Financial Services Group of Livery Companies

Introduction

The Company is one of nine of the modern Livery Companies that form the Financial Services Group of Livery Companies.  The others Companies are the Solicitors, Chartered Accountants, Chartered Secretaries & Administrators, Marketers, Actuaries, Insurers, Information Technologists, World Traders, Management Consultants and Tax Advisers.

The Group meet four times a year to fulfil the objectives of providing:

• a network for access to expertise, experience and issues to provide briefings for the Lord Mayor for outbound and inbound visits;
• a source of education in financial affairs and issues for potential Lord Mayors and Sheriffs;

• a source of encouragement for all Livery Companies to seek Liverymen with the potential to be Lord Mayor and other suitable candidates to join the Livery;
• a resource for the Lord Mayor’s theme for his year; and 

• a forum to represent the views of the Financial Services sector to the Lord Mayor and the Sheriffs.

Guests at meetings include key officers from Guildhall & the Mansion House as well as, when appropriate, the Lord Mayor elect and the Sheriffs.  It has been suggested that the Group should also maintain links with Aldermen who have passed the Shrievalty.

Each Company is expected to be part of a network providing a first point of contact for any enquiry from the Mansion House or Guildhall and to establish links with other sources of relevant information.  In our case this includes the Chartered Institute of Arbitrators and other dispute resolution bodies.

Members of the Group are asked to submit country specific briefing papers for each of the Lord Mayor’s outward and inward visits and to include input about the business environment (from personal experience); details of key contacts that the Lord Mayor might meet (or who can be invited to other functions and events held as a result of the visit; specific issues of expertise that may be relevant to the particular country and any areas where UK practitioners are facing difficulties.

Additionally the Group produce an annual briefing booklet – this year’s is about to go to press – about the Livery Companies in the Group and their areas of expertise that is circulated to the Lord Mayor, Sheriffs and others who might find it helpful.

The Lord Mayor’s Theme for 2008/09

Alderman Ian Luder is particularly keen to encourage links between Livery Companies & Liverymen and educational activities and the theme that will underpin his Mayoral year is ‘Improving the Financial Literacy of the Nation’.  The Lord Mayor writes:

“My theme this year is “improving the financial literacy of the nation”. The Institute of Fiscal Studies in a survey last year found that 77% of the population do not understand APR, 40% admit they do not understand financial products such as mortgages or ISAs, Pensions are a linguistic nightmare and 30% of people do not understand the purpose of insurance. Finally, 50% do not understand what 50% means.

Such ignorance impoverishes not only the financially illiterate, but often carries the cycle of deprivation onto a further generation. I believe that it also has a direct impact on the City, the country and the financial services industry. Whilst there are a number of bodies addressing this problem, I am convinced that the Livery has a unique and important role to play in tackling this crippling issue.”

How can Members of this Company help?

Our representative on the Financial Services Group of Livery Companies is Assistant Karl Davies.  From time to time he will send out emails requesting input for briefing papers for the Lord Mayor’s programme of visits.  If you can help, please respond to those emails.  The current list of visits is given below.

For more information about the Financial Services Group of Livery Companies go to http://www.livery-fsg.org.uk/index.html
To contact Karl Davies email karldavies@btinternet.com