Tuesday 9 April 2019 10:45 am

Debate: Could financial services firms be better off basing themselves outside of London?

Could financial services firms be better off basing themselves outside of the capital?

Yes – Andy Mielczarek is chief executive at Chetwood Financial.

Being based outside of London has such a raft of incentives that it seems like a no-brainer to set up outside of the capital.


The overwhelming difference is operating costs.

As we’re based in Wrexham, our costs across the board are significantly lower than they would be in London, which means that we can pass on these savings to our customers through market-leading rates.

We’ve also been able to invest more in our technology, meaning we’ve been able to create the world’s first dynamic loan – where the rate falls as the customer’s credit score improves.

On top of this, we have access to an incredible pool of talent from across Wales and the north west.

There are plenty of people who have the knowledge and skills that we need, and who don’t wish to relocate down to the south of the country.

The people who work for us are happy and motivated, so it’s clear that having a home in London isn’t the be all and end all for financial services.

No –  Russ Shaw is founder of Tech London Advocates & Global Tech Advocates.


Despite the chaos ensuing in Westminster, London remains the centre point for UK and European financial services – thanks owed to its thriving digital economy.

The capital is now an international hub for fintech, attracting global investment and talent.

We should absolutely applaud the diversification of Britain’s financial services and the tech sector alike, whether it’s fintech businesses opening offices in other cities around the UK.

Yet, London is the hub at the centre of an economic wheel, with spokes branching out to regions across the country, connecting business throughout. That is what gives the city its competitive advantage.

The likes of Monzo and Revolut have spearheaded Britain’s fintech industry and paved the way for future disruptors to become the tech titans of tomorrow – and they’ve done it because of the unique connection that London has to global banks, the world’s best universities and a progressive regulator that’s the envy of nations.

City A.M.'s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M.

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