International Financial Services, London (IFSL)
From Wikipedia, the free encyclopedia
| Abbreviation | IFSL |
|---|---|
| Formation | 1968 |
| Legal status | Not for profit company |
| Purpose/focus | Employer organisation for financial services in London and its international trade |
| Location | 29-30 Cornhill, London, UK |
| Region served | UK |
| Membership | 150 financial services companies |
| Chief Executive Officer | Sir Stephen Wright KCMG |
| Affiliations | FCO, UKTI, BIS, City of London Corporation |
| Website | IFSL |
International Financial Services, London, usually shortened to just IFSL, is a private-sector organisation which promotes British financial services. It was formerly known as British Invisibles.
Contents |
[edit] 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 earnings, but little to the UK's invisible earnings from services. In 1984 Patrick Pery, 6th Earl of Limerick 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 October 19 1990, the organisation (registered as a company) became British Invisibles. In 1998, it re-branded itself as BI, to become 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 fiancial services companies.
[edit] Membership
IFSL has 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 and leading international financial service companies that are based in London. IFSL also works closely with Government departments, including UK Trade & Investment, the Department for Business, Innovation and Skills, HM Treasury, and the Office for National Statistics.
[edit] Aims
IFSL promotes 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 brings together government and the industry to work for the removal of barriers to trade in financial services. It also promotes public-private partnerships (PPPs), which involve large quantities of private finance.
[edit] Structure
Its chairman, as of June 2009, is Lord Levene of Portsoken. Its president is HRH The Duke of Kent.
[edit] External links
- IFSL Home Page
- The WTO’s Hidden Agenda, November 9th, 2001
- The City UK - Financial Services
