International Financial Services, London, usually shortened to just IFSL, was a

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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.
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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

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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

, 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

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and leading international financial service companies that based in London. IFSL also worked closely with Government departments, including

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, the Department for Business, Innovation and Skills, HM Treasury, and the

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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

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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