UK Should Go for Bolder Revamp of Rules in Financial Services Sector, Lady Mayor Says

The UK should get bolder with overhauling rules to encourage more risk-taking in the financial services sector, according to the City of London’s new Lady Mayor.

“The trouble with incremental change, especially in a fast-paced world, is that it’s not fast enough,” Lady Mayor Susan Langley said in a Bloomberg Television interview Friday. “I would not incrementally change and peel back the layers. I would look at certain centers, copy-paste the best-of-breed and reimagine — not amend.”

The City of London Corporation elected Langley as the 697th lord mayor in September. Over the next year, the 62-year-old former insurance executive will serve as a figurehead for the City of London, combining ambassadorial duties with a global tour showcasing the capital’s financial industry.

Langley, who is only the third woman to hold the lord mayor position, chairs the UK arm of insurance broker Arthur J. Gallagher & Co. She previously worked for insurance market Lloyd’s of London and specialty insurer Hiscox Ltd. in executive roles.

Asked whether the British insurance industry’s culture needs to change, Langley said “there’s always more to do.” She added that some cases “always get profiled” but in her experience Lloyd’s is a “fair” environment.

Lloyd’s of London last month said it was investigating the conduct of its former chief executive officer — sparking another controversy around workplace culture at the centuries-old institution, which is the biggest global hub for commercial and specialty risk.

“If any women were thinking of coming to this industry, I would encourage them,” she said.

Photograph: City Of London Lady Mayor Susan Langley; photo credit: Chris J. Ratcliffe/Bloomberg