International Financial Services, London, usually shortened to just IFSL, was a
private-sector
The private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government.
Employment
Th ...
organisation which promoted British
financial services. It was merged into a new promotional organisation,
TheCityUK
TheCityUK is a private-sector membership body and industry advocacy group promoting the financial and related professional services industry of the United Kingdom (UK). TheCityUK is often referred to as the industry's "most powerful" or "most pr ...
, in 2010. It was formerly known as British Invisibles.
[Litterick, David]
"British Invisibles given makeover,"
''The Telegraph'' (London). 5 February 2001; Beder, Sharon. (2006)
''Suiting Themselves :How Corporations Drive the Global Agenda,'' p. 138.
/ref>
History
British Invisibles itself originated in the Committee on Invisible Exports, set up in April 1968 by the Bank of England and then became the British Invisible Exports Council. It was largely the idea of Cyril Kleinwort who realised that the government was paying much attention to the UK's balance of trade in goods, but little to the UK's invisible earnings from services. In 1984 Patrick Pery, 6th Earl of Limerick
Patrick Edmund Pery, 6th Earl of Limerick KBE, AM, DL (12 April 1930 – 8 January 2003), was an Irish peer, banker and public servant.
Life
Patrick Edmund Pery was the son of Edmund Pery, 5th Earl of Limerick, and Angela, Countess of Limer ...
had become Chairman of the organisation by which time invisible earnings were accounting for a third of the UK's earnings. He stayed until 1991. On 19 October 1990 the organisation (registered as a company) became British Invisibles. In January 1998 it merged with CEENET, a company set up by the Corporation of London to promote financial services to Eastern Europe, and re-branded itself as BI. It acquired a new Chief Executive, Jeremy Seddon, and a new Deputy Chief Executive, Henrietta Royle. Charlie Haswell joined the executive team, and later the Board, on secondment from the Foreign and Commonwealth Office to develop links with British Embassies and High Commissions around the world. The company was a membership organisation and focused on running promotional events abroad for its members (primarily in the emerging markets), undertaking research on the performance of the financial services industry and providing the secretariat for financial services lobbying in the WTO. BI became known as IFSL on 1 February 2001. Invisibles historically have consisted of services (financial and legal), investment income and transfers. The organisation has in the past published ''The City Table'', giving the order of financial services companies.
With effect from 1 June 2010 IFSL, the independent organisation representing the UK financial services industry internationally, has merged its activities, staff and business membership into TheCityUK
TheCityUK is a private-sector membership body and industry advocacy group promoting the financial and related professional services industry of the United Kingdom (UK). TheCityUK is often referred to as the industry's "most powerful" or "most pr ...
, the new promotional body for the UK-based industry. TheCityUK is continuing IFSL's work of promoting the industry around the world, influencing trade policy and regulation, and publishing definitive research on the sector.
Membership
IFSL had a membership drawn from across the spectrum of the UK's financial and related business services, including trade and professional associations, exchanges, the Bank of England, the City of London Corporation
The City of London Corporation, officially and legally the Mayor and Commonalty and Citizens of the City of London, is the municipal governing body of the City of London, the historic centre of London and the location of much of the United King ...
and leading international financial service companies that based in London. IFSL also worked closely with Government departments, including UK Trade & Investment
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, the Department for Business, Innovation and Skills, HM Treasury, and the Office for National Statistics
The Office for National Statistics (ONS; cy, Swyddfa Ystadegau Gwladol) is the executive office of the UK Statistics Authority, a non-ministerial department which reports directly to the UK Parliament.
Overview
The ONS is responsible for t ...
.
Aims
IFSL promoted the international activities of UK-based financial institutions, through business events in the UK and worldwide. Through its Liberalisation of Trade In Services
LOTIS
Committee, IFSL brought together government and the industry in working for the removal of barriers to trade in financial services. It also promoted public-private partnerships (PPPs), which involve large quantities of private finance.
Structure
Its last chairman was Lord Levene of Portsoken
Peter Keith Levene, Baron Levene of Portsoken KStJ (born 8 December 1941) is a businessman who was chairman of Lloyd's of London from 2003 until 2011 and Lord Mayor of London from 1998 to 1999.
Education
He was educated at the City of London ...
, and its last president was the Duke of Kent
Duke of Kent is a title that has been created several times in the peerages of Great Britain and the United Kingdom, most recently as a royal dukedom for the fourth son of King George V. Since 1942, the title has been held by Prince Edwar ...
.
Notes
References
* Beder, Sharon. (2006). ''Suiting Themselves :How Corporations Drive the Global Agenda.'' London: Earthscan. ;
* Held, David and Anthony G McGrew. (2002). ''Governing Globalization: Power, Authority, and Global Governance.'' Malden, Massachusetts: Polity Press. ; ;
External links
IFSL Home Page
The WTO’s Hidden Agenda
November 9, 2001
The City UK - Financial Services
{{Authority control
Trade associations based in the United Kingdom
Organisations based in the City of London
Financial services companies of the United Kingdom
Organizations established in 1968
Non-profit organisations based in the United Kingdom
Business and finance professional associations