,844 4.5%

Moreover, if one compares the MDA region to the City Regions it can clearly be seen that the MDA is comparable in terms of its concentration of employees and operations.

26 ABI 2008

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Table 11: City Regional benchmarking of MDA Financial Services Sector27 Rank City Region Operations Employees Proportion of the workforce 1 West Yorkshire 1,357 37,099 3.8%

2 Tyne and Wear 445 9,776 2.6%

3 Liverpool City Region 1,003 24,359 2.5%

4 Greater Manchester 1,612 29,447 2.5%

5 West Midlands 1,470 27,180 2.3%

6 MDA Area 727 14,459 2.2%

7 South Yorkshire 572 11,151 2.1%

It is also worthwhile measuring the impact which the Cheshire West and Cheshire Financial Sector has upon the sector within the emerging Liverpool City Region.

A recent Ernst and Young report commissioned by Liverpool Vision and Professional Liverpool stated that in terms of financial services:-

The LCR [Liverpool City Region] represents the most important English regional centre outside London... Chester emerges as a nationally important location for banking in terms of the proportion of the workforce employed in the industry28

It is worth therefore attempting to quantify the level of significance which Cheshire plays within such an important regional centre.

Table 12 shows the proportion of employees identified by Liverpool Vision as being within the Liverpool City Region which are also within the Cheshire West and Chester area.

27 ABI 2008 28 Ernst & Young, Liverpool City Region: Financial and Professional Services Study, Intelligence Platform (2010)

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Table 12: Proportion of LCR employees within CWAC by sub‐sector29

Sector30 LCR Employees CWAC Employees Proportion within CWAC Banking 24,459 10,755 44% Insurance 8,408 517 6% Asset and Wealth Management 1,043 239 23% Accountancy 4,684 841 18% Legal 10,415 1,914 18% Real Estate 12,321 902 7%

The table shows the significant impact which the Cheshire West and Chester area has within the Liverpool City Region. Containing as it does 44% of the employees within the Banking sector and 23% of the Asset and Wealth Management staff.

However, the table also shows the relative lack of representation which the Cheshire West and Chester economy has within the Insurance sector.

Summary

• The Financial Services Sector in West Cheshire and Chester is significant and comparable to other major centres in the UK. • The Financial Services Sector in the MDA area is significant and comparable to other city regions in the UK. • The Financial Services Sector in West Cheshire and Chester is a major driver for the sector within the Liverpool City Region. • The sector is extremely significant in the Banking and Asset and Wealth Management sub-sectors and not significant in the Insurance sub-sector. • The sector consists of a large number of SMEs with a smaller number of large strategic organisations.

29 Ernst & Young (2010) op cit, ABI 2008 & CLMD Calculations 30 In order to make a useful comparison the 2007 SIC Code definitions have been used for this table.

35

Qualitative review

Introduction

We undertook a qualitative review of the Financial Services sector in the West Cheshire sub-region over the period August – November 2010. In undertaking the review we adopted a methodology that would ensure that a wide cross section of individuals and organisations were both engaged and consulted.

In particular, there are a number of clearly defined groups who needed to be interviewed. These include:

• Senior Managers of financial institutions – those responsible for setting the direction of the sector and providing leadership. • The “supply chain” – both local residents and businesses that have significant links to the sector. • Partner agencies – those who work with, or whose work impacts upon, the operation of the sector.

To this end, we developed and subsequently undertook a programme of consultation that engaged with all the above groups. Over the period August – October 2010 we undertook the following consultation activities.

Senior Managers: A series of 1-1 interviews were held with senior managers from key organisations to probe and ascertain the perceived effectiveness of the sector and its impact on the economy of the West Cheshire sub-region.

Consultation involved representatives from: • Bank of America • Barclays Corporate • Handelsbanken

36

• M&S Money • The Funding Corporation

Supply chain: A range of consultative techniques were used to engage with local residents and businesses that have significant links to the sector.

Partner Agencies and Stakeholders: a key element in the commissioning of this study was as a catalyst for improving partnership working generally and act as an intermediary to support improved inter agency collaboration and closer coalitions of interest between the Financial Services sector and statutory agencies. To obtain the views and perspectives of such agencies we interviewed the following:

• North Wales and West Cheshire Chamber of Commerce • Financial Services Sector Skills Council • University of Chester

The qualitative element of the review was designed to “tease” out a wide range of views including the impact and effectiveness of the sectors activity. In this light consultees were asked their views about the following issues:

• Context – the changing nature of the industry internationally and nationally and how this would impact upon the sector in the West Cheshire sub-region. • Vision, Leadership & Decision Making – the extent to which the sector in West Cheshire was responsible for the setting of vision and direction for the local sector or conversely the extent to which it was dependent upon decisions and leadership which took place elsewhere. • Impact & Effectiveness – the extent and mechanisms through which consultees felt the sector impacted upon the local economy • Image, Awareness and Partnership – the ways in which consultees felt the sector was ‘understood’ by the local population and statutory agencies and ways in which it worked in partnership with these groups.

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Context

There was a shared view held almost unanimously amongst senior managers from Financial Services sector companies that the crisis within the financial industry was having a major impact upon their businesses. This was due to a combination of three factors:

• The impact of the financial crisis upon the investment arms of their wider group companies. This could take either the form of major restructuring of the commercial arm following heavy losses by the investment arm (e.g. Lloyds Banking Group) or the more positive purchasing and ‘re-building’ of an investment arm which could potentially take resources away from a commercial arm (e.g. Bank of America’s purchase of Meryill Lynch) • The decline of consumer lending. It was pointed out to us that although consumer lending had been falling for some time before the financial crisis it was currently falling at a much faster rate than before. For example the monthly net flow of new lending was negative in February 2009 for the first time since at least 1993. Many interviewees felt that this was being driven by changing behaviour as consumers become more cautious about taking on new commitments, and also by the funding gap left as foreign banks withdrew capital. • Rising risk and bad debts costs. The cost of managing risk portfolios and of bad debts has been steadily rising since the financial crisis. The significant reduction both in branch based unsecured personal loans and in ‘direct’ or non-branched based loans (which was perceived as being a much higher rate) has, it was felt, had a major impact upon the ability of the businesses questioned to sustain pre 2008 levels of revenue.

Such issues were raised to differing degrees by interviewees but all agreed that they were having some level of detrimental effect upon their businesses. The result of this was that virtually all consultees, and certainly all those with large staff numbers, were either undergoing or thought it likely that they would undergo a significant restructuring of their Chester based operations with a likely reduction in senior staff

38

posts as units and departments merged or ‘rationalised’.

Nevertheless, despite these issues many senior managers said they were generally positive about the future of their businesses. While this may reflect the type of individual interviewed31 it matches the PWC survey detailed previously. For example despite the media attention it has received hardly any interviewee described increased regulation as a particular issue of concern. Many described it as simply a different way of operating. This was also true of the restructuring within their organisations which they perceived to be an opportunity to develop and grow new ways of working and new products aimed at a new ‘type’ of customer

A caveat to this position is that for those companies (such as the Funding Corporation or Aktiv Capital) whose business model is based upon lending to or dealing in the debts of the ‘sub-prime’ markets32 the decline of consumer lending by high street banks, while still a ‘primary issue’, is actually perceived of as an opportunity for growth rather than a risk to current operations.

The only significant deviation from these perspectives came from Lloyds Banking Group. While their participation in the project was not great due to a number of internal factors it was clear that for this institution the primary policy context is the need to make significant reductions to the operating size and cost of the group as a whole. Such changes dominate the context in which LBG operates almost to the exclusion of external factors and mean that decisions affecting Chester based operations are likely to be taken in line with national/European regulatory impositions.

An interesting issue which emerged, and which will be touched on in more detail below, was the perspective of partner agencies to the ‘context’ in which the organisations discussed were operating. Virtually all interviewees from statutory

31 All the senior managers at the institutions involved in this survey tended to be extremely positive individuals, proud of their institutions and products and adept at recognising opportunity. Moreover the nature of the methodology involved meant that many discussions were relatively brief (approx 60-90 minutes) and, even if the interviewee was privately less positive (and there is no evidence to show they were), they would be unlikely to trust the interviewer enough to disclose it in the limited time allowed. 32 It should be noted that some individuals within these companies would not use the term ‘sub-prime’ and would prefer to be identified as working with clients with ‘particular lending needs’.

39 organisations understood the issues facing local firms through a national perspective. In this vein statutory agencies were more likely to be influenced by national news and press reports than they were by the actual issues facing local financial institutions. Moreover the institutions themselves had little or no knowledge of local or regional policies. The lack of discourse between the two will be discussed later but it is interesting to note here that both statutory agencies and financial institutions were only aware of the national issues facing each other and not the local ones.

In fact local communities and individuals were much more likely to be aware of the issues facing local institutions than were statutory partners. This reflected the role of key institutions, notably Bank of America, as large employers within the area. Every community group interviewed for this study had at least one individual who was either related to, or knew someone, who worked at Bank of America. Indeed local community groups reported that they were highly likely to have discussed changes to management or operational procedures at a local financial institution whereas statutory agencies rarely discussed specific local issues.

Vision, Leadership and Decision Making

Senior Managers from financial institutions who were part of a wider national or international group were asked about the levels of autonomy they and their institutions had. Almost all reported that they had high levels of autonomy within their group and within the wider framework of their organisation. Once again Lloyds Banking Group was the exception with Chester falling under an Area Manager based in London.

For some this was part of a wider international policy of local autonomy (e.g. Handelsbanken) while for others it was the result of a deliberate attempt to maintain local decision making within a wider group framework (e.g. Bank of America and M&S Money)

Key to both of these perspectives was the desire to utilise local ‘supply chains’. For

40

example, Handelsbanken which has a branch office in Chester has maintained its group’s international policy of almost complete autonomy for local managers to make local decisions. This is seen by the bank as allowing the fostering of local relationships between the bank and the wider business/customer community.33 In this vein the local branch manager expressed to interviewers his desire to utilise local ‘supply chain’ companies particularly on legal, property management and accounting issues. This desire was supported by the larger institutions and by those firms which were based solely within the study area.

However, virtually all those asked felt that for many professional services they were required to use firms from Manchester or London. Two reasons were posited for this: • Lack of local firms. All interviewees highlighted a perceived lack of local professional firms which they felt they could utilise. It was clear in conversation that if they were made aware of the existence of such firms many financial institutions would wish to develop long term relationships with them. • Staff history. Many senior staff members at the larger institutions have a history of working within the financial sector elsewhere in the North West, particularly Manchester. They are therefore likely to have already built up a series of relationships which they bring with them when they begin work in Chester.

There is a clear opportunity here for local firms to be supported and to be introduced to financial institutions in a way which benefits the local economy.

RECOMENDATION 3: Strategic organisations should be encouraged and supported to maximise their use of local SMEs through the development of a professional network.

33 The nature of Handelsbanken’s operation means that it is likely to have a relatively small number of high value customers thereby allowing it to build up more personal relationships than a mass consumer bank.

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Impact and Effectiveness

This chapter details the perception of the impact of the financial institutions rather than the actual impact.

There was a general feeling amongst all interviewees that the Financial Sector was an important contributor to the local economy. Senior Managers at financial institutions were at pains to point out the number of individuals they employed and all statutory agencies and local groups felt that many people relied upon the sector for their livelihoods.

Community groups were very likely to mention both Bank of America and M&S Money with the acronym ‘MBNA’ sometimes being used as a synonym for Financial Services.

However, despite these clear perceptions there was a distinct sense from statutory partners that while there were a number of links between senior individuals at an operational level they felt they had a lack of understanding about local institutions specific issues and often tended to rely on national or local press announcements.

Two reasons were given for this sense of ‘distance’ between the sector and non- employees:

• Physical distance. Many respondents felt that the distance between the centre of Chester and Chester Business Park meant that they did not actually see the institutions regularly and therefore felt separated from them. Anecdotal evidence from employees at institutions on the Business Park is split on this issue. Some indicated that they rarely visited Chester itself as part of their working day and one employee posited that the fact that the branch of Marks and Spencer’s within M&S Money’s building on the Business Park is the companies leading branch for wine sales, is because many staff find it easier to ‘pick up a bottle of wine at work before leaving home’ than go to a

42

supermarket or into Chester. However, it is also true that some companies, particularly those on the Business Park provide transport for their staff to easily access the City Centre. The Funding Corporation, to name one example, run a suite of free taxis for staff which constantly shuttle people to and from the City Centre over lunch time in the run up to Christmas. Nevertheless it seems clear that for residents who do not work on the Business Park there is little reason or opportunity to pass by or to engage with businesses on the Business Park. As a result many have little or no visual image of the institutions when they are mentioned. • Lack of signage/branding. Although all the institutions questioned had extensive corporate branding within their buildings and as part of their customer facing operations the actual buildings themselves, spatially located on the Business Park and all designed with a similar ‘look’ meant that there was no iconic building which non-employees could point out to say represented the sector in Chester. Once more this led to a sense of disengagement between the sector and the local populace.

One caveat to the points above, as will be mentioned below, is the large amount of CSR activity undertaken by the financial institutions. Such activity is not calculated within this study but clearly has a significant financial and social impact on those sectors of the community who benefit from it.

Image, Awareness and Partnership

This section details the images which consultees held about the financial sector in West Cheshire. There are clear and obvious synergies between the image of the sector and perceptions of its impact (above). However, the section questioned not only whether the sector was perceived as successful but whether it was perceived as beneficial.

In general the views of all groups questioned were positive. Although there remains a wider distrust of banking and financial services as a profession following the financial crisis this was not reflected in views about the specific institutions

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mentioned in this report.

Once again, Bank of America was by far the most well known ‘brand’ operating in Chester (although it was referred to constantly as MBNA by respondents from all sectors).

The CSR work of the banks, especially Bank of America, M&S Money and Moneysupermarket was consistently mentioned by partner organisations. The support given by these organisations to local schools, charitable organisations and visitor attractions such as Chester cathedral was seen as being of real benefit by those organisations who had benefited from it. This study has not attempted to calculate the economic contribution to the local economy from such activity but it is clear that it would be considerable.

However many also felt that such activity tended to be led by specific senior managers within the institutions and that if these moved on the work was not guaranteed to continue. Moreover some within the third sector commented that the support given by the institutions, while welcome, tended to be focussed upon the causes rather than strategically supporting the development of the sector.

RECOMMENDATION 4: Efforts should be made by the statutory agencies and the strategic organisations within the sector to ensure that the sector’s CSR activities are channelled into enhancing the strategic aims of the partners and an assessment of their contribution

In addition to the CSR work there was a widespread acceptance of the support given to the local business community by the sector. Both the University of Chester and the West Cheshire and North Wales Chamber of Commerce have used Bank of America to host key events within the past 12 months and have benefited from the ‘branding’ which this gives. Moreover M&S Money have also made clear attempts to

44

engage with strategic partners over the same period as have Moneysupermarket.com and Barclays Corporate.

However there is, again, a perception that much of this work is based upon personal relationships between individuals and that if those individuals were to leave their respective institutions then the activity could cease.

In terms of the Financial Services sector’s perceptions of statutory agencies the clear message which emerges is that apart from the specific individuals mentioned above the financial institutions have little knowledge of and certainly no ‘stake’ in the emerging economic and spatial strategies of local agencies. No interviewee from a financial institution was aware of either the NWDA Financial Services Strategy, the Cheshire and Warrington LEP proposal or the Cheshire West and Chester Economic Strategy. However, there were clear links between individuals at senior levels and operational levels however these were not strategically aligned nor were they part of a wider strategic aim.

RECOMENDATION 5: Roll out of high level strategic meetings between the University, Local Authorities and Financial Services Sector to link to operational staff to highlight areas of joint concern and to foster development and understanding

Summary

• Senior figures within the sector feel that the recession has had a significant impact upon their business model and operations • The financial services sector remains committed to the West Cheshire and Chester area. • The sector is perceived by all stakeholders of as a major contributor to the local economy. • There is some interaction between senior figures within the sector and senior

45

figures within statutory agencies. However this is not always replicated at operational level. • The sector has a large but unmeasured CSR impact upon the area but this is often dependent upon individuals and has not developed strategically.

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Risk Assessment

Introduction

This chapter utilises the quantitative and qualitative data previously discussed to map a series of potential risks to the sector in Cheshire West and Chester and its immediate sub-region.

Based upon the interviews which made up the qualitative review the chapter identifies three ‘types’ of risk facing the sector, each with subdivisions within it. These are:

• Business Risk o Exposure to lending/credit o Market conditions o General economic/political environment sensitivity • Localised risk o Workforce and labour market o Higher Level Skills development o Transport infrastructure • Governmental Policy Risk o Regulatory Changes o Sectoral Support Changes

Business Risk

Exposure to lending/credit

A number of the products based within the study area expose the local sector to credit risk, including loans, leases and lending commitments, derivatives, trading account assets and assets held-for-sale.

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Many of the companies listed above rely heavily on accurately predicting how well their customers will repay their loans. Such businesses must constantly weigh ongoing economic factors and should they overestimate their customers' ability to repay loans, their overall performance will suffer.

Market Conditions

The companies which make up the financial sector within the study area are affected directly and indirectly by market conditions. For example, changes in interest rates could adversely affect net interest margin — the difference between the yield the bank earns on assets and the interest rate it pays for deposits and other sources of funding — which could in turn affect earnings. Market risks include fluctuations in interest and currency exchange rates, and equity and futures prices. Such risks affect loans, deposits, securities, short-term borrowings, long-term debt, trading account assets and liabilities, and derivatives.

Many companies within the sector derive a large percentage of their income from net interest margin and are therefore liable to suffer significant loss of profit through increasing interest rates.

Moreover, as interest rates rise, banks are forced to pay higher rates on deposits and other interest bearing accounts. Meanwhile consumer demand for mortgages and other loan products diminishes as borrowing becomes more expensive. The combination of these two effects reduces both the volume of loans and the profitability of each loan.

Rising interest rates also have the potential to increase an institutions default as holders of adjustable rate mortgages find themselves unable to meet their obligations. This is especially true of subprime borrowers.

The large role of Bank of America within the sector means that it is also particularly affected by downturns and upswings in the U.S. economy. For example, in an economic downturn, it is likely that more customers will fail to fulfil their loans and

48

other obligations to the bank. Short-term and long-term interest rates, inflation, variations in monetary supply, fluctuations in both debt and equity capital markets, and the strength of the United States economy and the local economies in which the corporation operates would also affect its earnings and potentially its operations within West Cheshire and Chester.

General economic/political environment sensitivity

Economic booms increase earnings for Bank of America as people have more money to deposit, purchase credit cards, invest, and repay loans.

The international nature of the operations of the companies based within the study area means that rising geopolitical conflict, such as acts or threats of terrorism, actions taken by the EU, United States or other governments in response to acts or threats of terrorism and/or military conflicts, could also affect business and economic conditions in the West Cheshire and Chester area.

Localised Risk

Workforce and Labour Market

While Cheshire West and Chester has a population of approximately 328,100, it has a comparatively low population density with a growing older population. Given that the anecdotal evidence from the interviews indicated that the average age of new starters within the local sector was in the early 20’s there is the potential risk that the sector could struggle to ensure it recruits new staff.

However the 30 and 45 minute ‘travel to work’ area based upon Chester Business Park encompass a sizeable population to support the sector which is comparable to other financial centres across the UK.

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Figure 11: 30, 45 and 60 minute drive‐time of Chester Business Park34

While full data is not available from all strategic organisations if one takes the spatial spread of new starters at Bank of America since 2009 (figure 14) one can see that labour is available from across this region.

Figure 12: Home location of new starters at Bank of America 2009‐present35

34 MDA Hoshin Report 2002 35 Bank of America

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This indication was supported by the qualitative research. No company interviewed expressed the concern that they would struggle to find qualified labour to support their operations.

Moreover the current levels of economic activity and job density within Cheshire West And Chester are comparable to other local authority areas with strong financial services which again suggests that in the short term at least skills shortages are not an issue.

Table 13: Comparative numbers of people economically active36

Local Authority Area Number of people As a proportion of the economically active population Cheshire West and Chester 168,300 78.3% Leeds 416,200 76.3% Newcastle upon Tyne 132,100 69.5% Liverpool 204,400 69% Birmingham 458,300 68.8% Manchester 222,900 67.2% Nottingham 137,500 65%

36 ONS

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Table 14: Comparative Job Density of Cheshire West and Chester37

Local Authority Area Job Density

Manchester 1.01 Newcastle upon Tyne 1.00 Nottingham 0.93 Leeds 0.87 Liverpool 0.84 Cheshire West and Chester 0.81 Birmingham 0.80

As a result we do not believe that there is any evidence that the labour market is a short or medium term constraint on the growth of Financial Services in general.

However, as is detailed below, it should be noted that many respondents did highlight critical skills shortages in specific professional roles including risk managers, actuaries and legal copywriters.

Higher Level Skills Development

Many interviewees from within the financial services sector noted that they were increasingly employing graduates as new starters. Moreover there is significant scope for the development of supply chain companies and innovation firms emerging from local universities.

As mentioned above there is a perceived gap amongst interviewees around key professional qualifications within locally based firms.

Such gaps were particularly highlighted in risk management and legal copywriting skills.

37 ONS

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Universities therefore have an important role in developing skills and enhancing the position of the sector within the region.

However the changes to higher education funding and the potential reduction in funding for Band D students38 means that those courses within business schools which would be expected to develop graduates who would support the financial services sector will come under increasing pressure.

There is therefore a significant risk to the sector from a reduction in higher education funding.

Appendix G shows further details relating to local Universities.

Nevertheless there has been a series of interactions between the financial services sector within West Cheshire and Chester and the higher educational sector. These include, but are not limited to:

• Bank of America’s sponsorship of a Chair in consumer financial services within the University of Chester’s Business School. • The Financial Corporations utilisation of a risk assessment programme designed by a student from Manchester Metropolitan University on placement with them • The University of Chester’s development of a series of skills workshops and collaborative research initiatives for strategic companies identified within this report and collaborative interests in China

Such close collaboration clearly shows a willingness to build links between universities and the local sector.

Forthcoming changes to the funding structures and operating mechanisms of Universities present both opportunities and risks to this collaboration. There is a

38 Students not involved in medicine, dentistry, veterinary, science or subjects with a studio, laboratory or fieldwork element.

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significant chance that universities may struggle to maintain graduate numbers following forthcoming legislative changes. However there is also the potential to utilise the financial services cluster within the area to market local university courses and research and professional support, particularly from the University of Chester.

RECOMMENDATION 6: Development of a greater understanding of the skills needs of the sector and course development by the University of Chester to align these needs.

Transport Infrastructure

Despite good connections within and beyond the city the Cheshire West and Chester area has ongoing issues of increasing traffic congestion at key junctions as well as the limitations of the capacity and service level of the local rail network. 39

Nevertheless virtually all interviewees highlighted the connectivity of Chester by road as a major positive reason for locating their business in the area.

Moreover the relatively easy air access supplied by Manchester and John Lennon Liverpool airports was also mentioned as a supporting factor for developing and maintaining businesses within the area.

There are no significant risks associated with the transport infrastructure. However, there is an, as yet unmeasured, potential from the development of the second Mersey crossing and the enhanced rail links between Chester and Liverpool John Lennon Airport to develop greater links between Cheshire West and Chester and the Financial Services cluster within the Liverpool City Region.

39 North East Wales/West Cheshire Spatial Strategy, (2006-21)

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Government Policy Risk

Regulatory changes

The international nature of the business models operating within West Cheshire and Chester means that it is at risk from significant regulatory changes within a number of countries.

Within the UK, the post election debate regarding the future of financial services has focussed upon changes to the regulatory framework which governs the operations of the major financial institutions. A parliamentary debate is scheduled to take this discussion forward but it seems likely that following lobbying from the City against a series of smaller agencies there will be a single Consumer Protection and Markets Authority (CPMA) to oversee both the operations of companies listing on London exchanges and criminal prosecution of insider dealing. It seems likely at this stage that this will be achieved by prudential regulators within the Financial Services Authority transferring to the Bank of England, while the majority of staff will be absorbed by the CPMA.

Within the EU, the European Commission and MEPs have agreed to create agencies that from January 2011 will oversee banks, insurers, and financial markets.

While legislation must still be approved by European finance ministers and voted on by the European Parliament the creation of such institutions will reflect those changes implemented within the United States in July, 2010.

Although this is a developing policy it is already clear that a European Systemic Risk Board will be created with the task to “look out for threats to Europe's economy from the financial sector”.

Similarly within the US, the Dodd-Frank financial services regulation as well as the Basel III capital requirements will impact on Bank of America's operations. These regulations prevent banks from engaging in behaviour which results in "material

55 exposure to high-risk assets or high-risk trading strategies."

While the exact meaning of the law is left to US regulators to decide, it does prevent companies like Bank of America from engaging in proprietary trading or owning large stakes in private equity or venture capital funds.

As a result Bank of America has announced that it will probably reduce its stake in the asset manager BlackRock and will restructure or sell large sections of its investment management operations in order to comply with the regulation.

Sectoral support changes

The previous Labour Government identified five drivers of productivity relevant to the Financial Services Sector. These drivers were:

• Enterprise, • Skills, • Innovation, • Investment and • Competition.

These were seen as areas where improved performance could have a significant impact on the economy as a whole. These drivers played a prominent role in directing public sector intervention.

The Labour Government’s 2008 Enterprise Strategy further developed the five drivers of productivity through five enablers of enterprise. The Strategy emphasises the need for business to be competitive so that it can respond to, and seize opportunities from, globalisation.

The Coalition Government has made no significant changes to this strategy to date (although it has not been particularly supportive of it either) and has re-stressed the

56 importance of Financial Services to the UK economy.

In the North West the NWDA has supported a range of activity in relation to the sector, including two cluster development programmes currently operational in Manchester and Liverpool. The focus of this activity is networking, lobbying/marketing, intelligence gathering and skills development. The Agency also provided a one-to-one information, diagnostic and brokerage service to financial service businesses through Business Link's 30+ specialist BPS advisors.

Moreover the likely restructuring in the banking sector following the recapitalisation plan has significant policy potential implications for the region in the short term. Whilst its exposure is not as great as Scotland's, for example, substantial employment in banks in the region such as RBS means that public sector partners have a key role to play in working with the sector to maximise the retention of key functions and services. RBS, for example, recently announced 3,000 job losses nationally, albeit mainly in its markets division which is not strongly represented in the region. This could involve a range of activities, including the preparation of a case for the retention of decision making and jobs in the region. In spatial terms, the major centres of Manchester, Chester and Liverpool are most likely to be affected.

In response to these issues the NWDA has published a Financial Services Strategy which outlines its key priorities for the sector. These include:

• Skills - need to focus on increasing the number of employees qualified to high levels in these sectors. This is supported by the National Skills Gap Analysis 40 • Marketing/Image - need to raise the profile of the Northwest FPS41 sector in the region, nationally and internationally • Investment –need to encourage further investment from overseas markets and existing investors in the Northwest and to attract investment from the rest of the UK to the Northwest FPS sector

40 Mapping the Supply and Demand for Skills by Sector’ LSC July 2007, p. 5 41 The priorities referred to Financial and Professional services.

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• Innovation and Enterprise –demand for an increased level of innovation and enterprise taking place in the Northwest FPS sector • Markets –need to increase Northwest businesses' market share of regional, national and international FPS business • Support – need to provide businesses in the sector with access to the best business support • Infrastructure – need to ensure that the sector has the right infrastructure to support its growth.

In addition to the (small) NWDA Financial (FPS) team TMP & MIDAS maintain dedicated teams in the Northwest. Business Link has a dedicated BPS team located throughout the Northwest while UKTI currently has specialist FPS trade advisors in the Northwest. THE FSSC and Skills Academy FPS are represented in the region.

The 2006 Regional Economic Strategy (RES) identified BPS as a priority sector for growth. The actions in the RES which relate to the development of higher added- value activity in regional sectors include:

• Undertake cluster development programmes in priority sectors to develop higher value activity, improve productivity and identify future growth opportunities • Enhance business/HEI collaboration and knowledge transfer • Raise companies’ awareness about global opportunities/risks to help them compete internationally • Provide specialist business support to improve the region’s exporting performance with an emphasis on helping more companies export • Focus the region’s inward investment, domestic relocation and aftercare activity to support the region’s knowledge base and complement, support and strengthen priority sectors • Deliver the skills required by priority sectors.

The significant restructuring of regional and sub-regional economic support mechanisms away from the regional approach of the NWDA towards the localism of

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the emerging Local Economic Partnerships means that it is impossible at this stage to outline clear strategies and policies which will be taken forward to support the sector. Nevertheless it remains the case that those issues highlighted by previous reports will continue to be critical, and it is worthwhile then examining the policy context which existed pre changes in UK Government in May 2010.

The Northwest Enterprise Strategy (2008) provided a framework for encouraging enterprise in the Northwest. This meant not merely focusing on encouraging new business start-ups but on developing an ‘enterprise culture’ in the Northwest to stimulate increased productivity in the region by maximising the competitiveness of existing businesses and supporting a growing supply of entrepreneurs. The RES priority sectors were identified in the strategy as a target segment for enterprise development activities.

The Northwest Innovation Policy (2008) was developed by the NWDA and its partners to encourage increased innovation in the region. Improving the overall levels of innovation in the Northwest necessitates reducing barriers to innovation by raising awareness of its wider benefits; increasing access to, and the exploitation of, knowledge; and increasing the motivation and capacity of the region’s businesses to innovate. The Policy specifically refers to the need to increase innovation in services – specifically in non-science sectors such as business and professional services, and to gain a better understanding of the drivers and outputs of innovation in services. The ability to access knowledge and apply it in short timescales is also highlighted as important for innovation in services.

The region’s Internationalisation Strategy for the Northwest had six key areas of action, one of which is the development of internationally competitive sectors. Financial Services was a key target for increased international focus. This included attracting inward investment, helping businesses in the sector gain access to international markets, attracting and retaining workers with appropriate skills, and developing international supply chains.

As mentioned previously the Financial Services Strategy 2010 emerged from a

59 culmination of these strategies with the following vision:

[To create] an internationally recognised, competitive and vibrant sector comprising innovative, market-focused businesses, underpinned by talent and expertise. Manchester will be a leading European centre, complementing London’s position as a global hub, supported by Liverpool and Chester: thriving FPS centres in their own right.’

The strategy aimed to:

• Increase the GVA per head of the sector by encouraging higher added-value employment and raising levels of innovative activity in the sector in the region • Increase the number of people working in the sector by attracting new investment, supporting the growth of existing businesses, and encouraging the start-up of new businesses.

The development of the Cheshire and Warrington Local Economic Partnership has not yet got to the point whereby such a strategy could be translated to a series of local action plans within the new economic development framework.

There is then a significant risk that strategic support for the sector will be lost unless the statutory agencies (at local authority, MDA or LEP level) ensure that they develop an appropriate substitute for the support previously offered by the NWDA.

Summary

Table 15 shows a summary of the risks to the sector identified, their potential level of impact and the ability of local partners to address them.

It shows that while there is significant risk to the sector from international and national regulatory and market changes, local partners can do little to affect this

60 except as part of a wider coalition of interests to maintain competitive advantage.

Moreover while local partners can effect changes to the workforce and labour market there is little risk of this adversely impacting upon the sector as a whole.

However the two areas of potential impact to the sector and where local partners have a high level of ability to effect change are the development of appropriate higher level skills and knowledge transfer/innovation activity and the provision of sectoral support, particularly for the large numbers of SMEs within the sector.

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Table 15: Summary of risks and potential impact

Category of Specific risk Likelihood of Potential Ability of risk impact level of local impact partners to address Business Exposure to Risk lending/credit MID HIGH LOW

Market conditions HIGH HIGH LOW

General economic/political LOW HIGH LOW environment Localised Workforce and risk labour market LOW MID HIGH

Higher level skills development HIGH HIGH HIGH

Transport infrastructure LOW MID MID

Government Regulatory policy risk Changes HIGH HIGH LOW

Sectoral Support Changes HIGH MID HIGH

62

Recommendations and Findings

Cheshire West and Chester and its immediate sub-region has a clear and distinct financial services cluster.

The Local Authority area is a valid Financial Services comparator against similar clusters and the MDA area as a whole is also a valid comparator against the city regions.

The recommendations within this report are based on this assumption. They focus upon the clustering theories of Porter 42 which have since been extended by Krugman43.

Such theories claim that clusters have the potential to affect competition in three ways:

• by increasing the productivity of the companies in the cluster • by driving innovation • by stimulating new businesses

It is the recommendation of this report that more work should be done by statutory partners, working in collaboration with the financial services sector to develop these three strategic aims. It is noted that the University of Chester plans to host a Financial Services Forum within 2011 and it is hoped that this forum will be able to take forward the recommendations listed below as a starting point for greater discussion between the key stakeholders involved within the sector.

Figure 13 indicates the responsibilities of the key stakeholders.

42 M. Porter, The Competitive Advantage of Nations (1990) 43 P. Krugman, Geography and Trade (1991)

63

Figure 13: Factors in the development of a future Financial Services Support Strategy

Local Industry: Authority: New starts, Infrastructure inward and investment investment and growth enviroment Universies: Skills, innovaon and spin outs

Financial Services Sector Support Strategy

The development of such a strategy should involve the following stages:

• Development of a cross-border network of key individuals from both the University, Local Authorities and Financial Services Sector to take forward the project. It is envisaged that the forthcoming Financial Services Forum to be hosted by the University of Chester will initiate this process. • Ongoing assessment of the conclusions reached within this report by the network to ensure that the findings here remain relevant as regulatory and market changes take place • Greater development of a knowledge base around localised economic impact, including CSR

Without pre-judging the conclusions of such a process we feel it is likely that any emerging strategy should include the following recommendations:

64

•Greater clarificaon of the interacon of the impact of, and support for, financial services with the professional services sector, parcularly legal, Recommendaon 1 accountancy, real estate and IT security acvies which oen make up the ‘supply’ chain to financial services companies.

•Greater strategic statutory business support for Recommendaon 2 the large number of SMEs within the sector including business innovaon and markeng.

•Strategic organisaons within the sector to Recommendaon 3 maximise their use of local SMEs through the development of a professional network.

•Channelling of the sector’s CSR acvies into Recommendaon 4 enhancing the strategic aims of partners and an assessment of their contribuon.

•Roll out of the current high level strategic meengs between University, Local Authories Recommendaon 5 and Financial Services Sector to operaonal staff to highlight areas of joint concern and to foster development and understanding

•Development of a greater understanding of the skills needs of the sector and course development Recommendaon 6 by the University sector to align to these needs. This could include the development of a Financial Forum focussed upon sustaining the sector.

65

Appendix A: Glossary of Terms

BoA Bank of America BPS Business and Professional Services CAGR Compound Annual Growth Rate CBI Confederation of British Industry CLMD Centre for Labour Market Development CSR Corporate Social Responsibility CWAC Cheshire West and Cheshire Council C&W Cheshire and Warrington ECS European Card Services (Bank of America) FPS Financial and Professional Services GFCI Global Financial Centres Index GVA Gross Value Added HBOS Halifax Bank of Scotland LCR Liverpool City Region LFS Labour Force Survey LBG Lloyds Banking Group NWDA North West Development Agency MIDAS Manchester Investment Development Agency Service M&S Marks and Spencer’s ONS Office of National Statistics PWC PricewaterhouseCoopers RBS Royal Bank of Scotland RES Regional Economic Strategy SIC Standard Industrial Classification TMP The Mersey Partnership UKCES UK Commission for Employment and Skills WCCI MasterCard Worldwide Centres of Commerce Index

66

Appendix B: Data Sources utilised within the report

ABI UK Business: Financial ONS GVA Activity Size Services Regional GVA and Location Authority Accounts Register Main Statistical Statistical To identify Statistical purpose Comparison Comparison relevant comparison companies Information Economic Economic statistics Names of GVA calculations by provided Statistics predominantly individually sector and area predominantly related to numbers registered relating to of enterprises and companies numbers of numbers of units allowing workplaces and identification of number of businesses in the employees study area Primary Annual Survey Annual Survey Financial Annual Survey Source undertaken by undertaken by Services undertaken by ONS. Data ONS. Data subject Authority ONS. Data subject subject to usual to usual survey to usual survey survey deficiencies deficiencies deficiencies Geography Based on Local Based on Local Postcode Based on Local Authority Authority Authority Areas but boundaries boundaries latest data at NUTS3 level utilises Cheshire County Council rather than new authorities Timescales Based on Based on Annual Based on Based on Annual Annual Survey – Survey – 2008 application to Survey but detailed 2008 survey survey data FSA by findings are not data recorded in recorded in report companies to released report unless unless specifically operate immediately – 2007 specifically mentioned survey data used mentioned Sector 2003 SIC Codes 2003 SIC Codes All companies 2003 SIC Codes definition utilised either as utilised either as whose activities utilised either as employment employment require FSA employment service service service categories registration under categories or, categories or, or, where relevant the Financial where relevant 2 where relevant 2 2 digit divisions Service and digit divisions digit divisions Markets Act (2000) Company Company Company Company Company location addresses of addresses of address of addresses of operation, operation, Unlikely operation. Very operation, Unlikely Unlikely to catch to catch multiple likely to catch to catch multiple multiple registered multiple registered registered companies at a companies companies at a companies at a single address operating a single address single address single address Company Operating Operating All businesses Operating scale companies, companies, registered by the companies, Unlikely Unlikely to Unlikely to capture FSA to capture micro capture micro micro businesses businesses businesses

67

Appendix C: CH1 postcode coverage

Postcode Post town Coverage Local authority area

CH1 Chester Blacon, Chester, Higher Cheshire West and Chester, Ferry, Capenhurst, Flintshire County Council Backford

CH2 Chester Backford, Chester, Elton, Cheshire West and Chester Hoole, Ince, Mickle Trafford, Moston CH3 Chester Boughton, Chester, Cheshire West and Chester Huntington, Mouldsworth, Tarvin, Tattenhall, Farndon CH4 Chester Chester, Handbridge, Cheshire West and Chester, Lache, Pulford, Flintshire County Council Penyffordd, Broughton, Saltney CH5 Deeside Connah's Quay, Shotton, Flintshire County Council Queensferry, Sealand, Sandycroft, Dobshill, Ewloe CH6 Bagillt, Flint, Flintshire County Council Flint Oakenholt, Flint Mountain, The Nant, Bagillt CH7 Buckley, Buckley, Leeswood, Flintshire County Council, Mold Treuddyn, Llanarmon-yn- Denbighshire County Council Ial, Caerwys, Mold, Northop Hall, Drury CH8 Holywell Holywell, Milwr, Holway, Flintshire County Council Carmel, Lloc, Bryn Celyn, Greenfield, Halkyn, Lixwm, Talacre

CH25 Birkenhead PO Boxes Metropolitan Borough of Wirral CH26 Prenton PO Boxes Metropolitan Borough of Wirral CH27 Wallasey Wallasey Metropolitan Borough of Wirral CH28 Wirral PO Boxes in Moreton Metropolitan Borough of Wirral CH29 Wirral PO Boxes in Hoylake Metropolitan Borough of Wirral CH30 Wirral PO Boxes in Upton Metropolitan Borough of Wirral CH31 Wirral PO Boxes in Heswall Metropolitan Borough of Wirral CH32 Wirral PO Boxes in New Ferry Metropolitan Borough of Wirral CH33 Neston PO Boxes Cheshire West and Chester

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CH34 Ellesmere PO Boxes Cheshire West and Chester Port CH41 Birkenhead Birkenhead, Claughton, Metropolitan Borough of Seacombe, Tranmere, Wirral Woodside

CH42 Birkenhead Birkenhead, Oxton, Metropolitan Borough of Prenton, Wirral Rock Ferry,

CH43 Prenton Bidston, Noctorum, Metropolitan Borough of Oxton, Wirral Prenton

CH44 Wallasey Egremont, Liscard, Metropolitan Borough of Poulton, Seacombe, Wirral Wallasey,

CH45 Wallasey New Brighton, Wallasey, Metropolitan Borough of Wallasey Village Wirral

CH46 Wirral Leasowe, Metropolitan Borough of Moreton Wirral CH47 Wirral Hoylake, Metropolitan Borough of Meols, Wirral Saughall Massie, West Kirby CH48 Wirral Caldy, Frankby, Grange, Metropolitan Borough of Greasby, Hoylake, Meols, Wirral Newton, Saughall Massie, West Kirby CH49 Wirral Greasby, Landican, Metropolitan Borough of Upton, Woodchurch Wirral CH60 Wirral Gayton, Metropolitan Borough of Heswall Wirral CH61 Wirral Barnston,Heswall, KIrby, Metropolitan Borough of Pensby,Thingwall, Wirral Thurstaston

CH62 Wirral Bromborough, Eastham, Metropolitan Borough of New Ferry, Wirral Port Sunlight, Spital,

CH63 Wirral Bebington, Brimstage, Metropolitan Borough of Bromborough, Wirral Clatterbridge, Higher Bebington, Raby, Raby Mere, Spital,Storeton, Thornton Hough, CH64 Neston Little Neston, Ness, Cheshire West and Chester Neston, Parkgate, Puddington, Willaston,

69

CH65 Ellesmere Ellesmere Port, Great Cheshire West and Chester Port Sutton, Whitby, Wolverham CH66 Ellesmere Childer Thornton, Cheshire West and Chester Port Ellesmere Port, Great Sutton, Hooton, Ledsham, Little Sutton, Overpool, Whitby, CH70 Chester Department for Work and Cheshire West and Chester Pensions CH88 Chester Bank of Scotland Cheshire West and Chester

CH99 Chester Benefits Agency, St. Cheshire West and Chester Michaels Financial Services & Chargecard

70

Appendix D: Definition of Financial Services

This paper is based upon the assumption that ‘Financial Services’ will be defined by the following sub sectors (by Standard Industrial Code)

• 6511: Central banking

• 6512: Other monetary intermediation

• 6521: Financial leasing

• 6522: Other credit granting

• 6523: Other financial intermediation

• 6601: Life insurance

• 6602: Pension funding

• 6603: Non-life insurance

• 6711: Administration of financial markets

• 6712: Security broking and fund management

• 6713: Activities auxiliary to financial intermediation

• 6720: Activities auxiliary to insurance/pension funding

71

Appendix E: Companies within the study area

The lists below highlight those companies and individuals which make up the Financial Services Sector within West Cheshire and Chester and its sub-region. For the purposes of this list the study has included all companies operating within the CH postcode. (See Appendix C).

• List A details those companies identified by the Financial Services Authority (FSA) as authorised to carry out regulated activity under the Financial Service and Markets Act (2000) • List B identifies those individuals or companies known by the FSA to be appointed as agents of authorised firms. • List C shows those firms that are or have been authorised or registered by the FSA under the Payment Services Regulations 2009. This includes: o Money remitters, o Pre Pay Card Services; and o Merchant acquirers • List D identified as operating in debt management companies. Such companies are not regulated by the FSA nor are there details held on a single register. Therefore the companies identified here are those known to us at the time of publication. • List E highlights those companies or individuals who have been appointed by an authorised firm whose scope of appointment is limited to: o Effecting introductions; and o Distributing non-real time financial promotions The nature of these operations means that many companies are included who do not operate within the Financial Services sector but are a source of information regarding financial services, particularly printed information regarding insurance. • List F shows those professional firms (such as solicitors and accountants) that are allowed by the FSA to undertake some regulated activities as incidental services in addition to their normal professional services. These organisations are listed along with their Designated Professional Body (DPB).

List A: FSA Authorised Companies

Firm Name Postcod Previous names (if applicable) e 1 FS Limited CH4 0GX 1 Fs Limited

2020 Homeloans Limited CH4 8RD The Select Partnership

A&B Financial Management LLP CH8 7GR A@B Insurance

ACF Car Finance Limited CH4 9RF Approved Car Finance Limited

Acorn Financial Planners Ltd CH7 1NR

Actual Trend Limited CH41 5AS Hamilton Claims Management, Hcm Assist

Ainsworth Mortgages Ltd CH47 9RW

Ajax Wells Financial Services Ltd CH41 1EP

Alasdair Samuel Munro CH2 3JR Deva Financial Services

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Aldium Insurance Services Ltd CH64 9AD Aldium Independent Insurance Services

All Flintshire Credit Union Limited CH8 7LP Holywell And District Credit Union Li...

Astbury Wren & Company Limited CH1 1DF Astbury Wren, Playsure, Prosure

B.F.L Mortgage Services Ltd CH60 7RA

Bank of America CH4 9FB MBNA Europe Bank Limited

BBH Shelter Limited CH62 0AF Bbh Shelter Limited

Belgravia Mortgages Limited CH1 4RN

Benjamin Roberts CH5 4DF

Boulton Financial Services Ltd CH7 4JF

Brewster Associates CH44 7JY

Britannia Mortgage Brokers CH63 3HB

Broadhurst & Company CH48 5EX

Broadleaf Financial Services Ltd CH60 4RH

Buckley Insurance Services Ltd CH7 2ED Buckley Mortgages

Buyer Guide Mortgages Ltd CH64 8TP

C F Mortgages Limited CH62 6ED

Cambrian Associates Limited CH5 3NS

Cestrian Financial Planning Services Limited CH1 1QQ

Chadwick McLean Ltd CH4 9EP Chadwick Mclean Ltd

Chelwood Financial Management CH48 2LL

Cheshire Councils Employees Credit Union CH1 1SE Cheshire County Council Employees' Cr... Limited Chesterton Grant Ltd CH5 3XP

Chesterton Grant Mortgages Ltd CH5 3XP Chesterton Grant (Marketing) Ltd

Coed Maes Mynan Est Ltd CH7 5BH Barlows Caravan Park

Collegiate Special Risks Ltd CH62 0DE

Copperfield (Professional & Taxation CH6 5BL Services) Ltd County Insurance Services (North West) LLP CH46 6DE County Insurance Services (North West...

Cullimore Dutton CH1 1XS Birch Cullimore

Daulby Read Limited CH1 1RS Daulby Read Insurance Brokers

DB Financial Services Ltd CH8 7GR

Deeside Insurance Brokers Ltd CH5 1BZ

Direct Mortgages CH65 0AA

DKB Management (UK) Limited CH60 0EE Dkb Management (Uk) Limited

Dual Mortgage Brokers CH46 0RL Dual Life Assurance

E S Jones Dobshill Garage Ltd CH5 3LZ

Eastham Motors CH62 0AA

Eilatan Investment Management Ltd CH45 0JL

Ellis Whittam Limited CH3 6JD

Eric John Carr, Daniel Eric Carr, Paul Alan CH3 9DS Carr & Griffiths, Chester Kia Griffiths, Robert Alan Griffiths Fletcher Davies Limited CH8 7LH

Forde & Hall Independent Mortgage Brokers CH7 2JA Forde & Hall Mortgage Services

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FPC Financial Services Ltd CH62 4XD Fpc Financial Services Ltd

G P Insurance Services CH49 2RP

G.M Jones L.P Ltd CH4 9FH

Gallaghers of Sandycroft CH5 2QN Gallaghers Of Sandycroft

GB Financial Consultancy Ltd CH49 0TQ Gb Financial Consultancy Ltd

Gee & Watson Investment and Pensions Ltd CH60 0AG Gee & Watson Investment And Pensions Ltd

Gibro Wealth Limited CH5 1HL

GNF Mortgages Limited CH62 6BJ Gnf Mortgages Limited

Graham Carter Financial Services Limited CH1 3AE Graham Carter & Co

Graham Wells Associates CH41 1EP

Harsant Services Limited CH61 9ND

Heathmoor Financial Services Limited CH47 5AF

Henderson Carter Associates Limited CH64 8TP Henderson & Dumbleton Ltd

Heswall Mortgage Services CH64 7TW

Hillyer McKeown LLP CH1 1QP Hillyer Mckeown Llp

Homepro Limited CH43 3DU Homepro Insurnace

Honeybourne Kenny and Partners CH41 6AF Honeybourne Kenny And Partners

Innes Reid Investments Limited CH2 3NJ Innes Reid

Invest And Protect Limited CH47 2BQ

Investment Discounts Limited CH63 8PT

J Buckley Investment Planning Services CH4 0TF

J T C Insurance Consultants CH48 5JB

Jacomus Limited CH2 3NH Asc Cheshire & North Wales

John Chapman Insurance Consultants CH47 2BG

John Fachiri Ltd CH60 3SB

Kenneth Moore Financial Services CH43 9RQ

Liverpool and London Steamship Protection CH65 3AS Liverpool And London Steamship Protec... and Indemnity Association Limited Loans.co.uk Ltd CH4 9FB Carter Hatton Downs

LPVC Limited CH1 1HG Lpvc Limited

M Georgieff Jones (Insurance Services) CH6 5BL Limited M R Bloor & Co Ltd CH65 8DA

M53 Motors Limited CH65 3BR

Marks & Spencer Financial Services Plc CH99 9FB Marks & Spencer Financial Services Li...

Marks & Spencer Savings and Investments CH99 9LP Ltd Marks & Spencer Unit Trust Management CH99 9FB Limited Marnell International Insurance Services CH45 4LB Limited McEwan Wallace Wealth Management CH41 6AR Mcewan Wallace Wealth Management Limited Limited MD Insurance Services Ltd CH41 5BX Md Insurance Services Ltd

MGLP Financial Services CH63 7PG Mglp Financial Services

Midas Financial Services CH1 2WZ

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Mitchell Northwest Limited CH2 4RG Lexus Chester, Mitchell Mazda, Mitchell Skoda

MoneyScience Investment Consultancy CH64 7TW Moneyscience Financial Planning

Moneysupermarket.com Financial Group CH5 3UZ Moneysupermarket.Com Financial Group Limited Mortgage Choices UK CH4 8BU Mortgage Choices Uk

MW Pensions Limited CH66 7NZ Mw Pensions Limited

Neill Boulton CH48 7HB Neill Boulton Wealth Management

Offley Insurance Services Limited CH65 5EU

On The Move Mortgages Ltd CH64 6TT

Park Card Services Ltd CH41 7ED Flexecash

Park Financial Services Limited CH41 7ED Park Direct Credit Ltd

Parkgate FS LLP CH60 5RG Parkgate Fs Llp

Paul Robinson Financial Services CH60 7SE

Peter Chappell CH64 0TS Kevin Sparrow And Peter Chappell

Peter Guy Limited CH4 9DG Textile Product Manufacturer

Phillip Bates & Co Financial Services Limited CH64 9PA

Pj Investments Ltd CH5 3JE Neville Jones Commercial

PJR Mortgage Solutions Limited CH44 2AE Pjr Mortgage Solutions Limited

Powell Commercial Ltd CH4 9EP

Priory Financial Management Ltd CH41 5LH

Private Financial Planning Services Ltd CH4 0DH Diabetics Insurance

Property Insurance Consultants Ltd CH60 0BY

Proximo Ltd CH1 4QN

Risk Services (NW) Ltd CH3 5BH Risk Services (Nw) Ltd

Rob Spence Ltd CH47 2EE

S.G. Holding & Partners CH66 3RF S.G. Holding & Maudsley

Scion Insurance Services Ltd CH43 3HA

Selby Associates CH65 8AE

Simon Kershaw & Associates Limited CH48 3JA

Simon Poole CH34 9BW

Simply Mortgages CH45 4LA

SL Investment Management Limited CH1 1HG Freetrawl.Com

Special Risk Solutions Limited CH41 5AE

ST Financial Planning Ltd CH2 3PP St Financial Planning Ltd

Status Mortgages Limited CH4 8RD Equity Finance

Staveley Head Ltd CH6 5DH

Sterling Investment Services CH49 0AB Christopher Binks

Steve Hopewell Holdings Ltd CH5 2TE Lindop Brothers Queensferry

T & N Mortgage Solutions Ltd CH2 3NE

TEP-Exchange Limited CH1 1HG Tep-Exchange Limited

Texscope Development Ltd CH2 4JF Concept Solutions

The Alexander Beard Group Plc CH65 3EY

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The Financial Advice and Mortgage Shop CH65 6SA Ifa & Mortgage Shop

The Mortgage Business Plc CH4 7AD Tmb

The Northern Mortgage Partnership Limited CH60 5RG

The Way Ahead Equity Release Ltd CH41 1EL

The Wirral Credit Union Limited CH44 4DF Metropolitain Borough Of Wirral Emplo...

Total Independent Mortgages Ltd CH60 1UT

Two Mills Honda Ltd CH66 9PD

UHY Hacker Young CH1 1QN Uhy Hacker Young

UK Direct Mortgages Ltd CH4 8BU Uk Direct Mortgages Ltd

Valerie Beales CH7 1ES Coversure Insurance Services

Wellington-Young Insurance Service Limited CH47 5AA

Wentworth Financial Services Limited CH63 2PX

West Cheshire Credit Union Limited CH1 3HY Chester Credit Union Limited

Wetherall Insurance Advisors Limited CH65 8AA

Windsors (Wallasey) Limited CH45 3HP

Yates & Co Independent Financial Advisers CH1 2NW Yates & Co, Yates & Co Financial Planners Ltd Financial Solutions CH2 1BS

M&D Financial Planning Ltd CH4 9QR

Specialist Mortgage Funding Ltd CH4 8BU

List B: FSA Recognised Appointed Representatives

Firm Name Postcode Previous names (if applicable) 1994 Ltd CH1 1XG

5 Star Mortgages CH27 9EY

A&B Caravans CH8 8RF

Abacus Mortgage Advisers Ltd CH41 6AX

ADH Mortgage Services CH5 4GQ Adh Mortgage Services

Allport Veterinary Surgery CH62 6AU

Alpha Financial Services (UK) Ltd CH1 4QN Alpha Financial Services, Alpha Financial Services (Uk) Ltd

Alyson Elaine Price CH7 1LT

Andrew C Grant Independent Financial CH63 7PG Services Limited Apple Finance Ltd CH2 1EE

Arrow Financial Services CH1 2LA

Arrowe Financial Consultants CH61 6UZ Michael Joseph Saunders

Arrowebrook Motors Ltd CH49 0UF

Avail Healthcare CH7 1HQ Stephen Gould

Avista Independent Financial Planning CH66 3RB Acumen Independent Financial Planning

Avonbrook Financial Management Ltd CH62 0BJ

Bache Financial Services Limited CH1 1RS

Bancroft Leisure CH8 9JN Bancroft-Taylor.M&G Bancroft

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Bank of Scotland Equipment Finance Ltd CH88 3AN Bank Of Scotland Equipment Finance Ltd

Barnhouse Veterinary Surgery CH3 7DD

Belvoir Wirral CH42 8PQ

Ben Jones Veterinary Surgery CH4 8SF

Bill Smith Motors Ltd CH3 5DH

Birchall Mortgages & Insurance CH7 5RH Chris Birchall Financial Services

BMS Financial Ltd CH66 2YW Bms Financial Ltd

Brendon T MacDonald CH2 2RD Brendon T Macdonald

Bright Mortgage Services CH4 7RG Bright Mortgage Services Ltd

Broadway Veterinary Centre CH63 5NH

Brookbrough Trading Company Ltd CH2 4HY Chester Harley Davidson

Brookdale Independent Financial Planning CH49 1SP

Brooks Financial Consultancy Ltd CH65 1AD

Caerwys Holiday Park Limited CH7 5AD Caerwys View

Capital Bank Asset Finance Limited CH3 9PE Bank Of Scotland Asset Finance

Capital Bank Leasing Limited CH88 3AN

Capital Bank Vehicle Management Limited CH88 3AN

Capital World Travel Limited CH4 9QE

Capricorn Animal Rescue CH7 4HZ

Carol Gittins Ltd CH5 1BY Reeds Rains Shotton

Carpenters Solicitors LLP CH41 1FB Carpenters Solicitors Llp

Cars of Liscard Ltd CH45 4LE

CD Britton, GN Walton, & J Prince CH3 9AU Britton, Walton, Tasker, Case,Britton,Walton,Tasker, Cd Britton, Gn Walton, & J Prince, Cd Britton, Gn Walton, Cd Tasker & J ... Cheshire Lifestyles Financial Planning Ltd CH1 1JT

Chester Mobility Limited CH1 4NS

Chester Vets4Pets Ltd CH2 2EB Chester Vets4pets Ltd

Chris Sutton & Associates (406) CH3 7SW

Christopher Allen Hetherington CH2 2JL Hetherington'S Wealth Management

Christopher John Sheppard CH61 9NU

Churchview Veterinary Centres CH46 0PD

City Investments CH2 3NE

CMC CH5 2RA Cmc

Complete Mobility Solutions CH7 2EF

Corke Walters Associates CH4 0TH

Corkills Chester Ltd CH65 9LF Autostadt Uk Ltd

Cornerstone Lifestyle Financial Planning CH4 9QR Limited Cranmore Veterinary Centre CH66 1QN

Cranmore Veterinary Services (CGRH) Ltd CH1 6LT Chester Gates Referral Hospital, Cranmore Veterinary Services (Cgrh) Ltd Crest Plus Insurance Services Ltd CH4 9QP Foremans Insurance Services Ltd, Village Insurance Services Ltd CS Mortgage Services Ltd CH3 7SW Cs Mortgage Services Ltd

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D F Letting Limited CH63 7PG D F Letting Ltd

Dace Financial Services CH2 2LJ

Dalyan Consultants Ltd CH1 1RU

Damian T Looker CH47 6BD

Daniel Gareth Jones CH61 8RY

David Miller CH8 8JU

Dean Martin Wright CH64 9RS The Wright Mortgage

Deedale Financial Services Ltd CH60 8QL Cedar Financial Solutions Ltd

Designalife Limited CH2 3NE

Deva Travel & Tours Ltd CH1 1PP

Dr Robert Proffitt CH1 6LB Horizon Financial Consultants

E S Walton & Co (Loans & Protection) LLP CH60 7RB E S Walton & Co (Loans & Protection) Llp

Eazylet Limited CH4 9PX Eazylet

Element FPM Ltd CH5 3SL Element Fpm Ltd

Ellis Whittam LLP CH3 6JD Ellis Whittam Llp

Fairtrades Limited CH47 2EE Homepro Insurance

Financial Foundations CH61 3UP

Financial Freedom Services Ltd CH62 9AB Financial Freedom Services Ltd, Financial Freedom (suspension) Services Ltd (Suspe... Flintshire Caravan Sales CH5 2TE

Forthright Finance Ltd CH88 3AN

Galina Intenrational Study Tours Ltd CH1 1NQ Galina International

Gardner Salisbury Investment Consultants CH8 7LH Gardner Investment Consultants Limited Ltd Gartland Financial Solutions CH41 6AX

Gary Williams Wealth Management Ltd CH5 3SN

Gavin Tansey Financial Services Limited CH60 0BY

GB Tours CH41 2RB Gb Tours

GL and JL Evans CH7 4QW Parc Farm Caravan Park

Global Adventure Challenges Ltd CH4 8BU

Godfrey Davis (Contact Hire) Ltd CH88 3AN

Gordon Financial Solutions Limited CH64 9UB Baron Independent Financial Advisers ...

GPM Properties Ltd CH65 6RU Gpm Properties Ltd

Graham Richard Dearden CH49 6LA Graham Dearden

Green Lane Veterinary Surgery CH4 8LS

Grosvenor Place Ltd CH4 8BU

Grosvenor Place Wealth Management Ltd CH4 8BU

Halliwell Jones Chester Ltd CH1 4LS

i Mortgages Limited CH66 2UU I Mortgages Limited

Iain Maclaverty CH47 2AF

Ian Wilkinson CH44 2AE

Ignite Brokers Ltd CH7 1XB

Ignite Insurance Ltd CH7 1XB

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Inchcape Financial Services Ltd CH88 3AN

Inglenook Financial Services Ltd CH62 6AQ

International Motors Finance Ltd CH88 3AN

IQ Mortgages CH3 9HF Iq Mortgages

Jeremy Solloway CH4 9PG Chesterbroker

John C Cartlidge I.F.P. CH64 9XU

John L Buckley CH3 9SF

Johnstone Howell & Co Accountants CH65 0AB

Jonathan Nicholas Lightfoot CH3 9HF Chester Independent

Jones A, Jones R CH6 5DZ Jones Holiday Tours, Jones Motor Services

Jordan Halstead Properties Limited CH1 2DD

Joseph Maxwell CH6 6AP Joseph Maxwell Associates

JSF Financial Services Ltd CH5 4YF Jsf Financial Services Ltd

K P Reynolds & J A Yates CH1 1DQ K P Reynolds

Karen Blakeley Ltd CH66 3RG

Karl Tatler Estate Agents Ltd CH60 7RA

Kathryn Owen CH5 3PX Choice Mortgages

Keenforce Ltd CH48 2HG Newhall

Kenneth Moore Feebased Advice Ltd CH43 9RQ

Kevin Murphy CH60 0BD

Kevin Paul Sparrow CH3 5RW Gatehouse Mortgages

Leslie Brothers Financial Services Limited CH2 4JF

Let Alliance Ltd CH1 2DD

Lifetime Financial Options Ltd CH42 6BD

Little Croft Veterinary Clinic CH66 1NU

Lovelock & Co Ltd CH64 3TE Lovelock & Co

Mansell Lunt & Co Accountants Ltd CH49 2PG

Maple Leaf Consulting Ltd CH1 2LE Maple Leaf Mortgages Ltd

Maple Leaf Financial Services Limited CH1 2LE Maple Leaf Financial Services

Maple Leaf Wealth Managment Limited CH1 2LE

Mark Lally CH7 5HS

Mark White CH61 4UA

Martin Penn CH7 5NF

Media Travel Insurance Services Ltd CH63 4JB

Michael Cross CH64 6QQ Cordata Financial Solutions

Mike Jeffers CH1 2NX

Mistral Holidays Ltd CH5 2LE

Molyneux Estate Agents CH7 2JL

Molyneux Money Matters Limited CH7 1EG Mortgage Advice Bureau

Morgan James Associates CH2 9LL

Morris & Co Financial Planning Ltd CH65 9HQ

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Mortgageneeds.Info. Ltd CH47 2AF

Mrs D I & Mr D W Rogers CH7 4QU Allt Gymbyd Caravan Park

Myles R B Parry CH48 0RR

Nant-Y-Glyn Holiday Park Ltd CH5 3QL Bron-Y-Wendon Static Caravan Park Ltd, Lannworth Limited, Nant-Y-Glynholiday Park Neil Hough CH43 7YR

NFU Mutual Finance Ltd CH88 3AN Nfu Mutual Finance Ltd

Nicholas Cornish CH2 1QX

Nick Middlehurst CH7 4PD Heritage Wealth Management

Nigel Cumpstey CH49 0TQ

One Stop Mobility (North West) Ltd CH44 5UB One Stop Mobility

Outhwaite & Chavda Limited CH2 3NH

Pali Ltd CH44 5UL Property And Land Information

Pantymwyn Caravan Park Ltd CH7 5ES

Paul David Clarke CH3 7JS Paul Clarke

Paul Elkin Chapman CH63 9HE Paul Chapman

Paul Murray Insurance Solutions (PMIS) CH66 4PT Paul Murray Insurance Solutions (Pmis), Professional Mortgage & Insurance Sol... PD Hand & D Davies CH2 1QL Pd Hand & D Davies

Penelope Driffill CH4 8BW Pure Mortgage Solutions

Pensions & Divorce Solutions Ltd CH43 9RQ

Peter George Arnold CH64 9TZ Peter Arnold

PFPS Wealth Management Ltd CH4 0DH Pfps Wealth Management Ltd

PHB (NW) Ltd CH7 5BQ Phb (Nw) Ltd

Philip John Robson CH1 1QP Robson Financial Management, Robson Financial Planning

Philip Pearson CH3 5AN The Philip Pearson Practice

Pinsa Financial Services CH61 1BU

Planet Financial Services CH7 4GZ

Platinum The Estate Agents Ltd CH66 3RB Platinum Estate Agents Ltd, Platinum The Estate Agents Ltd (Suspended) Platt Morgan & Partners LLP CH7 1EG Peter Morgan, Platt Morgan, Platt Morgan & Partners Llp

Prenton Vets4Pets Ltd CH42 8PG Prenton Vets4pets Ltd

Prescott Hall Limited CH1 2DD Minchin Fellows Lettings Limited, Minchin Fellows Lettings Ltd Professional Healthcare Solutions CH66 4XY Professional Healthcare Solutions Ltd

Professionals For Professionals Ltd CH4 0NR Quantum Funding,

Profile Investment Portfolio CH47 2EE

Q Claims Ltd CH64 6XN

Quay Mortgage Services Ltd CH4 8BU

Reades Insurance Services Ltd CH5 3DG Reades Insurance

Reades Residential Ltd CH5 3DG Reades Residential

Red Rocks Nursing Home Ltd CH47 1HZ

Red2Black Collections Limited CH4 9QP Collectone Limited

Revolution Financial Services Ltd CH65 1AD

80

Robert Airey CH43 9RS

Robert Stephen Hughes CH4 0NA Chase Asset Management

Roel Solloway (Financial Planning Services) CH1 1RS Bache Solloway Ltd Ross Auto Engineering Ltd CH44 7HX

Sampson & Shakespere Ltd CH63 7PG

SF & VL Jenkins CH7 4BF Eryrys Park

Silverstone Motorsport Ltd CH5 2TB Blue Bridge

Specialsit Motor Finance Ltd CH4 9RF Im Financial Services Limited

Staingard Limited CH60 0EE

Stephen Coleman CH41 6EJ

Stephen Howarth CH3 8DQ

Stephen Oakes CH66 6AL

Sterling Investment Centre Ltd CH7 1BQ Pamela Wynne

Stonebridge Financial Management Ltd CH47 3BE

Storrar Crane CH1 6DH

Susan Brassey Independent Financial CH45 6XA Consultant 2014 Sykes Cottages Ltd CH2 3EG Sykes Holiday Cottages

Taurus Motors CH61 9PF

Templeton Insurance Services Ltd CH5 3PL

The Barrington Caddick Partnership (2722) CH42 8PQ

The Chester Partnership Ltd CH66 7NZ

The Ellis McComb Partnership CH41 5EU The Ellis Mccomb Partnership, The Ellis Mccomb Partnership Ltd The Funding Corporation CH4 9QP

The Funding Corporation (Benton) Ltd CH4 9RF Benton Finance Ltd

The Global Travel Group PLC CH5 2DL The Global Travel Group Plc, The Globe Travel Group Plc

The Village Veterinary Surgery CH7 3LX

Toby Ormrod CH43 9HA

Tony Heague Financial Services (U464) CH49 3AE

Toomey Skyway Leasing Ltd CH4 9EP

Travelplaces (Mold) CH7 1NZ

Tree Tops Caravan Park Limited CH8 8JP

Triangle Mortgage Solutions Ltd CH4 8BU

Tyer Save CH5 4DS Car Save

Usher Travel Service Ltd CH45 4NL Usher Travel Worldchoice

Victoria Mountford Mortgage Consultants CH45 7LW

Wallasey Motorcycles Ltd CH45 5DE

Wilf Burns CH62 0BG

Williams Birley Wealth Management LLP CH1 2NX Williams Birley Wealth Management, Williams Birley Wealth Management Llp Willson Grange Ltd CH48 0RH Willson Grange

Wirral Age Concern Trading Ltd CH41 6EY Age Concern, Age Concern Energy Services, Age Concern Enterprises, Age Concern Funeral Plans, Age Concern Insurance Services, Age Concern Wirral...

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Wirral Independent Financial Advisers CH60 0AG

Wirral Schools Travel Ltd CH60 8PH

WTK Wealth Management Ltd CH4 0DF Wtk Wealth Management Ltd

www UK Investments Ltd CH7 1EG Www Uk Investments Ltd

Yellow Insurance Services Ltd CH3 6PT Yellow Insurance Services

Yellow Insurance Services Ltd CH7 1NR

List C: Payment Services Firms

Firm Name Postcode Previous names (if applicable) Aadil Bukhari CH49 0AB

Kaiwan Marf Amin CH41 2QQ

Spectrum Card Services CH4 9EP

List D: Debt Management Firms

Firm Name Postcode Previous names (if applicable) Aktiv Kapital CH1 2BE

Debt Advice Network CH65 9BE

Debt Solutions CH49 0AB

Legalitum Ltd CH4 9QR

Northwest Agencies CH65 0AA

UK Debt Collection CH64 3RD

List E: FSA Recognised Introduction Agencies

Firm Name Postcode Previous names (if applicable)

1st Parcel Direct Ltd CH1 4AT Courier Gold

A & N Lettings Limited CH47 3BW Martin & Co ( Wirral North)

A & P Business Solutions Ltd CH63 8NB

A1 Motorcycles CH6 5EP

Alan Roberts CH1 2NW

Andrew Lea CH60 7RA Andrew Lea Estate Agents & Lettings

Angus Brian Meldrum CH8 9NH Triangle Wood Caravan Park

Astra Construction CH62 0AL

Atkinson Loller (Estate Agents) Ltd CH48 8AY

Atkinson Tractors Ltd CH1 6HE

B2B Contact Marketing Ltd CH5 3XA B2b Contact Marketing Ltd

BFL Estate Agents Ltd CH47 2AF Bfl Estate Agents Ltd

BFL Property Management Ltd CH47 2AF Bfl Property Management Ltd

Blackstone Estate Agents Limited CH45 4NN Peter Mumford

Blue Strawberry Property Ltd CH65 0AL

Booker Cash & Carry Ltd CH5 2NW

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Bowden Bunny Rescue CH7 6PX

Bradshaw Farnham Lea Ltd CH47 2AF

Brennan Ayre O'Neill CH62 7HA

Brian Blake CH3 7RH

Britania Crest Ltd CH47 8XX Castle Dean Holiday Park

British Sub Aqua Club & BSAC International CH65 4FL British Sub Aqua Club Ltd Bulgaria Buyer CH8 9BQ

Bullets Bike Shop CH41 8FA

Candis Club CH47 4BQ

Caseys Outdoor Leisure Ltd CH4 9EB

Cat Rescue CH65 7DX

Cavendish Manley Estate Agents CH65 0AA

Cavendish Rentals Limited CH1 2DD

Cestrian Removals Ltd CH5 2DH

Chadworth Developments Ltd CH63 7RE

Changing Home CH1 1RU

Chester Honda Centre CH2 1AA

Chester, Ellesmere Port & North Wales Ltd CH1 1HG

Chris McIver CH43 1XL Chris Mciver

Christian Saverimutto CH47 2BG

Christopher James Murphy CH7 1EG Doods Door-Key.Com

Claire Jackson CH43 7RD

Clive Watkin Partnership Lettings & CH60 7RE Clive Watkin Partnership Lettings Management LLP Commercial Plus (UK) Ltd CH4 8RD Commercial Plus (Uk) Ltd

Constables Estate Agents (Northwest) Ltd CH64 9TZ

Craig Paget CH1 6AQ Chesterlet

D & J Evans Building Services & Home CH62 9BE Improvements D & R Services ( Wallasey) CH44 1AT

Denton Clark Rentals Ltd CH1 1QU

E A Technology Ltd CH1 6ES

Elmsleigh Ltd CH3 9DS

Five Star Bridge Tours CH7 5TF

Flintshire Caravan Sales Ltd CH5 2TE Flintshire Caravan Sales

Flintshire Homes Ltd CH6 5NN Sdj Property Management Limited

Future Estates Wirral Ltd CH41 5HZ

GetQuotes.co.uk CH5 3BJ Getquotes.Co.Uk

Gillian Frodsham CH60 8PH

Goulding & Slade CH64 9UT

Grosvenor Properties (UK) Limited CH60 3SF Grosvenor Properties

HHL Property Management Ltd CH46 0RW Hhl Property Management Ltd

Homelet (UK) Limited CH3 5UF Homelet (Uk) Limited

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Humphreys of Chester CH1 1RS Humphreys Of Chester

Iammoving.com Limited CH1 1RQ Iammoving.Com Limited

Imaginations Air Travel Ltd CH63 5JB

International Travel Connections Limited CH1 4EJ Caribbean Reunion Club

J H S Property Restoration Limited CH41 3PS

Jacksons Estates Ltd CH4 8NU

Jillian Cole CH61 3UB

John Trimble CH2 4QX

John Wallace CH45 8JD

Jolley & Co Ltd CH41 5AE

Joy Grainge CH44 0AN Wirral Business Services

Kevin Hall CH1 6NP

Key Residential Ltd CH60 5RN

Len Turner (Motorcycles) Ltd CH66 1NT

Lisa Sharp CH1 1RS Humphreys Of Chester

LMS Group Holding Limited CH65 9HQ Lms Group Holding Limited

Manor Wood Caravan Storage CH3 9EN

McGregor Property Consultants CH61 3XW Mcgregor Property Consultants

Mcn Builders Ltd CH60 0BY

Medics on the Move (West Cheshire) CH64 6RY Medics On The Move Limited MGM Estates (UK) Limited CH2 1BS Mgm Estates (Uk) Limited

Michael Holmes CH2 3NE

Molyneux Estates CH7 1EG

Moneyshake.com Ltd CH1 2JA Moneyshake.Com Ltd

Moscrops CH41 2QR

Mr Stephen Povall CH1 3JL Chester Rentals

Netrent Ltd CH6 9DD Netrent.Co.Uk

Newhall Publications Limited CH47 4BQ

Nigel Haslock CH3 7XF

Northwood (Wirral) Ltd CH60 0AQ

Northwood Chester Ltd CH2 3NQ

Northwood Financial Services Chester Ltd CH2 3NQ

Opus Lettings Ltd CH42 7JT

P O G Building Contractors CH49 6LA

Paul Bussell CH64 0TA

PDA Estate Agents Ltd CH1 5ET Pda Estate Agents Ltd

Peter Jones CH65 9LR

Prestige Trading Company Ltd CH47 8XX

Property Packages Ltd CH3 7PE Thomas Property Group

R & M Motorcycles CH41 8BS

R W Smith CH2 4NG

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RMNJ Conveyancing Solicitors CH41 5JF Rmnj Conveyancing Solicitors

S. D Lambert & Co CH49 0TQ

Seabank Motorcycles CH45 5AQ

Shirley Southern CH46 3SW

Shirleyann Haig CH60 4RJ

Springfield's Of Cheshire Limited CH1 6ED Springfield'S Of Cheshire Limited

Stephen Ogilby CH3 5RQ

Straightline Structural Repair Specialists Ltd CH45 8NY

Sunlite Leisure Ltd CH62 4SQ

T & L Leasing Ltd CH4 9PX

The Big Let Company Limited CH7 5LL

The British Crown Green Bowling CH61 8SB Association The Funding Corporation Block Discounting CH4 9RF Ltd Timothy C Matthew CH1 1RS Matthews Of Chester

Town & Country Estate Agents CH7 1EG

Tracmaster Quads CH5 2JZ

Transition Finance Limited CH4 9BY Robert Alan Howell

Travel Sanctuary Ltd CH47 3BN

Viv Davies CH7 6QW

Waterstone Property Lettings & Estates Ltd CH42 9JF

West Cheshire & North Wales Chamber of CH1 4RW Commerce West Kirby Letting Limited CH48 5DG

William George Finegan CH7 6QL

Wirral Chamber of Commerce & Industry Ltd CH41 4DA

www. UK Investments Lettings Limited CH7 1EG Www. Uk Investments Lettings Limited

List F: FSA Recognised Exempt Professional Firms

Firm Name Postcode Designated Professional Body Steggles Solicitors CH1 1DA The Law Society of England & Wales

Denton Clark Ltd CH1 1QU The Royal Institution of Chartered Surveyors Meacher-Jones & Company Limited CH1 3LZ The Institute of Chartered Accountants in England and Wales Hill Dickinson Llp CH1 2BN The Law Society of England & Wales

Military House Limited CH1 2DS The Institute of Chartered Accountants in England and Wales Poole Alcock Llp CH1 1QD The Law Society of England & Wales

Smith Nicholas(Prop Conslt)Ltd CH1 1XG The Royal Institution of Chartered Surveyors

Ballantyne Grant Llp CH1 6NP The Law Society of England & Wales

Legat Owen CH1 1RQ The Royal Institution of Chartered Surveyors

Dtm Legal Llp CH1 3DR The Law Society of England & Wales

Drummonds CH1 1DF The Law Society of England & Wales

Oliver & Co Solicitors Ltd CH1 2LA The Law Society of England & Wales The Law Office Of Paul D'Ambrogio CH1 5ET The Law Society of England & Wales

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Sm Solicitors CH1 1JT The Law Society of England & Wales

Woods Solicitors CH1 1NZ The Law Society of England & Wales

Walker Smith Way Limited CH1 2PQ The Law Society of England & Wales

Ellis & Co. CH1 2HT The Institute of Chartered Accountants in England and Wales Copplestone Unsworth & Co CH1 2HU The Institute of Chartered Accountants in England and Wales Beresford Adams Commercial Limited CH1 2DD The Royal Institution of Chartered Surveyors

Mackenzie Jones Solicitors Limited CH1 4EJ The Law Society of England & Wales

Jolliffe & Co CH1 1DP The Law Society of England & Wales

Bgr Bloomer CH1 6LT The Law Society of England & Wales

Aaron & Partners Llp CH1 1HG The Law Society of England & Wales

Bartletts Solicitors Limited CH1 2NX The Law Society of England & Wales

Bartletts Solicitors Limited CH1 3JS The Law Society of England & Wales

Sas Daniels Llp CH1 1QF The Law Society of England & Wales

Ellis & Co CH1 2DS The Law Society of England & Wales

Russell & Russell CH1 1NZ The Law Society of England & Wales

Jonathan Goodwin Solicitor Advocate CH1 6LT The Law Society of England & Wales

Allington Hughes CH1 1JU The Law Society of England & Wales

Integrity Legal Llp CH1 4QN The Law Society of England & Wales R T Steele & Spencer CH2 3NH The Law Society of England & Wales

Freeman Jones Solicitors Llp CH2 4QY The Law Society of England & Wales

LMS Direct Conveyancing Ltd CH2 4HY The Council for Licensed Conveyancers Knight Mcgoldrick Solicitors CH2 3NE The Law Society of England & Wales

Ratiocinator Limited CH3 5AR The Institute of Chartered Accountants in England and Wales Dyne Solicitors Limited CH3 9PX The Law Society of England & Wales

The Roland Partnership CH4 8DQ The Law Society of England & Wales Foremans Llp CH4 9QU The Law Society of England & Wales

McLintocks CH4 9PX The Institute of Chartered Accountants in England and Wales Lampkin & Co CH5 3XA The Law Society of England & Wales Henry R. Davis & Co CH5 1SA The Institute of Chartered Accountants in England and Wales E A Harris & Co Limited CH5 1QA The Law Society of England & Wales

Cross Solicitors CH5 4DA The Law Society of England & Wales

C & G Solicitors CH5 4DD The Law Society of England & Wales

William Hall & Co CH5 3NX The Royal Institution of Chartered Surveyors

P S R Solicitors CH5 1BY The Law Society of England & Wales

The Law Society CH6 5AE The Law Society of England & Wales

P Lloyd Jones & Co CH7 1AJ The Law Society of England & Wales

The Jones Partnership CH7 1BQ The Law Society of England & Wales

Hallows Associates CH7 1EG The Law Society of England & Wales

Macaskill'S CH7 2ED The Law Society of England & Wales

Llewellyn-Jones CH7 1EJ The Law Society of England & Wales

P Lloyd Jones & Co CH7 2ED The Law Society of England & Wales Geoffrey Morris And Ashton CH7 1EJ The Law Society of England & Wales

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Capper & Jones CH7 1LA The Law Society of England & Wales

Keene & Kelly With Keith Williams & Co CH7 1BJ The Law Society of England & Wales

E A Harris & Co Limited CH7 2JL The Law Society of England & Wales

Griffiths & Hughes Parry CH8 7RD The Law Society of England & Wales

Hughes Parry Partnership CH8 7TE The Law Society of England & Wales

Gamlins CH8 7LL The Law Society of England & Wales

Gardners Accountants Ltd CH8 7RD The Institute of Chartered Accountants in England and Wales Gregsons CH8 7TF The Law Society of England & Wales

D P R H D Limited CH41 6AU The Law Society of England & Wales

Higgins & Co CH41 2QR The Law Society of England & Wales

Integrum Law CH41 6AF The Law Society of England & Wales

Jolley & Co CH41 5AE The Royal Institution of Chartered Surveyors

J M Skinner & Co CH41 5EU The Law Society of England & Wales

Fph Law CH41 6AX The Law Society of England & Wales

Alan Glazier & Co CH41 0DF The Institute of Chartered Accountants in England and Wales A Halsall & Co CH41 5HN The Law Society of England & Wales

174 Law Solicitors CH41 2TF The Law Society of England & Wales

Smith & Sons CH41 5BN The Royal Institution of Chartered Surveyors Camps CH41 4FT The Law Society of England & Wales

Haworth & Gallagher CH41 5BP The Law Society of England & Wales

H J Walker Sibia CH41 5AT The Law Society of England & Wales Norman Jones Solicitors CH41 6AZ The Law Society of England & Wales

Mark Jones And Partners CH41 6AZ The Law Society of England & Wales

McEwan Wallace CH41 6AF The Institute of Chartered Accountants in England and Wales Nadim Associates Solicitors Limited CH41 4EZ The Law Society of England & Wales Lerman Quaile CH41 5AS The Institute of Chartered Accountants in England and Wales Morecrofts Llp CH41 6AZ The Law Society of England & Wales

Lees Solicitors Llp CH41 5AR The Law Society of England & Wales Davison Flynn Duke Solicitors CH41 5DL The Law Society of England & Wales

R A Wilkinson & Co CH41 5EU The Law Society of England & Wales

Rmnj Solicitors CH41 5JF The Law Society of England & Wales Kjp Law Limited CH41 6JN The Law Society of England & Wales

The Specter Partnership CH41 6DU The Law Society of England & Wales

Mcdonagh & Co (Solicitors) Limited CH41 5AD The Law Society of England & Wales

Percy Hughes & Roberts CH41 6AY The Law Society of England & Wales

1 Law Solicitors CH41 5AS The Law Society of England & Wales

Priory Practice Limited CH41 5LH The Institute of Chartered Accountants in England and Wales McLintocks Ltd CH41 5HZ The Institute of Chartered Accountants in England and Wales Motorsport Law CH42 8WL The Law Society of England & Wales

Kirwans CH42 8PE The Law Society of England & Wales

Berkson Wallace CH44 2AE The Law Society of England & Wales Robert Bingham Solicitors CH44 1AE The Law Society of England & Wales

87

Haworth & Gallagher CH45 4NN The Law Society of England & Wales

Burd Ward Solicitors Limited CH45 4QT The Law Society of England & Wales

David Roberts & Company CH45 2JF The Law Society of England & Wales

Cornish Forfar & Allen CH45 3HA The Law Society of England & Wales

Matrix Law Limited CH46 8SD The Law Society of England & Wales

Solicitorhelp.Com CH46 6AD The Law Society of England & Wales

Edwards, Rowley & Co CH46 8TQ The Institute of Chartered Accountants in England and Wales Btw Solicitors CH46 6AD The Law Society of England & Wales

Grosscurth & Co CH46 8TQ The Law Society of England & Wales

Kirwans CH46 6AD The Law Society of England & Wales

Jacksons CH47 3BQ The Law Society of England & Wales

Lamb & Co CH47 3BB The Law Society of England & Wales

C A Sparkes Solicitors CH47 2EE The Law Society of England & Wales

John Graham & Co CH47 3BW The Institute of Chartered Accountants in England and Wales Chamberlain Thomas & Co CH47 5AA The Law Society of England & Wales

Anderson Harkins Ltd CH47 5AF The Royal Institution of Chartered Surveyors

The Hetherington Partnership CH47 2AF The Law Society of England & Wales

Accounting For You CH47 3AW The Association of Chartered Certified Accountants Aegis Law Ltd CH47 3BB The Law Society of England & Wales

J P Almond & Co CH47 2BG The Law Society of England & Wales

Rex Taylor & Meadows CH48 4EB The Law Society of England & Wales Maxwell Hodge Solicitors CH48 4EF The Law Society of England & Wales

Lees Solicitors Llp CH48 4EF The Law Society of England & Wales

Bertram Burrows CH48 4HA The Institute of Chartered Accountants in England and Wales Ian C Free CH48 0QX The Law Society of England & Wales The Law Society CH49 3NF The Law Society of England & Wales

Lees Solicitors Llp CH60 0AQ The Law Society of England & Wales

C M Brand CH60 1XJ The Law Society of England & Wales Cooks CH60 6SA The Institute of Chartered Accountants in England and Wales Stonebridge Stewart CH60 7RF The Institute of Chartered Accountants in England and Wales Campion Solicitors CH60 7RA The Law Society of England & Wales

Dufton Kellner Limited CH60 0EE The Institute of Chartered Accountants in England and Wales Maxwell Hodge Solicitors CH60 0AL The Law Society of England & Wales

Alyson France & Co CH60 1XF The Law Society of England & Wales

Guy Williams Layton CH60 0AU The Law Society of England & Wales

The Law Society CH61 7UQ The Law Society of England & Wales

Pennington Hunter Limited CH62 2DN The Institute of Chartered Accountants in England and Wales A.C.S.L. Ltd CH62 7HA The Law Society of England & Wales

Beckett Bemrose & Hagan CH62 0AF The Law Society of England & Wales

Acs Solicitors CH62 7HA The Law Society of England & Wales

The Law Society CH63 7PL The Law Society of England & Wales

Blain Boland And Thomas Limited CH64 1RA The Law Society of England & Wales

88

Phillip Bates & Co Limited CH64 9PA The Institute of Chartered Accountants in England and Wales Duncan Boxwell & Company Limited CH64 3RU The Institute of Chartered Accountants in England and Wales Fosters Lawyers Limited CH64 3RY The Law Society of England & Wales

Rbm Davies & Partners Llp CH64 9UB The Law Society of England & Wales

Malits Solicitors CH65 0AA The Law Society of England & Wales

Forster Dean Limited CH65 8AE The Law Society of England & Wales

Devine & Co Solicitors CH65 9BE The Law Society of England & Wales

Morris & Co CH65 9HQ The Institute of Chartered Accountants in England and Wales Blain Boland And Thomas Limited CH65 0AB The Law Society of England & Wales

D P R H D Limited CH65 0AA The Law Society of England & Wales

Berkson Wallace CH65 4DB The Law Society of England & Wales

Blain Boland & Co CH65 0AB The Law Society of England & Wales

Ettinger And Vickers CH66 3RB The Law Society of England & Wales

Camps CH66 7NZ The Law Society of England & Wales

89

Appendix F: Strategic Companies

Bank of America

Bank of America Corporation is the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization. As of 2010, Bank of America is the fifth largest company in the United States by total revenue, as well as the second largest non-oil company in the US (behind Walmart). In 2010, Forbes listed Bank of America as the third largest company in the world.

The company holds 12.2% of all U.S. deposits, as of August 2009, and is one of the Big Four Banks of the United States, along with Citigroup, JP Morgan Chase and Wells Fargo. It serves clients in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average.

In 2008 Bank of America announced its intentions to purchase Merrill Lynch in an all- stock deal worth approximately $50 billion. Merrill Lynch was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy. This acquisition made Bank of America the largest financial services company in the world.

In January 2009 the Bank revealed unprecedented losses at Merrill Lynch of $21.5 billion in the fourth quarter, which necessitated an infusion of money that had previously been negotiated from the U.S. Government. The Bank also disclosed it had tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The Bank's stock price sank to $7.18, its lowest level in 17 years. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.

The acquisition made Bank of America the number one underwriter of global high- yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions.

As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of Q1 2009, and over 25% in Q3 2009.

The headquarters of the Banks European Card Services (ECS) is based at Chester Business Park. The operation employs circa 4,000 people making it Chester’s largest employer

The ECS site covers over 670,000 square feet and houses the contact centre departments, credit card printing teams, insurance, fraud and risk and a wide variety of support functions.

90

Lloyds Banking Group

Lloyds Banking Group was formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited

In 2006, HBOS, then owners of Bank of Scotland established Bank of Scotland plc, which became the principal banking subsidiary of HBOS. Halifax plc transferred its undertakings to Bank of Scotland plc, and although the brand name was retained, Halifax then began to operate under the latter company's UK banking licence.

In 2008, HBOS Group was taken over by Lloyds TSB Group. Lloyds TSB has stated that it will keep the Bank of Scotland as a brand name, and retain its Scottish head office in Edinburgh. However the group is now planning to sell all Lloyds TSB Scotland branches along with Cheltenham & Gloucester and Intelligent Finance following pressure from the European Commission. Moreover the Group, which employs several hundred staff in a number of locations across Chester will lose over 910 jobs across the group over 2010, over 300 of which at least are expected to be in Chester.

Moneysupermarket.com

Moneysupermarket.com is a price comparison website-based business specialising in financial services. The website enables consumers to compare prices on a range of products, including mortgages, credit cards and loans. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

The business, based in Ewloe in Flintshire was established in 1993 as a provider of off-line mortgage information to Independent Financial Advisors under the name Mortgage 2000.

In 1999 moneysupermarket.com was launched providing on-line mortgage information and in 2000 expanded the service to provide credit card and personal loan information.

In 2003 insuresupermarket.com was launched and in 2004 travelsupermarket.com was launched.

As of 7th May 2010 the group employs around 450 staff at its headquarters in Ewloe, Flintshire.

M&S Money

M&S Money provide a number of personal banking services including credit cards, insurance, loans and investment trusts.

The company has been based in Chester for 25 years since its foundation as St Michael Financial Services and employs over 1,400 staff at its headquarters on Chester Business Park.

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M&S Money is part of the HSBC Group, but operates under the M&S Money brand. It is managed by an executive committee comprising an equal number of Marks & Spencer and HSBC representatives.

Aktiv Kapital

Aktiv Kapital is a Norwegian financial institution, founded in 1991 and focussing upon portfolio acquisition and debt collection. It is the largest purchaser of non-performing consumer credit in Europe and Canada.

The company’s has been based in Chester since 2002 and employs approximately 130 people.

The Funding Corporation

The Funding Corporation operates from Chester Business Park. The company which was founded in 2000 by ex senior managers from then Capital Bank (based in Chester) owns ACF Car Finance and specialises in providing capital to individuals with a poor credit history.

The company employs 160 people at its site on Chester Business Park and owns 8 car dealerships throughout the UK

In response to the difficult economic environment, which saw the company recorde a pre-tax loss of £9.8 million in the year ending December 31 2008, the business model has focussed on improving margins on the sale of second-hand vehicles, improving the quality of customers that the group is willing to provide finance for, and exiting non-core, low margin, and loss-making businesses.

As a result the company has ceased to write sub-prime motor finance for cars sold outside of ACF Car Finance’s dealerships.

This seems to have been a successful strategy with gross profit margin increasing from 7.5 percent in 2007 to 11.3 percent in 2008.

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Appendix G: HEI support within reach of the study area44

University Students (UK rank by Commercial Commercial CPD University spin outs – scale) 2007/08 research revenue revenue £000s 07/08 number of active firms £000s 07/08 07/08 University of Liverpool 19,380 (51) 7,832 825 48

Liverpool JMU 24,445 (21) 541 1,731 79

Liverpool Hope 7,110 (116) 16 112 ‐

Edge Hill 20,140 (48) ‐ ‐ ‐

University of Chester 13,515 (83) ‐ 22 2

University of Manchester 37,360 (3) 15407 2,690 117

Glyndwr University 2,757 ‐ ‐ ‐

44 Amended from the Liverpool City Region: Financial and Professional Services Study Intelligence Platform (2010), Ernst & Young

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Centre for Labour Market Development, University of Chester

ISBN: 978-1-905929-96-2