AREAS OF FINANCIAL EXPERTISE
One objective of the Financial Services Group is to provide a source of education in financial affairs and issues for potential Lord Mayors and Sheriffs. The following are the principal areas of expertise in such matters and potential candidates for such office are invited to contact the nominated Livery Company Representative for the relevant area of expertise. Although only one contact name may be given, other Representatives may be involved. The nominated contact will involve the other Representatives, as required.
1. Accountancy
v International: the UK’s leading role in the setting of international accounting, auditing and ethical standards.
v The vital role of professional accountants in the financial infrastructure of both developed and developing nations, including capital markets, SMEs (Small and Medium sized Enterprises) and governments.
v Market consistent Management Information for measuring profitability, for risk management and for efficient regulation.
Contact: Graham Ward CBE, The Worshipful Company of Chartered Accountants in England and Wales. graham.n.ward@uk.pwc.com
2. Actuarial
v International: the UK’s leading role in the setting of international actuarial standards (such as European Embedded Value and Market-Consistent Embedded Values).
v Longevity.
v Pension Fund financial management
v General Insurance financial management
v Enterprise Risk Management (see also Insurance).
Contact: Jeremy Goford, The Worshipful Company of Actuaries. jeremy@goford.co.uk
3. Arbitration
vThe comparative benefits of arbitration and other forms of dispute resolution.
v The attraction and benefit of London as a seat of and as a venue for international arbitration, particularly in relation to cross border disputes.
v The benefit of contractual arbitration and dispute resolution provisions, especially in international contracts for insurance and reinsurance, shipping, brokerage and commodities trading..
v The high international standards of training and practice of conflict management and dispute resolution available in London and elsewhere in the UK.
Contact: Karl Davies, The Worshipful Company of Arbitrators. karldavies@btinternet.com
4. Corporate Governance
v Integrity and ethical standards.
v Corporate Social Responsibility.
v Principles-based regulation (and prescriptive regulation).
v ‘Comply or explain’.
v The relationship between good governance and longer term profitability.
Contact: John Ainsworth, The Worshipful Company of Chartered Secretaries and Administrators. mjainsworth@tiscali.co.uk
5. Education
v The influence of UK professional qualifications and professional institutions on worldwide professional education and standards.
vThe role of UK professionals in volunteering to provide short term continuing professional education overseas. (See also the Actuarial heading)
Contact: Jeremy Goford, The Worshipful Company of Actuaries. jeremy@goford.co.uk
6. Finance
v Capital markets, private equity, hedge funds.
v Corporate finance, acquisitions and mergers.
v Finance for early stage and technology ventures.
Contact: Graham Ward CBE, The Worshipful Company of Chartered Accountants in England and Wales. graham.n.ward@uk.pwc.com
7. Insurance
v The UK’s leading role in insurance and reinsurance.
v Risk Management (see also Actuarial)
v Climate change and the impact on natural catastrophe insurance; and UK flood and insurance availability.
v Terrorism insurance.
v Convergence of capital markets and reinsurance/insurance markets.
v EU developments in insurance.
v Pensions provision and longevity.
Contact: Clive Haslock, The Worshipful Company of Insurers. haslockcg@haslocks.co.uk
8. Information Technology
v Cyber-security, especially as it affects the systemic stability of the City’s institutions and the ability to regulate the markets by tracing trades.
v IT education: the need to ensure a reliable supply of qualified IT systems users and developers.
v IT as a business, to encourage enterprise in London’s public and private capital markets.
Contact: Ken Olisa, The Information Technologists’ Company. ken.olisa@restoration-partners.com
9. International
vAdvice and support to International Financial Services London (IFSL) in the promotion of London and other and other financial centres in the UK as the jurisdiction of choice for commercial disputes, including the courts, arbitration and other forms of dispute resolution. (See the Arbitration heading, above, and the Legal heading, below.)
Contact: Karl Davies, The Worshipful Company of Arbitrators. karl.davies@btinternet.com or Karen Richardson, The Worshipful Company of Solicitors of the City of London. krmessages@yahoo.co.uk
10. Legal
v The level of Legal expertise available in the City.
v The sophistication of the Legal market in the City.
v The stability of the Legal system.
v The role of the City of London Law Society and its links with The Law Society.
Contact: Karen Richardson, The Worshipful Company of Solicitors of the City of London. krmessages@yahoo.co.uk
11. Management Consultancy
v Business and organisational change in companies, governmental bodies and NGOs.
v Management best practice – trends and current thinking.
v Mentoring and coaching: knowledge transfer.
v Business process outsourcing/offshoring.
Contact: William Barnard, The Worshipful Company of Management Consultants. williambarnard@dial.pipex.com
12. Marketing
v Compulsory narrative reporting in Company accounts, including assessment of markets served, competitive position, Key Performance Indicators, future prospects, etc.
v Marketing as a value driver for profitable growth.
v The value of market research.
v Measuring marketing effectiveness.
v Marketing training through the Chartered Institute of Marketing, which has an international role in marketing education.
v Marketing standards.
Contact: Venetia Howes, The Worshipful Company of Marketors. master@marketors.org
13. Regulation
v Principles-based regulation (and prescriptive regulation).
v ‘Comply or explain’.
v Cyber security and the ability to regulate the markets by tracing trades.
v Market consistent Management Information for efficient regulation.
Contact: Clive Haslock, The Worshipful Company of Insurers. haslockcg@haslocks.co.uk
14. Taxation
vTax developments in the international arena, from UK and foreign law changes, and bodies such as the EU and the OECDReview of current HMRC powers (e.g. direct access to bank accounts and the review of offshore accounts).
v The dividing line between capital and revenue, specifically relating to interest relief and private equity.
v The size and complexity of the UK Tax Code.
Contact: Nicholas Dee, The Worshipful Company of Tax Advisers. Ncdee.tax@btinternet.com