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July/August 2010 HOME

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MARKET TIMING
The Government faces tough choices over when to sell its stakes in RBS, Lloyds TSB and the other banks it rescued. Christopher Thompson looks at when it will act
THREE INTO TWO?
James Gavin asks whether the Chancellor's reform of the UK regulatory landscape will make financial services any safer in future
ALL IN ORDER?
What will the Retail Distribution Review mean for the future of the quickly developing fund platform sector? Hugo Cox and Christopher Bond, Chartered MCSI, find out
KEEPING WITHIN THE LINES
When does corporate hospitality come at the risk of undue influence in your firm’s business?
PLUS: CLEARING AND SETTLEMENT SUPPLEMENT
A special PDF containing four features that review recent developments in clearing and settlement, such as interoperability and platforms
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Roy Phillips, Dealing Director and opera singer
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REFOCUSING STANDARDS
A cautious welcome for the FSA’s plans to involve professional bodies in maintaining industry competence and ethics
MINISTERIAL SKILLS
David Willetts MP, Minister for Universities and Science speaks to Hugo Cox
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Christopher Brown-Humes on the legacy of finacial services’ tumultuous years
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Everybody was kung fu fighting
Whether it’s battling against opacity in derivatives legislation, or against a martial arts master, Stephen Sie MSI is the man to call. Lora Walsh Benson investigates

It’s unusual to think about the Financial Services Authority (FSA) and martial arts at the same time, but Stephen Sie MSI provides a link. He works in prudential policy for the regulatory authority and teaches kung fu in his spare time to both adults and children.

How did his interest in kung fu begin? “I was mesmerised by martial arts movies and I started learning Wing Chun kung fu more than 20 years ago,” he says. His first lesson took place in the basement of a fish and chip shop in Sydenham, South London.

Stephen says the challenges of kung fu are legion, and one of the biggest is drawing on your knowledge - much of which may be intuitive - and verbalising it when teaching to communicate effectively.“To become a skilful kung fu teacher and practitioner, you need knowledge of the system, fitness, patience, dedication, discipline and an inquisitive mind. It’s a wonderful way to stay healthy and release stress, and it has the added benefit that you’ll learn to defend yourself. To anyone thinking of taking up kung fu, I would say jump in and try a class.”

He trained with many Wing Chun kung fu teachers “before having the good fortune to find Garry McKenzie at the Wing Chun School”. Stephen adds: “It’s been hard juggling a financial career and teaching but the latter is such a joy that I make time for it.”

Attitudes to kung fu vary considerably throughout the world. In Norway he discovered that students are disciplined and serious about their training, whereas in Hong Kong, the contemporary home of Wing Chun, student attitudes are far more relaxed by comparison.

Stephen teaches kung fu at three venues in London to different age groups. At the Third Space near Piccadilly Circus and at the FSA gym in Canary Wharf, he provides classes for adults. At St Peter’s Church in Eaton Square, he teaches children aged between five and 17 years.

Recently, he had the opportunity to display his skills on Channel 5’s children’s programme Combat Club. The producers were looking for a Wing Chun expert to recreate the scene in which a petulant 12-year-old Bruce Lee meets his Wing Chun kung fu teacher for the first time and is amazed by his wooden dummy technique (wooden dummies being commonly used by learners to practise blocks and strikes). After that, Bruce began practising and was set on the path to martial arts and film greatness. “It was a great experience,” says Stephen, adding that he learnt two big lessons: “TV work isn’t as glamorous as one thinks, and it is important to maintain artistic control.”

Some skills and techniques are common to his work at the FSA and his kung fu teaching. “Strong communications skills and patience are essential for both,” says Stephen. The key issue he faces at work this year will be his input into the European Commission’s regulatory review of commodity derivative firms and activities. And outside work and kung fu, how does he relax? “I love a good movie,” he says.

If you would like to know more about kung fu, contact Stephen at stephen@thewingchunschool.com or visit www.thewingchunschool.com


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