On the eve of the much criticised Cabinet meeting about Brexit at the Chequers, Lord Jitesh Gadhia launching the 18th Finance Banking Insurance magazine published by the Asian Voice newspaper, told a room full of audience in the House of Commons that, UK’s eco system is robust enough to survive the inevitable changes of Brexit. Though he is not undermining the difficulties lying ahead, Lord Gadhia is of the belief ‘acceleration of invention’ could be an answer to Britain’s upcoming challenges, where the British Asian community’s expertise remains of great value.
Lord Gadhia a British investment banker was appointed by HM Treasury to the Board of UK Financial Investments in 2014. Speaking at the launch he said, “Twice as many as dollars are traded in the U.K. than the US, same ratio applies in trading in euro currency compared to euro zones. U.K. based fund managers invest in over 8 trillion pounds asset, that is 5 times size of the Indian economy..
“Financial and professional services recruit 2.2mn people, two-thirds of them outside of London, representing our flagship of export sector, generating a combined trade surplus of £94bn and contribute no less than £87bn in combined tax revenues. We need to find a way to preserve these benefits.
“Some jobs will be lost to the EU, and in response I think we should accelerate the process of reinvention which is been at the heart of the success of the financial services.
“A key part will come from financial technology, London is rapidly becoming the fintech capital...The Indian diaspora will be of an ever great value to the UK now.
“Finance, banking and insurance are key areas of the competitive advantage of the U.K. economy. They will be essential to the success and social mobility of British Asians and we need to build upon the success stories, represented by each and one of you in this room tonight,” he added.
Financial and professional services are at the heart of the British Asian community. 32% of Indians work in the professional industries compared to an average of 20% across the rest of the population. These sectors have provided a powerful engine of social mobility and they are rooted in meritocracy.
The event was hosted by Rt Hon Keith Vaz, who said, “A person of Indian origin could be the Governor of Bank of England. Just let us be on the shortlist, even if we don’t get the job. Two out of five are Asian on the list- one man and one woman.” He also said he wants the Asians to break the glass ceiling, and unless they are entirely successful, he will carry on lobbying for the community.
CB Patel, Publisher/Editor of Asian voice and Gujarat Samachar said, “Community will grow as long as we are competitive. The upcoming days are challenging. But our contributions to the finance, banking and insurance sectors could actually help U.K. to overcome the hurdles. This magazine is our effort to highlight contributions of the community, in small and big way to keep UK’s economy afloat.”
The magazine was launched formally by Lord Gadhia, CB Patel and Mani Khiroya, Chief Financial Officer and Principal, Pivot. This year's compere was Arti Halai, a tv presenter and author. 6 awards were given to recipients from different sectors of the financial world to especially highlight their outstanding contributions and success stories.
State Bank of India, the largest bank in India won the Financial Institution of the Year award. Mr Paresh Raja from Market Financial Solutions won Bridging lender of the year award and Mr Kiran D Patel of Albury Associates Limited won the Accountancy Firm of the Year award. The Best Remittance Service award was given to Moneygram. Finance House Limited received the Finance Broker of the Year and Axiom Stone Solicitors won the Law Firm of the Year award.
The event was supported by Pivot, a company providing short term finance to help project objectives for property professionals, investors and developers and Propio, a crowdfunding platform that brings together investors seeking attractive returns and expert property firms seeking funding for development. CEO, Mani Khiroya talked about fair pricing and transparency among Small and Medium Enterprises.
Paresh Raja from MFS UK receiving the Best Bridging Lender of the Year award said, “It is a great honour and we are very grateful for this achievement. A lot of professional work and due diligence is managed in the background and we continuously strive to enhance the way we deliver our MFS Bridging Finance to provide the best support for development and growth for both Borrowers & Investors.”
Ken Popat from Finance House Ltd, winning the Finance Broker of the Year award said, “I am hugely honoured that Finance House Ltd has been awarded the Finance Broker of the Year Award at the recent FBI ceremony held at The House of Commons, this award means a great deal to both me and the Team in recognition of our works over the last 25 years.
“The Event itself went like clockwork and it was great to meet with so many of my peers and like-minded business people out to celebrate genuine contributors to our community and I am confident that these Awards will go from strength to strength in coming years.
Kiran D Patel from Albury Associates told Asian Voice, “Receiving the award and recognition as the Accountancy Firm of the year 2018 at the recent Asian Voice Business Publications prestigious event for the launch of the 18th edition of the Finance Banking Insurance magazine has already been an overwhelming boost for my Practice. I am extremely grateful and honored to have received this recognition. I know that it will go a very long way to help me to build the Practice that I have visualized offering a forum for training excellence to budding Accountants.”
Axiom Stone Solicitors receiving the Law Firm of the Year Award said, “We are delighted to receive this award and to be recognised for the firm’s achievements as it has grown from strength to strength over the last 10 years. We are very grateful to all of the team at Axiom Stone for their dedication and commitment and of course, for the continued support of our clients. We also very much appreciate all the support we have received from the Asian Voice family. We look forward to continuing to deliver the highest standard of legal services as we embark on our next 10 years.”
State Bank of India receiving the Financial Institution of the Year said, "Thank you to the Asian Business Publication (ABPL Group) for this recognition. We are extremely proud of how far the bank has come from the first time it opened its doors to UK residents in 1921. We remain committed to serving the UK market for many more years to come."
