Networks and infrastructure

Academic collaboration

Collaboration between business and academia is increasing in the financial services sector in Wales. Legal and General, for example, has developed a partnership with Cardiff University:

Cardiff University offers and underwriting Academy tailored to meet the needs of Legal and General. This has allowed L&G to create a fast track course to train new underwriters and expand the skills and knowledge of its existing underwriters. The partnership with Cardiff University has had hugely positive results for L&G in terms of both reducing costs and improving customer service.

Access to skills

The ability to recruit high calibre graduates and skilled individuals at a local level is key to the success of companies operating in the financial services sector in Wales.

With 12 higher education institutions and a student population of over 100,000 companies located in Wales have access to a large graduate base. Local employers work closely with these institutions, the WDA and other public and private sector bodies to ensure that the graduates' skills meet the needs of the sector.

Four higher education institutions deliver targeted financial services education and training in Wales: Cardiff University, University of Wales Institute Cardiff, University of Wales, Swansea, and University of Wales, Bangor.

FIRSTPLUS benefits from participating in local business fora and networking with other financial services companies in the region. It has also forged relationships with academic institutions, such as Cardiff Business School whose facilities have contributed several specialist studies of direct relevance to FIRSTPLUS’ business.

A cluster of support services

Over a decade of growing investment in financial services in Wales has fuelled the expansion of a cluster of support services, such as business process outsourcing, software development, and specialist legal services.

Hazell Carr provides a range of services including endowment complaint handling, mortgage processing, pension administration and compliance to the financial services industry. The company employs 275 people at its Newport operation, and services several of the UK’s major banks and life insurance companies.

Wales' financial services sector is using this cluster to positive effect. For example, software developer, Target has worked together with FIRSTPLUS to develop efficient processes to solve business issues.

Broadband: connecting Wales to the global network

To be at the forefront in the global market place, companies need access to a telecoms infrastructure that can easily handle the demands of the sector. Wales offers the opportunity to financial services companies to connect to one of the most advanced telecoms infrastructures in Europe.

“Wales is technically competitive with rest of the world.” Sir Howard Stringer, CEO, Song Corporation of America

Broadband Wales - a programme to create a Wales-wide broadband infrastructure - is equiping strategic business parks with high speed broadband connections. Significant to all Welsh businesses, the Broadband Wales programme is important to the financial sector. It is enabling companies in the sector to compete globally, yet still take advantage of the benefits of a Welsh location and the Welsh financial services sector.

In addition, BT's new £90 million internet data centre (IDC) located in Cardiff Bay provides a direct tier 1 point of presence and IP connection from the IDC to both New York and London.