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Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

Featured Content

More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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What is an International Finance Centre?

What is an International Finance Centre?

Sir Mark Boleat

40 years: Executive leadership & banking

An International Financial Centre, or IFC, is a physical area from which financial services are provided to people in other countries. Sir Mark Boleat discusses the types of IFCs, its requirements and recent trends with a specific focus on London's position as an IFC.

An International Financial Centre, or IFC, is a physical area from which financial services are provided to people in other countries. Sir Mark Boleat discusses the types of IFCs, its requirements and recent trends with a specific focus on London's position as an IFC.

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What is an International Finance Centre?

14 mins 58 secs

Overview

An IFC is a centre operating from a physical location that facilitates international activity and operates under a regulatory framework that meets international norms. IFCs provide financial services to international clients as well as support services such as law, accountancy and technology. An IFC has to be attractive to businesses not operating in the jurisdiction and meet a number of inter-related requirements, mainly relating to stability and resources. The markets IFCs operate in change over time in response to economic and political conditions and factors relevant to IFCs themselves.

Key learning objectives:

  • Define an IFC

  • Outline the different sub-categories of IFCs

  • Identify the requirements for an IFC and the criteria the Global Financial Centres index use

  • Identify the recent trends with regard to IFCs

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Summary

What is an IFC?

  • A financial centre operating from a physical location
  • Facilitating international activity
  • Operating under a regulatory framework that meets international norms
  • Providing financial services to international clients
  • Providing support services such as law, accountancy and technology

Define the different sub-categories of IFCs

Some IFCs provide a wide range of financial services globally, such as:
  • London, Singapore, Hong Kong, New York, and (arguably) Dubai and Shanghai
Another group predominantly serves specific regions or product areas:
  • Guernsey (captive insurance), Bermuda (reinsurance), Jersey (channelling investments from the Middle East and Asia into the UK), Hong Kong (a gateway for business into and from China), Dubai (the Middle East), Mauritius (financial services gateway into India).

What are the general requirements for an IFC and what criteria does the Global Financial Centres index use?

An IFC has to:
  • Be attractive to businesses not operating in the jurisdiction
  • Meet a number of inter-related requirements, predominantly relating to stability and resources
  • Benefit from political, economic, legal and regulatory stability
  • Meet international regulatory norms
  • Have good infrastructure: technology, modern offices, high quality communications, good international air links, good housing and local transport, access to talent (including an education system to produce the qualified people to fill lower and middle-level positions)
The Z/Yen Global Financial Centres Index ranks financial centres using five headings:
  • Business environment
  • Human capital
  • Infrastructure
  • Financial centre development
  • Reputation

What is the recent trend in IFCs?

  • The USA using its economic power as a diplomatic weapon
  • China’s increasing power as an economic force and therefore as a user of financial services
  • International tax and regulatory standards have been considerably strengthened
  • Globalisation is increasingly being questioned
  • Brexit will substantially change London’s role
  • Technological developments reduce the importance of proximity.

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Sir Mark Boleat

Sir Mark Boleat

Sir Mark Boleat has held a wide range of board level appointments in the UK and Jersey. He is currently the Chairman of LINK, Eldon Insurance Services and the Governors of the City of London Academy Highbury Grove. Sir Mark is also Vice Chairman of the Advisory Board of the International Business and Diplomatic Exchange.

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