International Banker magazine Winter 2026

THE MAGAZINE OF THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS

The

International

Banker

A new golden

era for London

WCIB AT THE CENTRE

OF MAJOR MARKET CHANGES

WINTER 2026

INTRODUCTIONS

INTRODUCTIONS

WINTER 2026

Cover photograph: Liverywoman Stacey

Parsons with Honorary WCIB Member

Dame Julia Hoggett at London Stock

Exchange Market Open 19 January 2026

– see page 15

Contents

INTRODUCTIONS

CHARITY & EDUCATION

The Master: Peering into the crystal ball 4

Building on a legacy of service 38

The geopolitics of oil and climate 5

Dear Chancellor … 40

The Installation Dinner

at Merchant Taylors’ Hall 7

Offering the young a second chance 42

Sir Douglas Flint 10

LOOKING INWARDS

CONTRIBUTORS

ALEEM WALLANI*

ALEX ROTTENBURG

ALI MIRAJ*

ALISON COTTRELL*

CAROLE SEAWERT*

FR SIMON CUFF

FRANK BROWN

GEORGE LITTLEJOHN*

GRETA CHOKSI

JAMES NISBET

JOHN BENNETT

KATE SHCHEGLOVA

KATYA GORBATIOUK*

MARK HENTHORNE*

NICHOLAS GRANT

NICK DILWORTH

PAUL DARROCH GRODEN*

PETER GREEN

RANJITH KUMAR

ROBERT MERRETT*

SHAMIR SANGHRAJKA

STACEY PARSONS

TIM SKEET*

*Editorial Panel members

THE WORSHIPFUL COMPANY

OF INTERNATIONAL BANKERS

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CLERK: CAROLE SEAWERT

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EMAIL: clerk@internationalbankers.co.uk

www.internationalbankers.org.uk

Editor's Letter

A “masterful exposition” was Lord

Fuller’s praise for Lady (Sharon)

Bowles’ highly-regarded contribution

to the first, Committee, stage of a

key financial measure – the Pension

Schemes Bill – in the House of Lords

in mid-January. Alongside Lady (Ros)

Altmann, Baroness Bowles has been

a key driver behind the demands to

allow pension funds to meet their

promises to invest a percentage of their

portfolios in private assets (under the

Mansion House Accord) by including

investment companies and their kin, like

REITs, in the allowable assets for this

important growth project. As the Bill

stood when it went to the Lords, these

important and long-standing investment

channels – first investment trust,

Foreign & Colonial, for instance, started

in 1868 – were disallowed.

This is important for the banking and

asset management industries, for

while there is much goodwill for the

principles behind the Accord, barriers

to its progress – like this exclusion of

investment companies – need to be

undone.

A recent report from New Financial,

reported in this issue, challenges

three common assumptions facing the

reforms in pension investment. First,

that government should not shape

pension asset allocation: in practice,

UK pensions are already heavily defined

by law and regulation and benefit

from significant tax relief, creating a

strong “social contract” basis for policy

intervention. Second, that savers care

only about returns: a survey of over

1,000 working adults with a pension

found that respondents believed, on

average, 41% of their pension was

invested in UK companies (a five‐ to

ten‐fold overestimate), and two‐thirds

thought pensions should invest more

in UK equities even if returns were

slightly lower. Third, that higher UK

allocations are incompatible with global

diversification: the report stresses

that being globally diversified does

not require a purely market‐weighted

global allocation; schemes could retain

a meaningful UK tilt while diversifying

across a selected group of markets, for

example on an equal‐weight basis.

With the pension bill progressing

through Parliament, the report

identifies a window of opportunity for

a significant intervention. It does not

recommend mandatory quotas, but

concludes that a UK‐weighted default

fund offers the best balance of scale,

practicality and political feasibility,

and could restore UK DC investment

in domestic equities to levels aligned

with international peers and recent UK

practice.

George Littlejohn

Editor – The International Banker

george.littlejohn@cisi.org

LOOKING OUTWARDS

Bubbles, maniacs and crashes 12

POATR - a powerful trigger for the City 15

The trillion-pound question: how

can Britain's capital fuel its economic

success? 16

Boosting pensions investments

in the UK 18

A new compass to guide investors

and issuers 19

The power of retail investors 20

Building on shared foundations 22

The lifesaving value of “The Circuit” 24

Harnessing AI for good in finance 26

Orwell comes alive in finance? 28

International bankers resolutions:

six priorities for a rapidly re-shaping

financial world 30

The fintech mandate for 2026 32

AI’s growing emotional interface 35

Jersey’s centuries-long success story 36

MORE REGULAR NEWS ON

THE WCIB LINKEDIN CHANNEL

Join the many WCIB members who are already part of the

exclusive WCIB LinkedIn group, to share news and contact

each other directly. Sign up swiftly here: bit.ly/WCIBlinkedin

A rich pageant of events from

the Company and its members 44

The WCIB in action 48

New WCIB recruit Leia Zhu 52

AI, banking and the future of leadership 53

Banji Fetinhola, African Finance Corporation; and Dr Gerard Lyons,

,Bank of China (UK), guest speakers at 2026 Annual Mansion

House Banquet - see page 47

If you have the LinkedIn app on your

phone, you can use this QR code.

2 THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS 3

THE INTERNATIONAL BANKER / WINTER 2026

INTRODUCTIONS

INTRODUCTIONS

Peering into the crystal ball

THE MASTER ON THE COMPANY’S “FELLOWSHIP, CONNECTIVITY AND OPTIMISM”

For the coming year, I will be the face of the Company in the

running of its affairs. I take this opportunity to set out some

thoughts as to how the coming term of my office might

unfold. This position of Master is, in this Company, only one

part of the leadership team that includes the wardens and

immediate past master, along with the committee chairs.

Continuity and consistency from the team are and will

remain important aspects of the Company’s governance and

operation. That said, I fully expect to add a little personal style

to my Mastership.

The past several Masters have done a significant job in

positioning the Company and fixing some of its ‘plumbing’.

New office, new systems, new staff, loads of new members.

It has been a compelling story. Today the WCIB offers a

strong example of how to evolve and develop a modern livery

company to catch and move with the mood and values of the

times. This does not mean ditching its traditions, but we must

continue to focus on the future and reflect the values of the

industry we represent.

As my turn in the hot seat has now come around, it is time

to build on the legacy, but also take a look at the future. This

Company has had a short but remarkable history, led by

some of the Greats of the City. Moreover, as was evidenced

by the strong City of London ‘high-command’ turnout at the

Installation Dinner, we are viewed as being a Company that

has momentum and energy. As we enter our second quarter

century, we must ensure that the Company therefore remains

robust. For this, we will need the help of all of our members

and friends and the continued hard work and dedication of

Committee Chairs.

Of course, in order to continue our momentum, we must

build our numbers and financial reserves, but at the same

time cater to a growing and diverse membership. Unlike many

other livery companies, not only do we represent a living and

dynamic industry, but we are international. This was a key

message in my Installation speech.

Building on this theme and further emphasising the

‘commercial diplomacy’ role that we can play, I was pleased

to have the opportunity, since stepping up as Master, to

fly the WCIB flag and contribute to the wider work of the

City of London on recent visits to Riyadh and Shanghai.

I will continue to seek out opportunities to support the

work of the City and reinforce the role of the Company as

contributing to the City’s commercial diplomacy.

More generally, looking to the year ahead in macroeconomic

and geopolitical terms, we should expect an eventful year.

As bankers, we worry about the private credit bubble,

the sovereign debt market stress, the tech stock overexuberance,

the possibility of catastrophic cyber-attacks, or

the dire impacts of climate change. Disrupted trade flows,

unrealistic Western populist political agendas, and an era of

poor international megaphone diplomacy further trouble the

picture.

The Company will strive, however, to act also as a place to

debate such issues, while providing a place for fellowship,

connectivity and optimism to flourish. If all else fails, we can

simply go to the pub.

As we enter our second quarter century,

we must ensure that the Company therefore

remains robust. For this, we will need the

help of all of our members and friends and

the continued hard work and dedication

of committee chairs.

The geopolitics of oil and climate

THE MASTER REFLECTS ON TWO MAJOR ECONOMIES – CHINA AND SAUDI ARABIA

On one of my recent visits to Saudi

Arabia, I was asked by a senior Chinese

businessman what I thought about

the Saudi economy’s dependence on

the oil price to sustain its future. It’s a

reasonable question, and one which

should be viewed in the context of the

Kingdom’s ambitious Future Investment

Initiative with its extraordinary array of

costly investment projects. Demand for

oil, historically the Kingdom’s source of

wealth, is an established feature of the

global economy. However, the concerns

arising from climate change, and the

central role of carbon emissions,

principally derived from burning fossil

fuels, is bringing about fundamental

change. Most major economies are

taking significant steps to decarbonise.

Indeed, though the Americans obsess

over artificial intelligence and trade

tariffs, American business is still quietly

continuing to build sustainable energy

pathways, albeit without making a lot of

noise about it.

The latest Climate talking-shop in

Belem (COP30) did not offer a clear

way forward. Alignment with the Paris

accords is fraying and the world is

unlikely to achieve the Paris target

of 1 ½ degrees. Much of the lack of

global consensus evident in Belem is

a function of the vagaries of today’s

geopolitical upheavals and the collapse

of the post-World War Two US led

consensus.

It is interesting to observe that Saudi

Arabia is now a firm proponent of

the newly recognised ‘bi-polar world’.

The various old shorthand terms

for ‘emerging markets’, ‘developing

economies’ or more recent designation

‘global south’ are all misleading and

inaccurate, not only in geographic but

economic terms. Our terminology

struggles to catch up with the whirlpool

of geopolitics and macroeconomics,

and the fragmenting old world-order.

What emerges in place of the old global

structure is still open to speculation,

but global warming and the price and

source of energy will be important

components of the emerging picture

where no one nation dominates the

global economy.

Watching Saudi Arabia embrace both

the now prodigious capabilities of the

Chinese economy, while continuing to

cosy up to a somewhat less predictable

America offers several object lessons.

Tellingly, the Saudis are cannily hedging

their bets, acknowledging that there is

now more then one big player in town.

Moreover, they note how the Chinese

built an advanced and modern economy

in around only 40 years and the Saudis

are in a hurry.

Returning now to the question of oil

price and the capacity of the Saudi

economy, the reimagining of the future

global economy finds several pointers

in the priorities and decisions of the

Saudis. Amongst the many major areas

of investment is a huge push into

renewables. This might surprise some

on the part of the major oil producing

state, but here there is here the tacit

acknowledgement that lowering energy

costs and producing abundant power

may not be a function of fossil fuels in

the future. Moreover, the Kingdom is

working flat out to create a rounded

and durable economic base to ensure a

post oil and gas future.

The story of the rise of China’s

renewables industrial growth is hardly

news. From wind generators, solar

panels to hydroelectric turbines, China

not only dominates production, but is

rapidly driving down the cost of energy

globally. In its own economy China

made gargantuan strides in switching

to sustainable energy production as it

strives to meet its goal of achieving net

zero emissions by 2060.

Moreover, this has come with all the

necessary transmission and storage

capacity installation to facilitate the

harvesting of the dispersed energy

production that comes with renewables.

By contrast the UK, still saddled with

chronically high energy costs (despite

widespread renewables adoption)

has sclerotic transmission and lack of

storage capacity.

On current trends, though China’s

industrial energy consumption needs

continue to grow, and coal remains a

stubborn legacy feature of the country’s

lightning fast industrialisation, China is

set to surprise in its greening ambitions.

On current trends, they are likely to

outperform their climate targets.

As in the case of Saudi Arabia, and

across many emerging economies,

renewable energy is set to be the way

forward. This suggests that as the

price of renewable energy drops, the

4

THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS 5


INTRODUCTIONS

INTRODUCTIONS

The Master in Shanghai in November

2025 with Sir Charles Bowman, former

Lord Mayor of the City of London, and

the legendary Dr Ma Jun, Founder and

President of the Institute of Finance and

Sustainability (IFS) in Beijing, joint chairs

of the UK-China Green Finance Taskforce.

demand for oil (and gas) will continue

to fall over time, along with its price.

Moreover, although China is still today

a significant importer of oil and gas,

this is likely to tail off rapidly. Already

some 25% of its energy needs are met

by wind and solar and the country is

putting more capacity in place in the

first part of 2025 than the rest of the

world combined. With the significant

ramping up of Chinese renewable

energy technology exports, many

industrialising nations will benefit from

skipping the use of hydrocarbons for

their energy needs and benefit from

the plummeting costs of renewable

energy. Combined with low labour and

land costs, this will be revolutionary.

The race will be on.

land and other costs, low productivity

and high levels of public debt that

weigh on their economies.

A Saudi Arabia reconfigured for the

future with low energy costs and

modern infrastructure will be a very

different place in the post-oil, future

bi-polar world. The huge investment

wave of today while oil revenues still

flow is an appropriate response to

the inescapable realities of this fastchanging

world. Saudi Arabia is not

alone and will be joined by a raft of

other still developing nations, perhaps

at a slower pace, but powered and

propelled by rock-bottom energy

costs. This will pose a challenge to the

current patterns of world trade. China

itself continues to invest heavily and

play to its own strengths, reducing its

independence on imported energy

sources and other critical inputs. This

is prudent economic management

and its new five-year plan bears all the

hallmarks of some careful thought on

the future direction of economic travel.

What lessons should we draw from

this? With the news of the UK budget

still tumbling fresh from news websites

and newspaper editorials, it is clear that

the UK in common with most Western

governments finds it extremely difficult

to look more than a year ahead. Their

inability to examine the long-term

trends in the world and measure the

likely impacts on their own economies.

This is combined with the complete

inability of governments here to level

with their electorates in a business-like

fashion and spell out hard economic

facts. This bodes ill.

As the world rewires itself physically

and geopolitically, the West needs to

consider the choices it makes. One

can only wonder if the extraordinary

investment and cutthroat competition

in the US AI or crypto worlds will

serve to improve the future economic

health and prosperity of Western

societies. The libertarian tech-bros

and crypto kings of the US are pouring

vast fortunes into speculative ventures

without much of a compelling vision for

our wider society. This gap in vision is

not being plugged by the political class.

Meanwhile, increasingly significant

parts of the rest of the world reinforce

their wider economies and invest in

broad economic resilience.

As International Bankers in the City

of London, we should pay more

attention to the questions we are being

asked from outside our bubbles. We

must carefully consider where those

questions might lead and what lies

behind them. Here at least, away from

the noisy politics and their world of

inane soundbites, we can and should

ponder and adjust our activities

accordingly.

The Installation Dinner

at Merchant Taylor’s Hall

Parts of the advanced economies in

the West might view this with concern.

The fast-falling price of renewables

technology ensures that Chinese

producers are hyper-competitive.

Through the prism of domestic

politics and jobs markets, this might

be unwelcome news. From a green

and climate perspective, the speed

at which China is exporting a green

revolution gives grounds for optimism.

Furthermore, the West remains

saddled with excessively high energy

costs to add to the very high labour,

Master with Lord Mayor Alastair King

in Riyadh

Tim with Dame Julia Hoggett and

Tom Attenborough Riyadh Nov 2025



INTRODUCTIONS

INTRODUCTIONS

A RECORD NUMBER OF MEMBERS AND

DISTINGUISHED GUESTS WELCOMED THE NEW

MASTER, TIM SKEET. IN A BREAK WITH TRADITION,

THE MASTER TACKLED PART OF HIS SPEECH -

SUCCESSFULLY, IT TURNED OUT - IN MANDARIN

All photos © Sillet Photography



LOOKING OUTWARDS

LOOKING OUTWARDS

The Master’s Installation Dinner

SIR DOUGLAS FLINT CBE SOUNDS A NOTE OF OPTIMISM ON INVESTMENT OPPORTUNITIES

Financial systems do not operate in a vacuum - they rely on

political systems that provide clarity on long term industrial

policy choices, they rely on legal frameworks that respect

contractual rights and courts that enforce those rights, they

rely on good regulation and sound management.

How rare it is to see the word

‘worshipful’ alongside the words

‘international bankers’. The Oxford

languages dictionary defines

‘worshipful’ as invoking a feeling of

reverence, of adoration - terms all too

seldom attached to bankers of any hue,

never mind international bankers, so

those of us here who are members of

this great livery should of course be

proud that we attract deservedly so

such status.

My own history with the Company

goes back to its origins, as HSBC was

a prominent member of the Overseas

Bankers Club which was morphed by

my predecessor as Chairman of HSBC

Sir Willie Purves and the then Governor

of the Bank of England Eddie George

into the Guild of International Bankers

in 2001. After going through the

appropriate phases the Guild graduated

in 2004 to the livery status it has today

and which retains much of the heraldry

of the old Overseas Banker Club.

2001 also of course was a momentous

year for international trade, and for the

international banking that supported

such trade, as it was the year that China

joined the World Trade Organisation

– so it is also fitting that your new

Master hails from Bank of China, the

most international of Chinese banks,

itself with a long history in London

and indeed a very special connection

to the Overseas Bankers Club. The

legendary representative of Bank of

China in London KC Wu who rose

to become Deputy General Manager

and ultimately Adviser in a career in

London for Bank Of China spanning

close to 50 years epitomised the spirit

of the international banking community

in London – as the Daily Telegraph

recorded in his obituary – ‘through

relentless networking, good humour

and professionalism’.

So established was KC in London that

when the Bank of England celebrated

its tercentenary in 1994, the then

Governor opened proceedings by

saying “Ah, KC Wu is here. We can

begin.” It is this fraternity of our

community which exists to serve

international trade through good

and bad times that makes it much

greater than the sum of its parts

- which in large part is through

building relationships that endure

while economic and geopolitical

circumstances ebb and flow.

Financial systems do not operate

in a vacuum - they rely on political

systems that provide clarity on long

term industrial policy choices, they

rely on legal frameworks that respect

contractual rights and courts that

enforce those rights, they rely on good

regulation and sound management

such that those who use the financial

system trust it to deliver the outcomes

they expect within a foreseeable and

predictable risk tolerance.

Which is why we as participants always

find it valuable to engage not only with

our international counterparts through

bodies such as this but also with

government bodies who have the same

ambitions as we do – to create the

circumstances which attract capital,

support economic growth and foster

innovation.

One of the most commonly asked

questions today is how those in the

financial system can take account

of the current mix of geopolitics

together with evident demographic

and environmental challenges. And it

is a uniquely complex world with the

dismantling of many of the multilateral

institutions we have relied upon, the

weaponisation of trade and the US

dollar, the need to navigate differential

national policy regimes on sustainability

and environmental issues, polarised

demographic trends across the world

and questions being raised over

whether we can trust governments and

legal frameworks to behave as they

have historically.

Yet there are many reasons to be

optimistic regarding investment

opportunities.

First, the world faces many shared

challenges that require the collective

investment of tens of trillions of dollars

if we are to build the world of shared

prosperity that we aspire to leave for

future generations.

Second, actively allocating the capital

and financing that have to be deployed

to meet our obligations with regard

to addressing climate change both

in mitigation and solution, avoiding

biodiversity destruction, reconfiguring

supply chains to recognise a multipolar

world, building security of supply for

energy and food, replacing inefficient

infrastructure for transportation and

energy supply and distribution, funding

the science base and applied research

needed to create the health and energy

transition solutions not available today

– all of these will require thoughtful

public/private and international cooperation

to shepherd the needed

investment to where it is optimally

deployed.

Third, the growth of emerging middle

income communities within Asia,

the Middle East, India and Africa will

generate exceptional consumption

demand for both goods and services

over the next few decades, creating

employment and national wealth in

these regions and helping to rebalance

the shape of global stock markets

where developing countries are

massively underrepresented relative to

the size of their economies and in due

course to the power of their savings as

ageing citizens in western economies

move further into decumulation.

Understanding and allocating financial

resources and skills into these trends

are where international banks have

a role to play both in supporting

trade, investment flows and the

development of the economies into

which they invest. And this is where

cooperation within our industry and

with government bodies round the

world is so important – to help building

the confidence and trust in policy

and legal frameworks, to understand

where cooperation and support is most

valued and where partnerships for

mutual benefit are welcomed.

Sir Douglas Flint CBE is Chairman at

Aberdeen and IP Group plc, formerly Group

Chairman HSBC Holdings plc, and Chairman

of the Royal Marsden Hospital and Charity

The world faces many shared

challenges that require the

collective investment of tens

of trillions of dollars if we are

to build the world of shared

prosperity that we aspire

to leave for future

generations.

Sir Douglas Flint CBE spent over two decades at HSBC, serving as Group

Finance Director from 1995 to 2010 and then as Group Chair from 2010 until

2017. Since 2018, he has chaired both Aberdeen Group plc and IP Group plc.

Now, he is to succeed Shriti Vadera as Chair of Prudential in May 2026. Jeremy

Anderson, Senior Independent Director at Prudential who led the search for a

successor, said: “Douglas brings extensive experience leading global financial

institutions, alongside deep experience in Asia, and is ideally positioned to

lead the next stage of the Group’s development, taking forward the strong

foundations and momentum created during Shriti’s tenure. His background

and skills will be of great value as we work to bring the best of Prudential to

our investors, customers, colleagues, and the communities within which we

operate.

“During Shriti’s time as Chair, Prudential has fundamentally transformed from

a global insurance and asset management holding company, to a business

focused on serving the growing needs of markets in Asia and Africa. I am

hugely grateful to her for the way she has so ably led the Board and the

Company through this complex transition, creating a fast-growing diversified

business with improving performance, strong corporate and performance

culture and major market presence in many Asian markets. The Board,

management and Company are very grateful for her leadership and vision and

wish her every success for the future.”

Commenting on his nomination, Sir Douglas Flint CBE said, “Being able to

help shape the next stage of Prudential’s development is a great privilege and

I look forward to working together with the Board, Anil, and the whole team

to deliver great experience to customers, and real value to shareholders and

wider stakeholders. This is such an exciting time to be joining. The business is

well placed to meet the needs of our customers and to expand the provision

of protection, health and savings solutions to currently under-served markets.”

Meanwhile, IP Group, which Sir Douglas also chairs, may be much less wellknown

than giants like Aberdeen, HSBC and Prudential but it excels as a

leading UK-based investment company specialising in the commercialisation

of cutting-edge ideas from universities into high-impact businesses. It has a

proven track record of creating, building, and scaling innovative enterprises.

The firm demonstrates strategic excellence through its focus on growing

funds under management, successfully raising £95 million in third-party capital

in 2024 alone, which underscores its ability to attract substantial investment

while fostering impactful innovation across deep tech sectors. It is a leading

light in renewing growth in the British economy, and further afield.

10



LOOKING OUTWARDS

LOOKING OUTWARDS

Bubbles, manias and crashes

PAUL DARROCH GRODEN PROBES THE MARKETS’ TENDENCY TO REPEAT HISTORY

Charlotte Brontë was in a state of deep despair. It was 1849,

and her precious shares in the York & North Midland Railway

had plummeted in value. She had bought in at £50, watched

the stock ascend vertiginously to £120, then collapse all

the way to £20. The alluring 10% dividend had now been

cancelled. The railway mania that had electrified a nation

had juddered to a calamitous halt. The technology was

transformational enough, but a generation of investors had

been ruined.

The literary genius faced her paper loss with equanimity:

“When I look at my own case and compare it with that of

thousands beside, I scarcely see room for a murmur. Many –

very many are – by the late strange Railway System deprived

almost of their daily bread...”

History has a way of repeating itself. A century and a half

later, the SEC chair Arthur Levitt stepped up to the podium

for a keynote speech at Boston College. It was March 6th,

2000, and the Nasdaq continued to defy gravity. The internet,

after all, was about to reshape the world. As he spoke, the

index was hovering just below the stratospheric level of 5,000

points. Citing the mass immolation of companies after earlier

technology bubbles in “canals, steel and railroads”, he issued

a prescient warning.

“To justify today's valuations, some emphasize future

potential and intangible assets that are hard to measure using

traditional methods. They see technology's applications

as infinitely scaleable... But any way you look at it, many of

today's valuations seem to defy traditional explanation…”

The market shrugged off his caution, surging to a dizzying

peak of 5,048.62 on 10th March. A few days later in Hong

Kong, the police were called to control crowds who were

jostling to deposit share applications. Andrew Sheng, the

chair of Hong Kong’s Securities and Futures Commission,

observed: “Everyone likes to join a party, but no-one likes to

clean up the mess. When you invest in the New Economy,

understand the risks and know your limits”.

Even as he spoke, the party was beginning to wind up, and

the revellers were heading home. It would be fifteen long

years – April 23, 2015 – before the Nasdaq Composite Index

would reclaim its bubble era peak, even in nominal values. An

entire era in global history – the years of 9/11, the subprime

collapse, the Lehman bankruptcy, the dawn of social media

and the rise of China – would pass before the legacy of the

great dotcom crash was undone.

In the autumn of 2025, as the Nasdaq flirted with 23,000

points, fears of a bubble began to resurface. The “Magnificent

7” technology stocks, analysts noted, cornered well over

35% of the S&P 500’s entire market capitalisation. The rise

of passive investing and tracker funds have only accentuated

their dominance in the average retail portfolio. Today’s

pundits talk enthusiastically of “hyperscalers” – technology

firms that have the capital and resources to rapidly scale their

cloud computing infrastructure.

Recently, the web of cross-shareholdings and apparently

circular capital flows between major cloud companies and

AI firms has come under close scrutiny. Some liken these

inter-dependencies and self-referential ties to Japanese

kereitsu, or interlocking clusters of firms. Japan’s experience

of lost decades in the markets makes this an uncomfortable

comparison. What, the critics argue, might go wrong?

The problem is that, to cite William Golding on Hollywood:

“nobody knows anything”. Experts disagree on whether

mass deployment of self-driving cars and humanoid robots

lie around the corner. Are we heading for full unemployment

or a gentler transition? Some believe quantum computing

will inevitably crack the cryptographic protocols of the

blockchain, others do not. Effective accelerationists

(identifiable by the label of “e/acc” in their social media bios)

foresee a utopian age of abundance. Others predict very

different futures. Traditional valuation metrics struggle to

factor in the range of wildly divergent predictions.

Meanwhile, in an echo of Robert Solow’s lament about the

personal computer revolution, we are seeing the impact

of AI everywhere – except in the productivity statistics.

Hundreds of millions engage with CoPilot, ChatGPT and

Gemini in an ad hoc, informal manner – using AI models

as shortcuts, confidants, even friends. Human resources

departments cite AI as convenient cover when reducing hiring

or cutting jobs. Yet systemic enterprise-level deployment of

the new technology is more elusive. Many cast a wary eye

to Gartner’s hype cycle, which begins with an innovation

trigger, progresses in a stampede towards a peak of inflated

expectations, before the inevitable “winter of disillusionment”

sets in. Only after the wreckage do we see a long, slow crawl

back to “enlightenment” and mass adoption.

Bubbles invariably require a supportive political

and economic environment, and they tend to

thrive on easy money. This isn’t just a function

of headline base rates but can occur wherever

large pools of capital are seeking a home.

Sovereign wealth funds are arguably playing a

key facilitation role in the AI boom today.

At this stage it is worth noting the parallels with previous

technology booms. Each cycle tends to open with a

“demonstration event” – a moment of shock and awe when

the power of a new technology is publicly unveiled. These

moments seem to open a window on the future. The opening

of the Liverpool-Manchester railway in 1830; Netscape’s 1995

IPO, and the launch of ChatGPT’s generative AI in November

2022 all meet this definition.

Bubbles invariably require a supportive political and economic

environment, and they tend to thrive on easy money. This

isn’t just a function of headline base rates but can occur

wherever large pools of capital are seeking a home. Sovereign

wealth funds are arguably playing a key facilitation role in the

AI boom today.

There are always vocal enthusiasts, cheerleaders who loudly

proclaim the transformational power of the new technology.

Brontë’s age saw the reign of George Hudson, the Railway

King and inveterate pamphleteer, and the dotcom era gave

rise to celebrity stock analysts on business TV. Today’s social

media platforms are awash with hype merchants of varying

credibility.

There are usually information asymmetries between retail

investors and corporate issuers. In the days of the railway

mania, a year’s subscription to The Times was £6.50 -

resembling something closer to the price of a Bloomberg

terminal subscription in modern money. In every age, the

frontier nature of the new technology becomes its own

barrier to comprehension.



LOOKING OUTWARDS

LOOKING OUTWARDS

Social pressure is the insidious clincher: few things are so

disturbing to one’s well-being as seeing one’s friends suddenly

become rich, especially through an opportunity that you

missed yourself.

The final element, then, is mass investor participation and

popular hysteria. In the railway mania, the elites of the day

flocked to Throgmorton Street to place their bets with the

brokers. During the dotcom era, a legion of day-traders

fired up their dial-up modems to pump stocks higher. In the

current AI boom, it is questionable whether this last factor

is yet in play. It is unclear whether, except through passive

asset allocation, the average citizen has yet bought into the AI

story. In both the US and UK, the suppression of real incomes

and enduring cost-of-living crises have arguably limited the

opportunity for truly mass participation, let alone hysteria.

Where and when will today’s bull run end? No-one can predict

with confidence. Benjamin Graham famously observed that

popularity of an investment will fade, but true merit will be

revealed by the test of time. His words remain salient today,

“In the short run, the market is a voting machine. In the long

run, it is a weighing machine”. Unfortunately, pace Keynes, in

the long run we are all dead.

Bubbles ruin many but can have a massively beneficial effect

– changing entrenched attitudes to technology and providing

the momentum to topple failed modes of thinking, When the

inevitable collapse happens, the firestorm of the crash allows

the survivors to flourish. Amazon and Google emerged from

the ashes of the dotcom mania.

The capital misallocation of the railway bubble laid the

foundation for the long Victorian economic boom, just as the

fibre optic investment splurge at the turn of the 21st century

laid the foundations for the internet age. Even as Charlotte

Brontë lamented the plummeting value of her railway stock,

the burst bubble had already helped to prise the future open.

The railway mania ended in over-reach and disaster, but the

final effects were transformational. As Nairn, Odlyzko and

other historians have argued, the cascade of consequences

rattled down the decades.

The advent of the railways forced the UK to adopt Railway

Time – its first unified time zone. It reshaped the economy in

profound ways, smashing ancient cost structures, arguably

even forestalling political revolution. A wave of new industries

arose. The railways enabled the construction of new

commuter suburbs and help explain why house prices fell in

real terms during the nineteenth century, even as Britain’s

population more than tripled.

The market fate of the current AI investment boom is

arguably the least important part of it. The course is already

set, the investments made, the geopolitical competition

locked in. Bubble, boom or bust, the capital is committed and

the course is set. Sooner or later, the robots are coming.

Freeman Paul Darroch Groden is a financial educator, author and

consultant. He is a previous winner of the Shell Economist Writing

Prize. His latest book is Illustrated Tales of Jersey, published by

Amberley. See p34. This article is not intended as investment advice.

POATR – the powerful trigger

of a new golden age for the City

THE POATR REGULATIONS, FULLY IN FORCE FROM JANUARY, HERALD GREAT MARKET EXCITEMENT

The Public Offers and Admissions to

Trading Regulations (POATR) came

fully into effect on Monday 19 January

2026. They matter to the City of

London because they fundamentally

reset the UK prospectus regime

and make raising capital in London

simpler and more flexible. By widening

exemptions for secondary issuances,

tailoring rules for primary MTFs like

AIM, and clarifying FCA responsibilities,

POATR reduces friction and cost for

issuers while maintaining investor

protection. This should support

more frequent, efficient equity

and debt raising, bolster London’s

competitiveness against EU and US

markets, and reinforce its role as a

leading hub for both mainstream listed

securities and growth‐company capital

formation.

Dame Julia Hoggett, CEO of London

Stock Exchange and Honorary WCIB

member, celebrating the launch of

POATR at market open that day – a

“weird-sounding acronym,” she fretted

– pointed to a coming “golden age” for

the City of London.

Ahead of this important shift, the

CEOs of AJ Bell, Hargreaves Lansdown,

Interactive Investor and RetailBook

issued a joint open letter to the

Chancellor, the Rt Hon Rachel Reeves

MP, and other entities, including the

Economic Secretary to the Treasury,

Lucy Rigby KC MP.

The letter is a collective call to turn

"policy into practice". The industry

is demanding that the banking and

advisory community ensure that, in

the spirit of these reforms, every UK

IPO, secondary fundraise and Plain

Vanilla Listed Bond (PVLB) issuance (a

new category of Vanilla Bond available

to retail investors), includes a retail

tranche by default.

WHY IS THIS THE "NEXT

CHAPTER"?

Retail investors have been sidelined

because of various barriers and

complexity in regulation which are

well documented. This includes

barriers related to offer sizes, onerous

disclosure requirements and lengthy

timing requirements. This created

difficulty for investors as well as for

issuers. These changes will facilitate an

easier route to market for issuers that

want to include retail investors.

This isn't just a London story - the

letter emphasises that capital raised

should fuel innovation and jobs across

the entire UK. The sector is ready to

connect issuers with a deep pool of

capital that supports regional growth in:

• Scotland: Glasgow & Edinburgh

• Wales: Cardiff

• Northern Ireland: Belfast

• England: Bristol, Manchester, Leeds,

and beyond.

POLICY TO PRACTICE:

WHAT ARE THE SIGNATORIES

ASKING FOR?

The group is calling for three

immediate shifts in market behaviour:

• Normalise retail-inclusive IPOs: A

default retail tranche for all IPOs and

the new PVLB.

• The PEG standard: Encouraging all

UK issuers to adopt the updated Pre-

Emption Group guidelines, allowing

for a retail follow-on offer of up to

20% of any institutional placing.

• Transparency: Requesting that the

New Listings Taskforce and the

FCA publish periodic statistics on

retail inclusion to hold the industry

accountable.

This letter signals that the infrastructure

is now "ready to deliver" in

support of the government’s industrial

strategy. The group was led by

Retail Book, with Liverywoman Stacey

Parsons arranging the open letter.

See page 20 for more on Stacey and

RetailBook. Read the open letter here:

https://lnkd.in/edC4vbQj

14



LOOKING OUTWARDS

LOOKING OUTWARDS

Katya Gorbatiouk with keynote speakers Sir Douglas

Flint and The Rt Hon the Lord Mayor Alastair King, at the

London Stock Exchange’s 2025 Annual Investment Funds

Conference entitled “Active Asset Management in Focus”

The trillion-pound question:

how can Britain's capital fuel

its economic success?

LONDON STOCK EXCHANGE’S KATYA GORBATIOUK ON THE JEWEL IN OUR INVESTMENT CROWN

Britain may already hold the keys to

its economic future — but it is time

to bring them out of the nation’s

treasure chest. First, let's consider

the extraordinary demands of our

times - upgrading our infrastructure,

protecting this infrastructure,

accelerating energy independence

and nurturing innovative start-ups

into great British companies. These

investments require specialist expertise

in each subsector to source and

manage assets, to drive performance

and value creation. These investments

require capital at scale and capital

that is long-term. These investments

require robust governance structures

that will ensure accountability to capital

providers. Not least, to truly realise

their potential as engines of prosperity,

these opportunities need to reach

the broadest universe of investors. At

stake is nothing less than our economic

sovereignty and security.

THE PILLARS OF PROSPERITY

The UK has all the essential building

blocks for prosperity. Firstly, with over

£3 trillion in UK's pension schemes -

the second largest pension pool in the

world - there is capital to be harnessed.

Secondly, the UK is renowned for

innovation across industries - from life

sciences to tech, from clean energy to

defence. And thirdly, the UK is home

to a globally renowned active asset

management industry that should

be fully empowered to serve as the

connecting tissue between large pools

of capital and assets that drive national

growth.

RESTATING THE CASE FOR

ACTIVE ASSET MANAGEMENT

The national debate has progressed

from whether our pension capital

should back our economic future, to

which structures and asset classes align

fiduciary duty with national priorities.

Mansion House Accord signatories

highlighted that the critical enablers

for their investment are opportunities

of scale and skillsets for private market

investing. This makes a compelling

case for actively managed investment

vehicles that source productive assets

for portfolios of scale enough to be

investable by large pools of capital.

BRITAIN’S CROWN JEWEL

The urgency to unlock investment

and growth means every available

mechanism to do so needs to be

deployed. Besides traditional private

equity funds, active management is at

the heart of the UK's globally leading

listed investment trust sector, that

harnesses the scale of public markets.

The investment trust structure is an

example of a great British innovation,

in ever evolving financial services,

that has stood the test of time over

the past 157 years - through wars,

economic crises and pandemics - with

a rich history of financing innovation

and progress, both in this country

and around the world. With shares

issued in exchange for capital, investors

in the closed-end fund structure

enjoy liquidity without reducing the

capital pool by trading shares. As

different from open-ended or semiliquid

structures, this capital can

be fully invested in the underlying

assets without a "cash drag" or the

risk of having to fire-sell underlying

assets at a wrong time to meet capital

redemptions. As different from a

typical private fund, the capital gets

invested in perpetuity, without the

need to align the timing of investments

with the lifespan of the fund itself. The

permanent closed-ended structure of

a listed investment trust mirrors the

capital requirements of our productive

industries.

For investors, the investment trust

structure enables liquid access to

actively managed portfolios of private

assets without a minimum ticket size

or time commitment. Investment

trust portfolios benefit from specialist

management expertise in a specific

industry or asset class, under the

oversight of independent boards and

subject to the disclosure requirements

enshrined in the listing rules.

With the breadth of investment

strategies, the depth of institutional

investor base and the strength of the

advisory ecosystem, this is a market

that other developed jurisdictions

have not been able to replicate. The

£270 billion investment trust market

is often called the "crown jewel" of

the UK markets. But a jewel is just a

rock without a source of light. The

light that makes this crown jewel shine

is active asset management. Having

this capacity in a listed structure adds

to the vibrancy of the public markets,

investor choice and competition.

UNLEASHING OUR POTENTIAL

With great assets, deep capital and topquality

active management - what is

required to unlock Britain's potential?

Firstly, it is outcomes-focused

regulation that is fully aligned with

regulators' growth objectives, with

robust and continuous dialogue

between regulators and market

practitioners. The historic global

advantage of the UK’s investment

trust market is rooted in a regulatory

framework that has never limited

portfolio allocations to illiquid assets.

It has made the UK's investment trusts

truly stand out in the global market

infrastructure. As this article is going

to press, all eyes in the sector are fixed

on the forthcoming regulatory regime

for Consumer Composite Investments.

Secondly, proactively building

relationships between pension schemes

and specialist asset managers in private

markets will benefit both sides and

glean positive lessons from this longestablished

practice in Canada. This

proactive approach should include

listed investment trust managers, as

all possible pathways to investing in

productive assets need to be unlocked.

It’s worth restating that improving

scale, liquidity and market performance

of investment trusts, as with any listed

companies, is inextricably linked to

improving the availability of risk capital

at scale.

Thirdly, the big job ahead is promoting

a system-wide cultural shift to restate

and celebrate the value of active

asset management — to investors, to

underlying industries, and thus to the

economy at large. The pronounced

trend toward low-cost investing

requires pencils to be sharpened

in articulating the case for actively

managed portfolios and crystallising

the value being created in the

underlying assets.

THE SILVER LINING

The timing is opportune. The

imperative to broaden sources of

returns for pension beneficiaries is

indisputable, and the new Value-for-

Money framework is an opportunity

to make this capital work harder.

We can no longer afford to neglect

our strategic home-grown assets —

from the fusion energy to defence

infrastructure, from quantum

computing to biomedical innovation.

The UK’s active management industry

is fully set to serve as a bridge between

large pools of capital and high-impact

productive investments, translating

innovation into industrial capability.

Our future is in our hands to build.

There is no magic wand to spark

economic growth. Britain’s future

prosperity depends on our ability to

connect capital with innovation. As

was the case with the first investment

trust 157 years ago, that’s exactly what

the great City of London has always

delivered, finding the right keys at

turning points in the nation’s history.

Liverywoman Katya Gorbatiouk is Head

of Investment Funds at London Stock

Exchange.



LOOKING OUTWARDS

LOOKING OUTWARDS

Boosting pensions investment in UK

FIVE POTENTIAL REFORMS TO DC PENSIONS TO SUPPORT THE MANSION HOUSE ACCORD

A New Financial report from autumn 2025 highlighted the sharp decline in UK defined

contribution (DC) pension investment in domestic equities and sets out practical options

to reverse this trend to help achieve the objectives of the Mansion House Accord.

Over little more than a decade, DC

schemes’ allocation to UK equities has

fallen from about 40% of their equity

holdings to just 9%, and to only 4.9% of

total DC assets (around £33bn). This is

far below the global DC average, where

more than 13% of assets and nearly

30% of equity holdings are invested in

domestic markets. On current trends,

the UK share in DC assets is projected

to fall further to around 3.5% by

2030 as more schemes adopt “global

market‐weighted” strategies.

The report argues that a vibrant UK

public equity market matters for

both economic and societal reasons.

Listed UK companies employ nearly

four million people and have a large

footprint across local economies. A

stronger stock market would help more

UK firms raise capital to invest in jobs

and growth, provide a funding pathway

for high‐growth and technology

businesses to scale and remain in the

UK, connect millions of pension savers

with companies they recognise, and

signal that the UK is an attractive place

to invest.

Policy attention in recent years has

largely focused on encouraging pension

investment into private markets and

infrastructure. While important, this

leaves a gap on the demand side for

listed UK equities. The report therefore

concentrates on DC pensions, which

are expected to become the largest

pool of UK retirement assets by 2030,

and examines the likely impact of five

reform options on DC allocations to UK

equities by 2030. Each is assessed on

potential impact, simplicity, practicality,

stakeholder resistance and political

difficulty.

THE FIVE OPTIONS

SUGGESTED IN THE NEW

FINANCIAL REPORT ARE:

1. Do nothing: Let markets and existing

reforms run their course. This is

administratively simple but likely to

see UK equity allocations fall further,

to around 3.5% of DC assets by 2030.

2. Contributions‐based incentive:

Make higher or additional‐rate tax

relief conditional on a minimum

allocation to UK equities. This could

lift UK investment but is complex

because it operates at the individual

contribution level, and its overall

impact is estimated at only £40–

£50bn above today’s level.

3. Tax‐free lump sum incentive:

Increase the tax‐free lump sum

from 25% to up to 35% for pension

pots with higher UK equity

exposure. This shares the same

attraction and complexity as the

contributions‐based option, with

similar middling impact.

4. Mandation (“nuclear option”):

Require DC schemes to hold

20–25% of their equity allocation

in UK shares. This could more than

quadruple current investment in

UK equities but would be highly

controversial and place the UK

alongside only a handful of countries

(China, Hong Kong, India) that

mandate domestic equity quotas.

5. UK‐weighted default fund

(“balanced option”): Require DC

default funds to hold a 20–25% UK

equity weighting within their equity

allocation, while allowing members

to opt out. This scheme‐level reform

is materially simpler than individual

tax incentives and avoids hard

quotas. It could raise DC investment

in UK equities by £50bn–£100bn

from today’s level, with a central

estimate of around £95bn. A 20% UK

equity share is close to where the

market stood as recently as five years

ago and remains consistent with

international norms and sensible

diversification.

A new compass to guide

investors and issuers

SALLIE PILOT, MANAGING DIRECTOR OF THE INVESTOR & ISSUER FORUM,

ON A PRACTICAL STEP TOWARDS MORE EFFECTIVE UK CAPITAL MARKET

In recent years, there has been

no shortage of debate about the

effectiveness of the UK equity market.

Questions around competitiveness,

stewardship, engagement quality and

the long-term allocation of capital

have moved from the margins to the

mainstream. Yet despite strong intent

across the system, progress has often

felt fragmented.

Against this backdrop, the launch of

the Investor & Issuer Compass marks

a practical attempt to reset how

companies and investors engage with

one another - not by adding new rules

or frameworks, but by clarifying what

“good” looks like in practice.

The Compass has been developed

by the Investor & Issuer Forum

(I&IF), a practitioner-led initiative

bringing together asset owners, asset

managers and listed companies across

the investment chain. Its purpose is

simple: to support more constructive,

proportionate and outcome-focused

dialogue in UK listed equities, anchored

in long-term sustainable value creation.

A SYSTEM UNDER STRAIN

One of the most striking findings

from the I&IF’s work over the past

year has been the consistency of

feedback across different parts of

the market. Investors, companies

and advisers frequently express

similar frustrations: engagement is

increasing in volume, but not always in

effectiveness; expectations continue

to rise, while time, clarity and resource

remain constrained. These tensions

are not the result of bad faith or lack

of commitment. On the contrary,

stewardship intent across the system is

strong. The challenge lies in translation

- turning high-level principles into

day-to-day interactions that genuinely

support better decision-making, trust

and long-term outcomes. The Compass

responds directly to this gap.

NOT ANOTHER FRAMEWORK

A critical design principle was that

the Compass should not introduce

new obligations, metrics or reporting

burdens. Instead, it brings together

existing market principles already

embedded in the FRC’s UK Corporate

Governance Code, the Stewardship

Code and related standards and makes

them more navigable in practice.

It does this through five enabling

conditions that consistently underpin

effective engagement:

• Proportionate expectations

• Constructive dialogue

• Empowered and accountable boards

• Clear, decision-useful reporting

• An aligned and responsible ecosystem

These conditions are deliberately

non-prescriptive. They are intended

to be used as a shared reference

point - helping participants sensecheck

priorities, calibrate requests, and

understand how different parts of the

system experience the same interaction.

A shared language for engagement

One of the Compass’s most valuable

contributions may be cultural rather

than technical. By offering a common

language, it helps shift conversations

away from box-ticking and towards

judgment, context and trade-offs.

For companies, this means greater

clarity on what investors are really

trying to understand and why. For

investors, it provides a framework

for reflecting on proportionality,

consistency and escalation. For both,

it creates space for more honest

conversations about constraints,

incentives and long-term strategy.

Importantly, the Compass is not

positioned as a scorecard. It does

not rank behaviours or define “best

practice” in absolute terms. Instead, it

supports better questions - which is

often where better outcomes begin.

FROM PRINCIPLES TO PRACTICE

The Compass was launched alongside

a broader programme of work by the

Investor & Issuer Forum, including a

series of investor, asset owner and

proxy adviser showcases, and new

research on pass-through voting.

Together, these initiatives point to a

common theme: many of the frictions

in the market are systemic rather

than isolated and addressing them

requires shared understanding rather

than unilateral action. The Compass

is therefore best seen as an enabling

tool - one that complements regulatory

reform and market initiatives by

focusing on behaviours, expectations

and relationships.

LOOKING AHEAD

Improving the effectiveness of capital

markets is a long-term endeavour.

There are no quick fixes, and no

single tool will resolve the structural

challenges facing UK equities. But

progress is possible when participants

are willing to step back, listen across

the system and focus on what genuinely

supports long-term value creation.

The Investor & Issuer Compass is a

modest but important step in that

direction - offering clarity where there

has often been noise, and connection

where there has too often been

fragmentation.

Sallie Pilot can be contacted on

www.investorandissuerforum.org.uk

* How to boost investment in UK equities by UK pensions, newfinancial.org



LOOKING OUTWARDS

LOOKING OUTWARDS

KEY REFORMS DRIVING RETAIL

INCLUSION AND UK MARKET

COMPETITIVENESS

The power of retail investors

STACEY PARSONS AND NICK DILWORTH ON MOBILISING £1.5 TRILLION FOR UK GROWTH

The UK stands at a crossroads. With £1.5 trillion in retail wealth ready to be mobilised, the

question is: will we unlock this capital for UK growth or continue to let it drift offshore, or

worse, into speculative assets?

For too long, we’ve treated retail

as a monolith: same demographic,

same ambitions, same access. That

misconception has shaped policy

and culture, creating a system that

excludes rather than empowers. In

reality, retail investors are diverse:

from those who can and do, to those

who lack confidence or know-how.

Our industry’s inertia, assuming “retail

looks like us,” has blinded us to their

potential and pushed a generation

towards crypto instead of UK growth.

Lord Hill’s 2021 review exposed this

gap: retail participation in UK capital

markets had all but vanished. Yet

retail investors are no longer fringe

players. Today, they hold 52% of global

assets under management, rising to

61% by 2030. Over the next decade,

£5.5 trillion will transfer from Baby

Boomers to younger generations; the

most financially empowered cohorts in

history.

Financial Conduct Authority (FCA) data

shows 18–34-year-olds with investments

jumped from 19% in 2020 to 29%

by mid-2022. They’re digitally native,

values-driven, and brand-conscious.

They’re not just making investments;

they’re buying into missions and

impact. They educate themselves,

demand transparency, and want

companies that reflect their ambitions.

They are the ultimate end-users of our

capital markets.

If we embrace retail, we unlock the

UK’s most powerful growth engine.

The solution isn’t radical it’s removing

friction, building trust, and creating

a narrative that retail belongs at the

heart of our capital markets.

INVESTOR PARTICIPATION:

A GATEWAY TO INCLUSION

Investor participation in IPOs and

follow-on raises is a gateway to

financial inclusion. When investors

come forward in primary markets, they

open accounts, build portfolios, and

fund UK innovation and jobs. Recent

UK listings such as Beauty Tech Group,

Shawbrook Group, Princes Group,

and SSE’s £1bn Equity placing, signal

renewed optimism, with retail investors

engaged via platforms like RetailBook.

But participation remains patchy.

Why? Because of structural barriers

and industry cultural preconceptions.

We’ve built a system that assumes

retail is passive, unsophisticated, and

peripheral. That mindset has cost us

growth and innovation. Changing this

narrative is critical if we want retail

to become the UK’s most powerful

growth engine. The solution isn’t

radical, it’s removing friction, building

trust, and creating a narrative that

retail belongs at the heart of our capital

markets. The good news is that’s all

about to change as UK capital markets

are on the cusp of a revolutionary

transformation after 5 years of review,

reform, and revaluation - moving

from a culture that has historically

and unwittingly steered the public

towards cash savings or crypto - to

one that actively encourages investing

for long-term wealth creation. There

now appears to be a shift away from an

"overly paternalistic regulatory stance"

toward a framework that empowers

individuals. This new era, propelled by

key regulatory reforms over the last

five years, positions the retail investor

not as a fragile entity to be protected,

but as a vital, powerful source of

productive capital for UK growth.

Following the recommendations of

the Lord Hill review in 2021 and other

efforts, the new Public Offers and

Admissions to Trading Regulations

(POATRs) that took effect from

January 19, 2026, delivering seismic

changes to level the playing field for

investors, issuers and the broader

ecosystem, marking a welcome turning

point of change with:

Follow-On Raises Made Easier:

Companies can now issue up to 75%

of existing share capital without a

prospectus (up from 20%). This

removes friction for accelerated bookbuilds

and follow-ons, cutting costs and

making the UK more agile. No longer

will issuers cap raises at 19.9% to avoid

thresholds unlocking faster access to

growth capital.

Faster IPO Timelines with Retail

Access: IPOs can go live three days

after prospectus publication (down

from six) and include a retail offer. This

aligns the UK with global best practice,

speeds execution, and ensures retail

participation adds value not complexity

for employees, communities, and the

public.

Opening Corporate Debt to Retail

A single disclosure standard for

debt securities introduces PVLBs

Plain Vanilla Listed Bonds—at

low denominations. This gives

retail investors access to highgrade

corporate debt, supporting

diversification, inclusion, and a stronger

fixed-income ecosystem.

Removing Barriers to Public Offers:

The restrictions for undocumented

deals have been removed enabling

broader retail participation in public

offers. This strengthens public

ownership and creates a more

democratic capital market.

Building Growth with Inclusion

Government and regulators are

introducing frameworks to support

further retail investor engagement.

Stacey Parsons

Retail investors are the bastions of

change, driving a cultural shift in

how capital markets are accessed,

understood, and valued. As the UK

Government prepares to launch its

landmark Retail Investment Campaign

in 2026, the opportunity to bring a new

generation of investors on the journey

has never been greater. Backed by the

Leeds Reforms, this campaign aims

to unlock over £1.5 trillion in dormant

cash savings, empowering individuals

to move from passive savers to

active participants in the economy. In

combination with the recently launched

FCA Targeted Support Scheme which

also takes effect next year, there is

a clear path to broaden financial

inclusion, build long-term wealth,

and foster a more democratic capital

markets. But to succeed, the industry

must keep pace with the expectations

of this evolving investor base offering

not just access, but also education,

trust, and relevance.

For decades, the UK's investment

culture has been hampered by systemic

exclusion and a fragmented policy

agenda. The core diagnosis points to

three key factors that stifled public

engagement: This systemic issue is

highlighted by the contrast between

"Sid the Saver" and "Sid the Investor":

in RetailBook’s GetInvested Report

launched earlier this year. An annual

£10,000 investment from 1986 to 2024

would have resulted in £2.3 million for

the investor compared to £617,178 for

Nick Dilworth

the saver. This difference represents

over £1 trillion in estimated lost wealth

accumulation for UK households due to

declining public participation in capital

markets.

EDUCATION AND GUARDRAILS:

THE PATH TO PROSPERITY

Regulatory change alone is not enough;

access must be paired with education

and robust guardrails. The goal is to

move from a tax-wrapper-first mindset

to one that champions informed

investment empowering individuals

through three core levers: knowledge,

transparency, and trust. This means

moving beyond the defensive,

ineffective risk warning of “Capital

at risk” to behaviourally informed

communications that explain both

the inherent risks and the compelling

potential for returns. Investors deserve

clarity, not fear. If we get this right, the

UK can create a market that is inclusive,

competitive, and resilient, where retail

investors are not just participants but

partners in national growth. Education

and engagement will turn access into

empowerment, and empowerment into

prosperity

Liverywoman Stacey Parsons is Managing

Director RetailBook, Chair and Founder of

Investor Access to Regulated Bonds Working

Group (IARB). Freeman Nick Dilworth

is Managing Director - Legal, Risk and

Compliance at RetailBook, Deputy Chair and

Founder of IARB.



LOOKING OUTWARDS

LOOKING OUTWARDS

Building on shared foundations

FR SIMON CUFF OF ST MARY-LE-BOW, HONORARY CHAPLAIN TO WCIB, ON STRENGTHENING TRUST

Societies with high levels of trust in their

leaders and institutions – and with leaders

and institutions capable of earning and

maintaining such trust – are vital, both for

the health of the communities which are

served by the Church throughout the

world, and in all the places where we

might do business.

Each week we’ll invite a speaker with a brief to try to speak to

where a consensus might be found on an area of interest to

those who live and work in the City, and which otherwise be

contentious or itself part of a polarising debate which erodes

trust. These begin on May 21st where we’ll be joined by Luke

Tryl, Director of More in Common, and continue through until

July 16th where we pause of the summer. We’re partnering

with the Fairness Foundation and the Centre for Enterprise,

Markets and Ethics to explore attitudes to economics from

their respective politically left and right perspectives on May

28th, before inviting them to host speakers in subsequent

weeks. Other speakers include Emily Thornberry MP, Chair of

the Foreign Affairs Select Committee (July 9th). At the same

time, we’ll be offering 15 minutes of candlelit sung prayer at

8pm each Thursday from 21st May to allow Thursdays evening

to end – or be interspersed with – a mindful moment in the

beauty of our ancient Church. Every member of the Company

and their guests is very welcome to attend these events, and

if you’d like to suggest potential speakers, explore sponsorship

of events in this series, or donate towards the cost of this

programme do please be in touch. St Mary-le-Bow relies on

donations and sponsorship to do all we do.

To end with a personal note, it’s an honour to have been

appointed as Honorary Chaplain of the Company, and to

continue the long association between the Company and St

Mary-le-Bow. In addition to our round of services and events,

our building is open all day from 8am - 6pm for a moment of

silence in the bustles of City life, to light a candle or request a

particular prayer. If you’ve not discovered the Norman Chapel

of the Holy Spirit downstairs just off Bow Churchyard it is

one of the secret havens of the Square Mile. Please know also

that I’m available to any member of the Company, for pastoral

conversation, to explore a life event or milestone, or just

to be a listening ear. I trust I’ll meet lots of members in the

months and years to come, and look forward to collaborating

in building that trust we share and upon which is founded all

that we do.

The Rev’d Dr Simon Cuff is Rector of St Mary-le-Bow on Cheapside,

and Honorary Chaplain to the Worshipful Company of International

Bankers. frsimon@stmarylebow.org.uk

If you pick up any dollar bill, you’ll see the motto inscribed:

“In God We Trust”. You might think that any overlap between

the work of the Church, or any religious profession, and

international finance is limited to this mention of the divine

on a major international currency. In fact, the business of

the Church and that of international banking have more in

common than first appears. Not only are both– as the Master

of the Company recently remined us at his installation dinner

– truly international, but both have a shared foundation: trust.

The Church is celebrating this year the 1700th anniversary

of the Nicene Creed, a statement of belief at the heart of

Christan faith. It begins ‘credo in unum Deum…’ (‘I believe in

one God…) and sets out the essentials of Christian faith. Our

modern term ‘credit’ similarly has as its basis ‘trust’ or ‘belief’

from the Latin root ‘credere’. Trust is the foundation both of

the Church and of our systems of international finance. All of

our transactions have trust as a basis.

For two spheres of life that are so squarely founded on

trust, both the Church and international banking have faced

the challenge in recent years of diminishing trust in their

leaders and institutions. Maintaining trust in - and between

- international financial institutions remains essential,

especially given increasing global pressures.

And yet, our shared concern with trust goes beyond its

foundational role in our respective organisations, or in how

our leaders and institutions are perceived. The levels of trust

which exist in the contexts, communities, and nations in

which we operate is also important. The link between levels

of societal trust and reduced levels of market risk is becoming

more established.

Societies with high levels of trust in their leaders and

institutions – and with leaders and institutions capable of

earning and maintaining such trust – are vital, both for the

health of the communities which are served by the Church

throughout the world, and in all the places where we might

do business. The increased lack of trust in leaders and

institutions in recent years is therefore something that should

concern all of those of us for whom trust is foundational for

what we do.

Here at St Mary-le-Bow on Cheapside, just a few minutes’

walk from Mansion House, we’re beginning a new series of 30

minutes talks at 6pm each Thursday over refreshments (from

21st May 2026) to attempt in a small way to contribute to

rebuilding trust across the communities and institutions we

serve.



LOOKING OUTWARDS

LOOKING OUTWARDS

The lifesaving value of “The Circuit”

LIVERYMAN PHILIP YEA ON HOW REGISTERING YOUR OFFICE DEFIBRILLATOR WILL HELP SAVE LIVES

For many financial firms, a defibrillator

in reception or on the trading floor is

now standard. It looks reassuring, it

ticks a compliance box – but unless that

device is registered on The Circuit, the

national defibrillator network, it may

be invisible at the very moment it is

most needed.

For our London‐centred financial

community whose people are

concentrated in dense business

districts, the difference between a

visible and an invisible device is not

theoretical. It can be the difference

between life and death.

The Circuit is the UK’s national

defibrillator network, built and run

by British Heart Foundation with the

Resuscitation Council UK, St John

Ambulance, and the Association of

Ambulance Chief Executives, NHS

England and Save a Life Cymru. It maps

defibrillators across the country UK

and dynamically shares that data with

ambulance services.in real time.

When someone suffers a cardiac arrest

out of hospital and a bystander calls

999, ambulance control can use When

someone suffers a cardiac arrest outof-hospital

and a bystander calls 999,

ambulance control can use data

provided by The Circuit to pinpoint

the nearest registered, available

defibrillator and direct bystanders

to it. If your organisation’s device is

registered, it can be deployed rapidly

within minutes. If it is not, as far as the

ambulance service is concerned, it may

as well not exist. Each year, there are

more than 40,000 out-of-hospital

cardiac arrests in the UK. The survival

rate is less than one in ten. Every

minute without CPR and defibrillation

reduced the chance of survival by

up to 10%. Those are unforgiving

numbers – but they also point to a

clear opportunity. Early CPR and early

defibrillation can more than double

survival chances in some cases.

WCIB Liveryman Philip Yea (pictured

right) was Chair of British Heart

Foundation for seven years until

2022 which is when the concept of

The Circuit was first developed. He

is a serious businessman and private

investor, current Chair of Mondi plc

and former Chair of Equiniti and past

non-executive director of Aberdeen

Standard Asia Focus plc. He is now

an ambassador for British Heart

Foundation helping spread the word

concerning The Circuit.

“The simple reality is that defibrillators

save lives – but only if they can be

found and are ready to use,” he says.

“The Circuit gives ambulance services

visibility of thousands of devices that

were previously hidden from view. For

businesses, registering is quick, free and

one of the most practical contributions

you can make to the communities you

operate in.”

Over 115,000 defibrillators are now

registered on The Circuit. Yet it is

estimated that tens of thousands more

– in offices, shops, gyms and private

buildings – remain off the system.

The Circuit doesn’t just map locations;

it also helps ensure that the devices

are in working order. Each unit has a

nominated “Guardian” – the person

responsible for looking after the

defibrillator, typically within facilities,

health and safety or corporate real

estate teams. Guardians receive

automated reminders when routine

checks are due or consumables (such

When someone suffers a cardiac arrest out of hospital and a

bystander calls 999, ambulance control can use The Circuit

to pinpoint the nearest registered defibrillator.

as pads) are approaching expiry. They

can quickly log status updates online,

giving ambulance services confidence

that a defibrillator is ready to use when

they signpost someone to it.

For organisations with multiple offices

and branches, The Circuit offers bulk

registration via spreadsheet upload and

a dashboard view. That allows a central

administrator to see the status of every

defibrillator at a glance and to delegate

local responsibility efficiently.

As Philip notes: “Corporate networks

often have dozens or hundreds

of devices. The Circuit turns that

from a management headache into

a structured process – and gives

emergency services confidence that

those devices are serviceable in a

crisis.”

LLOYDS BANKING GROUP:

REMOVING BARRIERS TO

ACCESS

Lloyds Banking Group provides a clear

example of how a major financial

institution has maximisd the public

value of its defibrillators. The group has

registered its devices on The Circuit

and piloted unlocked defibrillator

cabinets at selected branches to ensure

24/7 public access. Since the pilot

began, there have been out‐of‐hours

deployments and daytime activations

of those defibrillators.

“Beyond compliance, this decision

was rooted in our desire to create a

uniform, accessible solution across

all branches,” explains Kyra Karim,

Workplace Inclusion Manager at Lloyds

Banking Group. “We recognised that

every second counts in a cardiac

arrest and requiring a code to unlock a

cabinet could introduce critical delays.

Unlocked cabinets eliminate this barrier

and ensure immediate access for the

public and emergency responders.”

From an operational perspective,

Lloyds highlights the value of The

Circuit for managing a distributed

estate of devices. The ability to

bulk upload defibrillators, nominate

Guardians centrally and then rely

on automated reminder emails

has significantly reduced manual

effort and the risk of oversight. “If

you're considering registering your

defibrillators on The Circuit, our advice

is simple: do it,” says Karim. “It ensures

your devices are visible to emergency

services, which can save lives. The

registration process is seamless,

especially with the bulk upload

spreadsheet, and nominating Guardians

early makes ongoing maintenance easy.”

Sub-head: Why this should be on every

banking COO’s agenda

For banks, insurers, asset managers and

professional‐services firms, the case for

registering on The Circuit runs across

several dimensions:

• Duty of care: staff and clients spend

long hours in offices and branches.

A visible, registered defibrillator,

supported by staff confident in CPR,

is a clear demonstration of your

organisation’s commitment to health

and safety.

• Community impact: in dense

business districts, your device may

be the closest available in any given

emergency, whether the casualty

is an employee, a contractor or a

passer‐by.

• Operational simplicity: The Circuit’s

tools – bulk upload, automated

reminders, dashboards and clear

Guardian roles – reduce compliance

and facilities overhead.

• Reputation WHAT OUR and FIRMS ESG: cardiac SHOULD arrest

survival DO NOW statistics are stark, but the

interventions are simple. As Philip

Yea First, puts check it, “For whether organisations your

that defibrillators talk about are purpose already and on The

social Circuit. responsibility, The BHF’s DefibFinder making your

defibrillators tool allows you visible to enter to the a postcode NHS is a

straightforward, and see registered high‐impact devices nearby step.” –

and identify gaps.

Second, assign Guardians to

register any device that isn’t yet

registered. The process is

free and typically takes only a few

minutes per unit or can be done in

bulk for large estates Third, brief

your Guardians to regularly check

the defibrillator and update The

Circuit, it takes just minutes and

provides ambulance services with

the confidence it is ready to help

save a life. Finally, ensure staff are

confident in CPR.

Having a defibrillator on the wall

is a start. But a defibrillator that

ambulance services can locate

in seconds, that’s maintained,

accessible, and connected to

a lifesaving network – that’s a

true asset. The Circuit is the

infrastructure that makes that

possible. For a sector that

understands the importance of

networks, data and responsiveness,

registering is not just the right thing

to do. It is the only way ahead.



LOOKING OUTWARDS

LOOKING OUTWARDS

Harnessing AI for good

in finance

ALISON COTTRELL ON THE GOVERNANCE OF AI

AND THE ROLE OF CORPORATE CULTURE

The arrival of artificial intelligence (AI) on our phones and

screens has implications for how we work, consume and

communicate. In financial and professional services, it is

already bringing speed and scale to traditionally resourceintensive

tasks such as fraud detection, predictive analytics,

customer service, software development, research and

analysis, and contract management. The impact on different

firms and sectors will vary, but even those whose use of AI is

very limited will have customers, suppliers, competitors and

employees who use it themselves. In a world where we are all

learning how to use a new and rapidly developing range of AI

tools, workplace culture becomes an even greater priority for

boards, professional bodies and regulators in every sector.

AI gives more people easier, cheaper and faster access

to more information. That this information is not always

correct, does not prevent it having a destabilising influence

on the professions and on traditional sources of expertise

and experience. For businesses, the challenges in using AI

are both practical (e.g. bias, hallucination, third party risk,

confidentiality, transparency, disclosure and ethical; how to

apply existing ethical frameworks, principles and values in new

contexts. While often framed in terms of maintaining trust,

this is more accurately about being trustworthy; a concept

defined in various ways, but most persuasively by Baroness

Onora O’Neill as being honest, reliable and competent. 1

Many current AI applications are easy (by design) to

anthropomorphise. They are often likened to junior team

members, albeit ones that are unusually creative and

well-read, really want to be liked and live for the moment.

But AI is not a colleague. It is a tool. It has a vast working

memory and enormous processing power, produces output

that is coherent and plausible but not always correct, and

is developing rapidly. What it cannot do is demonstrate

accountability or exercise critical judgement. The legitimacy

and standing of a firm or a profession rest on the honesty,

reliability and competence of its people. And as we tend, at

least for now, to be less forgiving of AI error than of human

error, the reputational damage resulting from insufficient AI

oversight can be high.

All of which means that firms need good AI policies created

with input from across the business. But no policy, however

good (and AI can draft some excellent ones), can guarantee

good outcomes. A lack of compliance may reflect bad

behaviour, but a bigger problem is generally poor behaviour.

This may be because people don’t know about the policy;

they don’t care; they think that other people don’t care; they

have deadlines or targets; they have conflicting loyalties or

incentives; they are reluctant to ask for help; they are overconfident;

or they regard the policy as stupid and drafted by

someone who has clearly never used AI in their life. Whatever

the reason, intended and actual behaviour can easily diverge

to an extent only realised when the firm makes headlines for

all the wrong reasons.

As individuals we have evolved to want to fit in. We adjust our

behaviour in different groups to what is deemed admirable,

Good corporate cultures come in many

forms, but all are characterised by a

readiness to speak up and listen. Both

are central to effective risk management,

continuous improvement and resilience.

The two primary reasons people give for

not speaking out are fear and futility.

tolerable or shameful. If the organisation’s culture – the way

things get done – is not conducive to the responsible use

of AI, AI will not be used responsibly however excellent the

company policy.

The global financial crisis of almost two decades ago

propelled banking sector culture into the spotlight. Managing

culture is not however a challenge unique to financial services.

As successive headlines demonstrate, poor (and good)

cultures are found in every sector and jurisdiction. Drawing

on the experience of the Financial Service Culture Board 2 and

its work with UK firms and others following the financial crisis,

three observations that may be particularly pertinent in the

current environment:

• Good corporate cultures come in many forms, but all are

characterised by a readiness to speak up and listen. Both

are central to effective risk management, continuous

improvement and resilience. The two primary reasons

people give for not speaking out are fear and futility; the

concern that something bad will happen if they do, or the

assumption that nothing will happen. A key question for any

organisation to ask its employees is "Did you want to speak

up about something over the past [X] months?" and, if the

answer is yes, "Did you speak up about it?". The gap between

the two, and how it varies within the firm and over time, is

core information for boards and senior teams.

• Leadership is not the only influence on culture but it

carries most weight. We all know that leading by example

matters, but in a leadership role we easily underestimate

the extent to which we are observed. Leaders need to be

part of the narrative they tell. Most firms, for example,

talk about their values. What differentiates good and poor

cultures is whether employees (and others) see those

values epitomised by those in authority. In a digital context,

do board members and executives visibly follow good

practice and attend training, or cut corners and muddle

through? Do the IT and compliance teams regard the board

as role models or risks? When it comes to AI as in anything

else, leaders shape culture in some of what they say and

everything they do.

• While every organisation’s culture is unique, the same is

rarely true of the challenges in managing it. Firms can learn

from both their own and others’ experience, within and

across sectors. Non-executive directors with experience in

other sectors can be helpful in this context, as can industry

and professional bodies. Sharing examples of what has and

hasn’t worked helps everyone learn faster; and when the

trustworthiness of a sector rises, everyone benefits.

AI affects different sectors in different ways, but its ethical

and appropriate use is an issue for every organisation. Even

those firms relatively insulated from its initial impact will have

customers, clients, suppliers or employees who use it. As

generative AI (and, in time, agentic AI) continues to develop,

having a good organisational culture will become all the

more important; not only in making it easier for everyone

in the firm to do the right thing than the wrong thing, but in

enabling them to do ever better things.

Liveryman Alison Cottrell is a member of member of the WCIB

Education and Charity Committee. She is a Non-Executive Director at

LINK Scheme, Vice Chair at the East London NHS Foundation Trust

(ELFT), and a trustee of Phoenix Futures. She was founding CEO of

the Financial Services Culture Board and is a Fellow of the Society of

Professional Economists.

This article draws on comments made at a panel event on “AI and the

Employed Bar; Opportunities and Challenge”’ organised by the Centre

for Ethics and Law at UCL, and the Middle Temple Employed Bar

Society. https://www.youtube.com/watch?v=TOni0B6I6mg

1 For a succinct overview of this, see https://www.youtube.com/watch?v=XWwTYy9k5nc



2 The FSCB was a not-for-profit industry body that, over the eight years from 2015, worked

with banks and other financial services firms operating in the UK to help them manage

organisational culture

LOOKING OUTWARDS

LOOKING OUTWARDS

Orwell comes

alive in finance?

FRANK BROWN QUESTIONS THE LANGUAGE USED

IN BOARDROOMS AND EXCOS ABOUT AI

Should senior management ‘police’ the language used in the firm? It sounds like an

Orwellian concept, but Boards and Excos should be aware of the power of language

and how it shapes perceptions.

George Lakoff and Mark Johnson’s

1980s book Metaphors We Live By

described conceptual metaphor

theory. It is the foundational study for

understanding how metaphor shapes

not just language, but thought, action,

and social systems. In their words,

‘Metaphors may create realities for

us, especially social realities’.

This creation of reality through

language is happening today as we

strive to harness, control and make

sense of the emerging technology of

Artificial Intelligence. And because we

are discussing new and unfamiliar ideas,

those receiving the information (e.g.,

your staff) will have a limited existing

conceptual framework to assess the

message; therefore, the words used will

carry far greater weight. Impressions

get hard-coded into culture remarkably

quickly. So, if your staff are given the

wrong impression of the utility and

limitations of AI, at the outset, this

will become the foundation of poor

outcomes in the future. There are

several terms and concepts currently

being used to describe AI that people

should be particularly cautious about.

AI AGENT

Agentic AI is the current buzzword.

It brings with it the appealing idea

that firms can dispatch ‘AI agents’ to

perform tasks once performed by

humans (and increase efficiency and

reduce payroll costs in the process).

Yet the term 'agent' is misleading one.

In law and commerce, an agent implies

agency, competence, and contractual

responsibility. A travel agent can book

your holiday; an insurance agent

can arrange cover. Their actions are

governed by regulation, professional

standards, and indemnity insurance.

AI systems have none of these

safeguards. They are simply ‘bots’,

products of code, subject to model

drift, and lacking accountability.

To call them ‘agents’ brings with

it the perception of a transfer of

responsibility, without the presence

of an external entity to actually

absorb the liability. Every firm is in

an ongoing struggle to define and

enforce accountability: across the

Three Lines of Defence and within

the Management Responsibilities

Map. Adding the ‘AI agent’ metaphor

into this mix will just make the job

harder, as staff unconsciously assume

that accountability has shifted to the

machine.

HUMAN IN THE LOOP

The term ‘human in the loop’ is now

widely used to reassure us that people

remain involved in AI oversight. Yet the

phrase has an established meaning,

which is understood very differently.

In our everyday usage, the term ‘in the

loop’ is far from the levers of control;

‘in the loop’ is the I of the RACI matrix,

it is the person ‘informed’ about the

activity, not the person in charge

of the activity. And we are already

seeing moves to further dilute control

with the rise of ‘human on the loop’

concepts. Then we have “Is Human in

the Loop scalable?” debates, and the

acceptance of ideas like “oh, AI will

soon be so fast-moving and widespread

that humans will no longer be able to

oversee it”.

The challenge to this (frankly defeatist)

argument is simple – electricity travels

at approximately 270,000km/s, and

there’s a plug socket every few meters

along the wall – but the Health and

Safety Officer is still going to prison

if someone gets electrocuted in the

office.

Any firm that is not applying a

‘Human on the Hook’ philosophy, in

relation to AI, is heading for trouble.

Every AI deployment should have a

living, breathing senior manager fully

accountable for the outputs. And firms

should seek to place as much of that

responsibility at the operational coalface,

rather than with IT staff.

ANTHROPOMORPHISM

A key driver of this misuse of

language is the human tendency to

anthropomorphism. It is a common

trait we have, which is part of our

innate desire to seek solutions and

meaning, or, as philosopher David

Hume, more elegantly put it, there is

a ‘universal tendency among mankind

to conceive all beings like themselves

and to transfer to every object, those

qualities’.

Daniel Kahneman’s well-received book

Thinking, Fast and Slow described

how we use biases, shortcuts and

preconceptions to navigate the world.

We frame new phenomena and

behaviour in terms of our preexisting

understandings, which is harmless

when we anthropomorphise the

actions of our pet cat, but potentially

very dangerous when we do it with a

computer system.

The I in AI is pure anthropomorphism

- AI is not in any way, shape or form

‘intelligent’ in the human sense. Yet we

see well-respected journals discussing

the phenomena of AI “lying to us”,

or “hallucinating” – these are human

traits, AIs are simply exhibiting garbagein/garbage-out

stimulus response.

Attributing agency/anima to the AI is

the first step to thinking in terms of risk

transfer.

But while attributive

anthropomorphism is problematic,

the concept of comparative

anthropomorphism can be very helpful.

As with the Health and Safety Officer

example above, firms can test their

AI governance and controls by asking

the simple question – what would

you expect of a person, in the same

situation:

• Would you share your firm's financial

data with someone you’ve just met in

a pub? Of course you wouldn’t. Then

why are you sharing it with ChatGPT?

• Would you accept a risk model from

a junior analyst without validation?

Then why accept an AI output

without independent review, or a

framework for checking model drift?

• Would you let someone work in key

areas of your business without line

manager supervision? Then who is

accountable for the output from that

AI model?

• If you received some incorrect figures

from a subordinate, would you be

happy with the excuse “Oh, Excel got

the numbers wrong”?

The term “human in the loop” is now widely used to reassure

us that people remain involved in AI oversight.

CONCLUSION

AI is a powerful tool, but one that

requires precise terminology and

robust governance. Firms must resist

the temptation to anthropomorphise

or outsource accountability to

machines. As Joseph Weizenbaum

warned in Computer Power and Human

Reason (back in 1976), judgment, ethics

and wisdom remain uniquely human

qualities.

Words matter. Words create culture,

and culture dictates how things

are done in the organisation. To

quote Lakoff & Johnson again, ‘New

metaphors have the power to create

a new reality’. So, the language we

use to describe AI today will shape

tomorrow’s risk landscape.

Banks and financial institutions

must take the lead in setting precise

terminology and accountability

standards, or risk embedding flawed

narratives into their operating models.

Frank Brown ChMC is an NED and Board

Adviser, and a Director at GRR Consulting



LOOKING OUTWARDS

LOOKING OUTWARDS

International bankers resolutions:

six priorities for a rapidly

re-shaping financial world

PAST MASTER ROBERT MERRETT ASKS AI TO PROVIDE SOME STRATEGIC RESOLUTIONS

As the global banking industry enters 2026, the New Year finds

institutions navigating an unusually complex intersection of

geopolitics, regulation, technology, and societal expectation.

Inflationary aftershocks, trade realignments, accelerating

digitalisation, and intensifying regulatory scrutiny have

reshaped both balance sheets and boardroom priorities. ¹,²

For international bankers, New Year’s resolutions should

be more than aspirational slogans. They must be practical

commitments - measurable, actionable, and aligned with longterm

resilience. ChatGPT provided the following six strategic

resolutions for bankers to consider and actively implement in

2026. Do they resonate with you? Will they be actioned and

endure beyond January?

1. RESOLUTION: STRENGTHEN GEOPOLITICAL AND

TRADE RISK INTELLIGENCE

Why it matters: Trade fragmentation, sanctions regimes, and

regional conflicts are now structural features of the global

economy, with direct implications for credit risk, capital

flows, and client viability. Regulators are increasingly assessing

whether banks have embedded geopolitical risk into their

strategic and operational decision-making. ¹,⁴

Action for 2026:

• Embed geopolitical risk analysis directly into credit

committees and country-risk frameworks.

• Invest in real-time trade and sanctions intelligence rather

than relying solely on annual country reviews.

• Stress-test portfolios against plausible geopolitical shock

scenarios, not just historical ones.

Banks that treat geopolitics as a peripheral concern face the

risk of strategic blind spots; those that institutionalise it gain

competitive foresight.

2. RESOLUTION: MOVE FROM DIGITAL

TRANSFORMATION TO DIGITAL DISCIPLINE

Why it matters: After years of heavy investment in digital

platforms, many banks now face rising complexity, duplicated

systems, and escalating technology costs. Industry analysis

suggests the next phase is not further transformation, but

disciplined execution, simplification, and resilience.³

Action for 2026:

• Conduct a rigorous audit of legacy systems and overlapping

digital initiatives.

• Prioritise simplification, interoperability, and operational

resilience over headline innovation.

• Align technology investment with clearly defined revenue

or risk-reduction outcomes.

Digital discipline - rather than digital exuberance - will

distinguish high-performing banks in the years ahead.

3. RESOLUTION: TREAT AI AS A GOVERNANCE

CHALLENGE, NOT JUST A TOOL

Why it matters: Artificial intelligence is rapidly moving

from experimentation into core banking functions such as

underwriting, compliance monitoring, and client interaction.

This shift has elevated regulatory, ethical, and accountability

concerns.³,⁶

Action for 2026:

• Establish board-level oversight for AI deployment, ethics,

and accountability.

• Ensure explainability and auditability of AI-driven decisions,

particularly in credit and compliance.

• Train senior management to understand AI risks, not just

its efficiencies.

Banks that fail to govern AI proactively may face regulatory

intervention, reputational damage, or systemic risk exposure.

4. RESOLUTION: RE-BALANCE GROWTH WITH CAPITAL

AND LIQUIDITY PRUDENCE

Why it matters: Higher interest rates have restored net

interest margins but also exposed vulnerabilities in funding

structures, asset valuations, and duration risk. Growth

pursued without balance-sheet discipline remains a dangerous

temptation. Supervisors continue to emphasise capital

strength and liquidity resilience over aggressive expansion.¹,²

Action for 2026:

• Re-examine assumptions around deposit stability and

wholesale funding access.

• Align growth targets with conservative capital and liquidity

buffers, not regulatory minimums.

• Stress-test expansion strategies against adverse rate and

funding scenarios.

Prudence is not the enemy of growth; it is the foundation of

sustainable expansion.

5. RESOLUTION: MAKE ESG RISK MANAGEMENT

COMMERCIALLY RELEVANT

Why it matters: Environmental, social, and governance

factors are increasingly recognised as financially material

risks rather than reputational considerations. Supervisory

authorities now expect banks to integrate ESG into core risk

management frameworks.² At the same time, political scrutiny

has made superficial ESG commitments untenable.

Action for 2026:

• Integrate ESG metrics into credit assessment and portfolio

monitoring, not marketing materials.

• Focus on financially material risks - climate exposure,

governance quality, social stability - rather than broad

slogans.

• Equip relationship managers with practical ESG knowledge

relevant to client sectors.

Banks that approach ESG as risk management rather than

ideology will retain credibility with regulators, investors, and

clients alike.

6. RESOLUTION: INVEST IN LEADERSHIP DEPTH AND

INSTITUTIONAL MEMORY

Why it matters: Rapid technological change, regulatory

complexity, and demographic shifts are placing unprecedented

strain on leadership pipelines. Industry commentary highlights

leadership capability and institutional knowledge as critical

enablers of resilience.⁵,⁶

Action for 2026:

• Develop cross-generational leadership programmes that

combine digital fluency with risk experience.

• Retain and document institutional knowledge, particularly in

risk, compliance, and crisis management.

• Encourage long-term decision-making by aligning incentives

with sustainable outcomes rather than short-term metrics.

In an era of constant disruption, leadership continuity is a

strategic asset.

CONCLUSION

Resolutions That Endure Beyond January. The most effective

New Year’s resolutions are those that shape behaviour long

after the calendar turns. For international bankers in 2026,

success will depend less on bold predictions and more on

disciplined execution, informed judgement, and institutional

resilience.

By strengthening risk intelligence, governing technology wisely,

and investing in leadership and balance-sheet strength, banks

can navigate uncertainty while remaining trusted stewards of

global capital. In a world of accelerating change, thoughtful

resolution - not reaction - will define the industry’s next

chapter.

Please join the WCIB debate on Linkedin

Reference list provided by ChatGPT:

1. S&P Global Ratings, Global Banking Outlook 2026: Resilience Amid Uncertainty, 2025.

2. European Central Bank, SSM Supervisory Priorities for 2025–2027, ECB Banking

Supervision, 2024.

3. Deloitte, 2026 Banking & Capital Markets Industry Outlook, Deloitte Insights, 2025.

4. Reuters, ECB Questions Banks on Exposure to Geopolitical Risk, 2025.

5. Bank Director, Tackling Strategic Challenges in 2026, 2025.

6. Zafin, 2026 Outlook: The Ten Big Questions Shaping the Future of Banking, 2025.



LOOKING OUTWARDS

LOOKING OUTWARDS

The fintech mandate for 2026

ALEEM WALLANI GOES BEYOND THE HYPE IN THE BRAVE NEW TECH WORLD

For the past decade, the relationship

between incumbent banks and the

UK’s sprawling fintech sector has

resembled an uneasy dance. We’ve

watched neobanks acquire millions of

customers, debated the true impact of

Open Banking, and been to countless

panels on "the bank of the future" and

the like. As we enter a new, more sober

era defined not by speculative venture

funding but by a "flight to quality" the

fintech trends of 2025 are no longer

interesting experiments to be siloed in

an innovation lab but have a material

impact on a firm’s bottom line and

rankings.

Financial services is the third highest

sector of the UK economy (UK

Parliament, 2025) when it comes to

the adoption of AI, just behind IT and

telecoms and legal services. Whilst

process automation is a key driver,

where the likes of Aviva cut customer

complaints by 65% by using AI in claims

processing, traders have reduced

settlement failure rates by more

accurate data extraction and automated

document analysis has enabled some

firms to cut KYC times by 90%, these are

all baked into today’s standard operating

procedures as can be seen from the

Bank of England’s 2024 Survey. Fintech

is at the coalface of AI adoption and

whilst Monzo and Revolut are virtually

household names with Millennials and

Gen Z it’s worth shining a light on the

lesser known firms that are capitalising

on five key trends that may shape the

banking world of tomorrow.

TREND 1: GENERATIVE AI

MOVING FROM PILOT TO

PRODUCTION

If 2024 was the year of the GenAI pilot,

2025 was the year of production where

the focus has moved beyond simple

chatbots which can now even be created

by savvy school children using vibe

coding. For banking professionals, the

application of GenAI is splitting into two

clear, high-value streams:

• Hyper-personalisation and service:

This is the customer-facing revolution.

Instead of a one-size-fits-all banking

app, GenAI allows for true hyperpersonalisation.

We are seeing the first

large-scale deployments of agentic

AI financial assistants that securely

analyse a customer's entire financial

picture, offer predictive insights, and

automate complex service requests in

real time. This elevates the customer

experience from transactional to

advisory, all while slashing service-tocost

ratios.

• Operational supremacy: This is the

back-office revolution, and it's where

the most immediate ROI lies. The

application of GenAI in financial crime

and compliance is a non-negotiable

upgrade. Legacy rules-based systems

for Anti-Money Laundering (AML) are

drowning in false positives making

AI-driven platforms from UK based

specialist firms critical partners. Some

of these include:

– ComplyAdvantage: This AI-driven

platform is a leader in financial crime

risk detection. It analyses millions of

data points daily to deliver real-time

risk intelligence enabling firms to

screen and monitor customers and

transactions against global sanctions

and AML watchlists.

– Napier AI: This London-based

regtech firm focuses on enhancing

AML and counter-terrorist financing

defences with Explainable AI (XAI). Its

platform allows compliance teams to

understand why the AI has flagged an

activity, which is crucial for reporting

to regulators.

– Hawk AI: This firm's platform offers

real-time transaction monitoring and

fraud detection for banks and payment

companies. It emphasizes reducing

false positives by using AI for pattern

recognition in normal user behaviour

and detecting true anomalies.

TREND 2: EMBEDDED FINANCE

EXPANDS INTO B2B

For years, embedded finance was

synonymous with Buy Now, Pay

Later whereas in 2025 the model has

evolved into a B2B and SME focused

offering where markets that were

previously chronically underserved

by traditional banking resulting in the

‘valley of death’ for start-ups have

been filled by embedding customised

financial products where the SME

already is using its accounting software,

e-commerce platform, or vertical SaaS.

Fintech enablers, such as Bankingas-a-Service

(BaaS) platforms and

specialist lenders, provide the APIs

to offer bespoke financial products

like revenue-based financing or

invoice advances directly within these

platforms. Examples include:

• YouLend: A key player in embedded

SME financing, YouLend partners

with major platforms like Amazon,

eBay and Shopify. It enables these

platforms to offer revenue-based

financing to their SME customers,

with funding based on sales data. To

date, YouLend has provided financing

to more than 300,000 SMEs and has

secured a £4bn financing facility from

JP Morgan and Castlelake LP.

• Tide: Starting as an SME business

account provider, Tide has become a

platform bundling invoicing, expense

management, and lending. Valued at

$1.5bn it has become the UK’s leading

business financial platform with a 14%

market share and its largest market is

India where it currently has 800,000

customers.

• Form3: With investors including

British Patient Capital and Visa, this

"payments-as-a-service" provider

offers a cloud-native Account to

Account (A2A) platform allowing

banks and fintechs to send and

receive payments in real-time without

building the complex infrastructure

themselves yet allowing them to hold

suspected payments. It’s multi-cloud

architecture has enabled it to deliver

zero-downtime payment processing

even during a 40 minute outage

where it switched seamlessly between

Amazon Web Services (AWS), Google

Cloud Platform (GCP), and Microsoft

Azure. The platform currently

processes over 4 billion in annual

transaction volume for tier one banks

including Mastercard, Nationwide,

Lloyds, and Barclays.

TREND 3: THE STRATEGIC

SHIFT FROM OPEN BANKING

TO OPEN FINANCE

Whilst Open Banking was the

regulator driven first step resulting in

the sharing of current account data,

Open Finance is the market-driven

end-game resulting in a unified view

of a customer's entire financial life

extending data-sharing principles to

pensions, investments, insurance, and

mortgages. When a customer can, with

one tap, securely share their entire

financial footprint, the game changes.

A fintech aggregator, powered by APIs,

can suddenly provide a level of holistic

financial advice that was previously

the sole domain of expensive private

wealth managers. UK based operators

in this space include:

• Bristol based Moneyhub is a

pioneer in Open Finance moving

well beyond standard banking data

to aggregate pensions, mortgages,

and investments and their platform

now connects to over 200 financial

institutions, positioning them as a

key infrastructure partner for the

wealth and insurance sectors. Their

technology even underpins the

government’s Pensions Dashboard

and its strategic investors include

Legal & General and Lloyds Banking

Group.

• TrueLayer: As the UK's dominant

Open Banking infrastructure provider

with a market share of 40% of the

UK’s “Pay by Bank” transactions as

well as becoming Europe’s fastest

Pay by Bank Network, TrueLayer has

become the bridge between major

banks and e-commerce by providing

the critical APIs that allow apps to

securely access data and initiate

Source: Bank of England

32


THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS

33

LOOKING OUTWARDS

LOOKING OUTWARDS

payments, effectively serving as the

"Stripe" of the open banking world.

• Bud Financial: Founded in 2015 and

backed by TDR Capital, Bud focuses

on the "intelligence" layer of Open

Finance, using AI to clean, categorise,

and enrich the messy raw data that

comes from banks. Their platform

allows lenders and banks to turn

simple transaction histories into

predictive insights for affordability

checks and personalised product

offers and it hosts an impressive

roster of clients including HSBC, TSB,

Zopa and Aviva.

These firms, illustrate the rising

importance of data aggregators who

are creating new value chains on both

the retail and wholesale sides of the

transaction and could render silo-based

products obsolete in the medium term.

TREND 4: THE TOKENISATION

OF REAL-WORLD ASSETS

(RWAS)

While cryptocurrency volatility

dominates headlines, the durable,

institutional trend is the tokenisation

of Real-World Assets (RWAs). Whilst

this may appear boring compared to its

racier crypto counterparts, at the time

of writing The Trump Organisation

has just signed an agreement with

London listed Dar Global to build a

luxury Maldives resort using blockchain

technology to break up an asset into

pieces that can be bought and sold

digitally in a similar vein to stablecoins.

From a banker’s perspective, this

creates opportunities for operational

efficiency particularly in capital markets

where the T+2 settlements process

could be eliminated for tokenised bond

thus freeing up liquidity. UK leaders

include:

• Fnalty – creators of the first central

bank regulated distributed ledger

technology (DLT) based payment

system in the world, the ‘Sterling

Fnality Payment System’ (£FnPS)

merges together the institutional

quality of central bank funds into a

wholesale a payment system. Backed

by 20 of the world’s largest financial

For banks, regulatory change will likely increase, but in a

more coordinated direction and will reward banks that have

compliance "baked in", often via RegTech partners, and

penalises those whose legacy systems make every update a

multi-year project.

institutions from Goldman Sachs,

Nomura, State Street and BNP

Paribas Fnalty creates institutional

tokenised asset markets, enabling

real-time treasury optimization, and

offering 24/7 settlement.

• Archax - was the first FCA regulated

digital asset exchange, broker and

custodian in the UK and the first firm

on the FCA’s Cryptoasset Register.

It supports all types of digital assets,

from unregulated cryptocurrencies

through to regulated tokenised

RWAs. Archax also covers the full

digital lifecycle, from token issuance

and fundraising through to trading

and custody.

TREND 5: REGULATORY

CONSOLIDATION AS AN

INNOVATION DRIVER

This final trend is less about a specific

technology and more about the rules of

the game. In her speech at DC Fintech

Week 2025, Sarah Breeden, Deputy

Governor for Financial Stability at the

Bank of England, outlined the Bank's

strategy for embracing responsible

innovation in financial technology, with

a particular focus on tokenisation and

distributed ledger technology (DLT)

which highlighted that the Bank is

consulting on a regime for systemic

stablecoins to ensuring they are as

robust as commercial bank money and

envisioned a "multi-money" ecosystem

where central bank money, commercial

bank money, and regulated stablecoins

coexist and are exchangeable at par.

Furthermore, the UK government

announced in March 2025 that it will

merge the Payment Systems Regulator

(PSR) into the Financial Conduct

Authority (FCA) to create a single,

more agile, and tech-positive megaregulator

for payments and fintech.

The reduced complexity should in

theory lead to a shorter time to

market for new products and enable

the regulator to adapt more quickly

to emerging technologies like AI and

digital assets, as seen in the FCA's proinnovation

"Smart Data" initiatives.

For banks, this means the pace of

regulatory change will likely increase,

but in a more coordinated direction

and will reward banks that have

compliance "baked in" (often via

RegTech partners) and penalises those

whose legacy systems make every

update a multi-year project.

In summary, the five trends of 2025

are not isolated phenomena but

interlocking pieces of a single, massive

shift: the transition from a traditional,

siloed banking system, to a series

of open, intelligent, and integrated

financial platform where:

• GenAI is the intelligence layer that

personalises the experience.

• Embedded finance is the distribution

layer that takes banking products to

where the customer is.

• Open finance is the data layer that

provides the holistic view needed for

true advisory.

• Tokenisation is the asset layer that is

upgrading the core infrastructure of

capital markets.

• Regulatory consolidation is the

framework designed to accelerate all

of it.

Freeman Aleem Wallani is Deputy Chair

of the WCIB Events Committee and has

previously worked in various financial

services policy teams in HM Treasury.

AI’s growing emotional interface

KATE SHCHEGLOVA-GOLDFINCH ON WHAT A RECENT DEAL SAYS ABOUT THE FUTURE OF FINTECH

In 2008, as the financial system

faltered, a new wave of innovators

emerged. Fintech was born - making

money more transparent, faster, and

accessible. Mobile banks replaced

marble halls, and users took charge of

their finances. By 2025, the landscape

has shifted. The once-revolutionary

dashboards and apps now feel dated.

Most people don’t want to manage

their money themselves - they want it

handled for them. And that’s precisely

where AI steps in. Don’t teach people

finance - let AI manage it for them.

BEYOND DASHBOARDS: HOW

OPENAI IS BUILDING A HUMAN

LAYER FOR FINANCE

In November 2025, OpenAI quietly

acquired Roi, a New York-based AIpowered

personal finance app, in a deal

whose value remains undisclosed. At

first glance, it might look like a small

acqui-hire - another startup folded into

Silicon Valley’s favourite unicorn. But

beneath the surface lies a bigger story:

the world’s most valuable AI company

is building the interface for how

humans will interact with money.

Founded in 2022 by Sujith Vishwajith

and Chip Davis, Roi was designed to

make investing as natural as scrolling

a feed. It let users connect all their

accounts - from stocks and crypto to

retirement funds - across platforms

like Robinhood, Coinbase, and TD

Ameritrade. What set Roi apart wasn’t

its features, but its tone. It spoke to

users in their own language - offering

Most people don’t want to manage their money

themselves - they want it handled for them.

Buffett-style wisdom to one, and Gen-Z

banter to another (“You got cooked lil’

bro - down $32,459. Might be time to

buy the dip”). That behavioural layer -

the ability to translate financial reality

into emotional language —- is exactly

what OpenAI seems to be after.

FROM FINTECH TOOLS TO

FINANCIAL COMPANIONS

Traditional fintech asked users to think

like analysts. OpenAI, by contrast,

is building a system that thinks like

a companion - one that watches,

interprets, and reacts to your finances

in a tone you understand. With Roi

joining OpenAI’s growing ecosystem -

alongside context.ai (personalisation),

Crossing Minds (recommendations),

and Pulse (news summaries) - the

company isn’t just expanding; it’s

rewriting the playbook for consumer

fintech. It’s the shift from “here’s your

dashboard” to “I’ll watch the dashboard

for you.” And it might just be the

biggest paradigm shift since 2008 - a

move from empowerment through

tools, to empowerment through trust.

DON’T MANAGE MONEY —

FEEL IT: INSIDE AI’S FINTECH

SHIFT

While Perplexity builds finance

dashboards and Anthropic’s Claude

targets the enterprise, OpenAI is going

after everyone else - the 90% who

hate budgeting, fear spreadsheets,

and just want their money to “sort

itself out.” If fintech was born from

crisis, its next revolution might be born

from fatigue. AI won’t just automate

transactions; it will interpret, explain,

and even empathise — turning money

management into something deeply

personal. And as OpenAI quietly

positions itself as the default financial

interface, one thing becomes clear:

FINTECH CHANGED

THE GAME ONCE

Now, AI is about to change the player.

OpenAI’s acquisition of Roi isn’t just

another tech deal - it’s a signal flare for

the next chapter in financial evolution:

when money management stops being

manual and starts being emotional.

Freeman Kate Shcheglova-Goldfinch is a

CJBS Research Affiliate and Innovation lead

EBRD/NBU

34 THE WORSHIPFUL COMPANY OF INTERNATIONAL BANKERS

35


LOOKING OUTWARDS

LOOKING OUTWARDS

Jersey’s centuries-long success story

PAST MASTER JOHN BENNETT AND PAUL GRODEN ASSESS THE ISLAND’S RICH HERITAGE

Standing on St Ouen’s vast, windswept beach, it is easy to

believe there is nothing between Jersey and the other side

of the Atlantic. For centuries, that horizon has been less a

barrier than an invitation. In his new book on Jersey’s trading

and maritime past, new Company member and former

banker Paul Groden argues that the island’s emergence as a

sophisticated international financial centre is not an historical

accident – but the latest chapter in a very old story.

Paul’s connection with Jersey began, as he puts it, “by

marriage rather than birth”. Originally from England, he

married into a long-established Jersey family with roots

stretching back to the Norman era and the Cotentin

peninsula. In 2012, the couple moved back to the island to

raise their children. Paul spent a decade on Standard Bank’s

structured products desk in St Helier before turning a

long‐nurtured side interest – local storytelling and history –

into his new book, Illustrated Tales of Jersey.

That dual vantage point, as finance professional and adopted

islander, shapes his thesis. Today’s Jersey of funds, trusts and

global private wealth management, he suggests, is simply

the modern expression of traits forged when islanders first

ventured far beyond their rocky shores. “Jersey’s success

today is not a recent phenomenon,” he says. “It’s anchored

deep in its history. Because of its position, it could have

hidden away – but instead it had to create new opportunities

globally. It’s always been outward facing. It’s really been the

opposite of insular, ironically, over its history.”

Paul’s book traces the islanders’ evolution from coastal

traders to blue‐water mariners. From the 17th century

onwards, Jersey captains and merchants were remarkably

mobile, building networks that stretched to Newfoundland,

the Caribbean and the Americas. They ran cod and fur trades,

shipped goods for European powers, and later operated

shipping lines and merchant houses in ports thousands of

miles from home. Those ventures demanded a particular

mindset: commercial agility, a comfort with risk, and a talent

for building trust with partners far away. In Paul’s eyes, those

same instincts underlie the island’s more recent pivot from

shipping ledgers to balance sheets and complex cross‐border

structures. “Many of the cultural traits you needed to

send people off across the Atlantic in wooden ships –

resourcefulness, an outward‐looking attitude, tight‐knit but

highly mobile family networks – are exactly the ones that

helped Jersey move into international finance,” he argues.

That sense of continuity resonates with John Bennett,

Master of WCIB from 2021-22, who arrived in Jersey in

1976 as managing director of Citibank, and helped to steer

the bank through a crucial phase in the island’s modern

financial history. Back then, as John recalls, Jersey was

already beginning to attract global institutions but was still

discovering what kind of centre it wanted to be. Citibank

had opened its doors on the island in 1969. By the time John

left in the mid‐1980s, it was among Jersey’s largest banks by

assets, having experimented – sometimes boldly, sometimes

unsuccessfully – with a variety of offshore structures. “It was

quite an up‐and‐down situation,” he recalls. “We tried all sorts

of things in our offshore jurisdictions. One year I’d be hiring

people, and a couple of years later we’d be closing down

activities that just weren’t working.”

The strategic vision that brought Citi and its peers to Jersey

in the first place, John is clear, largely came from one man:

Colin Powell, the island’s long‐serving economic adviser.

Powell, originally from Northern Ireland, became the quiet

architect of Jersey’s transformation. Working closely with

political leaders such as Cyril Le Marquand, chairman of the

finance committee, he persuaded international banks to set

up operations in the island, underpinning their arrival with tax

incentives that made Jersey competitive without abandoning

prudence. “He was literally the foundation stone of the

financial services industry there,” says John. “Jersey has a lot

to thank him for.”

Powell’s formula was simple but powerful: use low, predictable

taxation to attract business, but insist on seriousness and

substance in return. In the 1970s and early 1980s, that

meant banks opened real offices, employed local staff, and

embedded themselves in the community, rather than simply

booking brass‐plate business. At the same time, Jersey’s social

fabric – close‐knit yet internationally connected – eased the

arrival of financial firms and their expatriate staff. John, an

“incomer” with no ancestral roots on the island, remembers

being made generally welcome by older Jersey families. Many

of his colleagues were locals. Names that recur through Paul’s

historical research – de Gruchy, de Carteret, Perchard and

others – were also present on Citibank’s payroll.

There were, of course, challenges. Housing was tightly

controlled: to occupy property, newcomers needed a special

licence or had to qualify as wealthy migrants. John was

granted “J category, essentially employed” status, allowing

Citibank to purchase a house for him to live. High‐net‐worth

arrivals were classed as “11K” residents, permitted to buy

top‐end properties in return for significant investment. Yet

the overall package was enticing: a 20% flat income tax rate,

no capital gains or inheritance taxes, and no VAT or sales tax

at the time. “It was a very good environment as far as people

coming in for a period of time was concerned,” John recalls.

“And a great place to bring up small children.”

Those days are now romanticised on the island – helped,

Paul notes with a smile, by endless reruns of Bergerac. But

today’s Jersey is a far more complex proposition. The island

remains attractive – “almost crime‐free, a beautiful living

environment,” as Paul puts it – yet the cost of living, especially

housing, has become a major political faultline. House prices

are now, by some measures, even more stretched relative

to incomes than in London. Young families are increasingly

tempted to swap St Helier for Dubai or other low‐tax hubs,

pursuing not just financial advantage but a broader “lifestyle

package”. If the economic equation has shifted, so too has

Jersey’s global image. When John first arrived, offshore

centres were widely caricatured as discreet boltholes for tax

dodgers. As a young journalist, interviewer George Littlejohn

recalls, he and his peers tended to view islands like Jersey,

Guernsey and their Caribbean cousins through the narrow

lens of tax avoidance and evasion. Yet Jersey was among the

first to recognise that such perceptions were unsustainable.

From the late 1980s onwards, the island consciously

pivoted away from the “brass‐plate tax haven” cliché and

towards a model that emphasised regulation, governance

and international cooperation. London’s own reforms –

particularly the UK’s 1986 Financial Services Act – provided

both a template and a spur.

“Jersey cottoned on to that and realised that a well‐regulated

environment was by far the best thing to ensure that they

were taken seriously,” says John. Drawing on his later UK

experience in anti‐money laundering, he notes how rapidly

the island adopted robust AML standards, precisely because

it understood that tolerating “Russian oligarchs or any of

the other people…that might taint its reputation” would be

self‐defeating. The results of that shift have been endorsed

by external scrutiny. Paul points to last year’s Moneyval

report on Jersey and Guernsey, which effectively gave both

islands a clean bill of health on anti‐money laundering and

counter‐terrorist financing, and was “widely welcomed by

the local financial sector”.

This transition – from being seen as an offshore bolt‐hole

to being recognised as a “well‐regulated, substance‐based

jurisdiction” – is a central theme in Paul’s narrative. He is keen

to move the conversation beyond clichés of secrecy and

tax to one of long‐term resilience and adaptation. It is also

a story of community dividends. The wealth generated by

finance has not simply vanished offshore; much of it has been

recycled into Jersey’s own cultural and civic life. John recalls

Citibank’s early support for the Jersey Arts Centre, including

the donation of a Steinway grand piano – at £10,000, a

significant investment at the time. Today, the private sector

remains a vital sponsor of the island’s cultural ambitions. The

Jersey Festival of Words, launched a decade ago and now

a small but distinctive fixture on the UK literary circuit, only

became possible with backing from banks and other finance

firms. The recently completed multi‐year restoration of the

island’s Opera House, meanwhile, demonstrates how public

investment can be underpinned by a broader prosperity that

finance helps to sustain.

Perhaps the most striking cultural development, though, is

the revival of Jèrriais, Jersey’s traditional language. Once the

everyday speech of rural parishes, it had almost died out.

Now, Paul’s daughters are learning it at school as a voluntary

option, mirroring the resurgence of Welsh across the water.

“There’s a reinvigoration of some of the forgotten cultural

heritage of Jersey happening right now,” he notes. That

determination to “punch above its weight” culturally as well

as commercially is, in many ways, the thread that ties Paul’s

work together. In his photographs and stories, he captures

an island that has long lived in two worlds at once: a place of

deep‐rooted families and ancient lanes, and a tiny jurisdiction

with a global reach, habitually scanning the horizon.

Jersey’s financial future is not guaranteed. Competition for

mobile capital and talent is intense; domestic pressures over

housing, inequality and the environment are real. But if Paul

is right, the island’s best defence lies in remembering that its

financial experiment is simply the latest iteration of a much

older habit: looking outwards, adapting quickly, and using its

small size not as an excuse for parochialism, but as a reason

to be endlessly entrepreneurial.

Illustrated Tales of Jersey by Paul Darroch, his

pen-name, is available from your usual bookseller and

from amberley-books.com



CHARITY & EDUCATION

CHARITY & EDUCATION

Building on a legacy of service

LIVERYMAN SHAMIR SANGHRAJKA TAKES THE REINS AS CHARITY AND EDUCATION CHAIR

Since taking the reins as Chairman of the Company’s Charity

and Education Committee in October, I have been impressed

and inspired by the incredible work and external partnerships

built over many years. I want to express my sincere gratitude

to my predecessor, Liveryman Peter Green, whose dedication

built a very good foundation and who thankfully continues on

the C&E committee as Junior Warden.

The WCIB is committed to making a tangible, positive

difference to its community - be it in the City of London,

Greater London, or more widely. Our engagement goes

beyond financial support, which, while vital for our

relationship charities to operate, is only one part of the story.

We are successfully building a bridge between the expertise

of our members and the needs of disadvantaged and

disenfranchised young people. This active participation

provides vital support for their education, financial literacy,

employability, and helps raise their aspirations. The great

work being done already includes opportunities for members

to volunteer as essay judges, career days, provide CV reviews,

conduct interview practice, and engage in mentoring

schemes. Some of these will be in person, some will be done

online and some offline like the essay judging.

Now, as we look ahead into 2026 and beyond, I would like

to work closely with our partner charities, universities and

schools to increase these opportunities further and make it

easier for more WCIB members to actively participate. Our

greatest power lies in the collective knowledge and readiness

of our members, a force we are ready to harness to reach

more people.

If charity or education is of particular interest, then

consider three possible avenues for engagement:

1. Volunteering: Dedicate your time and professional skills

directly to our charity partners in a hands-on capacity.

Look out for requests via the Clerk’s message or email

2. Help to manage a relationship, such as a specific school,

university or charity relationship

3. Committee Support: Help us with various tasks/event to

ensure the smooth running of our initiatives.

We need your help to amplify our impact! We use the WCIB

online members directory to identify members who have

expressed interest in specific volunteering activities. Please

review and update your interest section, go to the members’

area* and click on the tab ‘Your profile’ and then scroll down

to click on ‘Change Getting involved with the WCIB’. Your

involvement, however big or small, will sustain and grow the

great work already being done.

Shamir Sanghrajka is a Liveryman and Court Assistant of the WCIB,

a mentor and coach, a charity trustee, and an expert in post-trade

and regulations

* https://www.internationalbankers.org.uk/members

SCHOOL ESSAY COMPETITION 2025

The 2025 School Essay Competition challenged

ambitious Year 12 and 13 students from London's state

schools to step directly into the world of high-stakes

economic policy. Tasked with writing a 1,000-word

letter to the Chancellor of the Exchequer, entrants

had to outline and defend the single most effective

strategy for generating long-term economic growth. The

competition was less a test of general knowledge and

more an exercise in precise persuasion; judges sought

sophisticated arguments that strategically utilized

selective research to champion one approach and

clearly dismantle competing options, ensuring only the

most compelling economic analyses advanced.

Coordinated by our partner charity, The Brokerage,

the competition generated an overwhelming response,

fielding over 150+ submissions which led to a call for

willing volunteer judges. The winners, judged by more

than a dozen WCIB members, attended a prestigious

awards ceremony at the Bank of China (pictured

below) in December to collect their prizes and meet our

members.

The overall winner and four runners-up were, from left

to right below:

• Greta Choksi, West London Free School Sixth Form:

first place

• Joseph Sebastian, London Academy of Excellence,

Stratford: second place

• Zaynab Malik, Barking Abbey School: third place

• Prisha Khagram, London Academy of Excellence,

Stratford: fourth place

• Shamay Tekleab, La Retraite Roman Catholic Girls’

School: fifth place.

Greta’s well-judged letter to the Chancellor is

reproduced on the following pages.

WCIB PRIZE - UNIVERSITY AND

BUSINESS SCHOOLS ESSAY

COMPETITION

The annual University and Business Schools Essay

Competition is a major highlight, challenging students

from a dedicated group of participating universities and

business schools who have actively supported the event

for years. Each institution nominates one exceptional

student as their Prize Winner, a prestigious honour that

makes them immediately eligible to enter the highly

coveted Lombard Prize! As a mark of distinction, all WCIB

Prize Winners receive a financial award, a certificate and

are awarded one year of complimentary membership

of the Worshipful Company of International Bankers

(WCIB); we are delighted to share that three of our

recent champions have already progressed to become

Freemen of the Company. This exciting contest runs

between November and December.

38 THE INTERNATIONAL BANKER / WINTER 2026


CHARITY & EDUCATION

CHARITY & EDUCATION

Dear Chancellor …

GRETA CHOKSI FROM WEST LONDON FREE SCHOOL GIVES

WISE PROMPT ON THE VALUE OF EDUCATION

Dear Chancellor,

Generating long-term economic growth was a key

promise in Labour’s 2024 manifesto, a pledge that you

also re-iterated in many of your subsequent speeches.

In light of this, I believe that meaningful investment in

education is essential to delivering the thriving economy

you promised. Coming from a school whose admission

criteria reserves 35% of places for children who receive

the Pupil Premium Grant, I have seen first-hand how

access to good education and inspiring teachers not

only uncovers talent that, if nurtured, strengthens the

economy, but also guides students into work they love

and will stick with.

A recent Universities UK study into the impact of UK

education found that “for every £1 of public money

invested in the higher education sector across the

UK, £14 is put back into the economy.” Education is a

high-return investment whose benefits compound over

time. Quick fixes like tax cuts may lift activity briefly,

but Labour’s promise is for long-term economic growth

and stability. Experience suggests that reductions

in tax revenue are often followed by constraints on

public spending, with education among the areas most

affected. Over time this will greatly weaken the nation’s

skills base and competitiveness, reducing revenues even

further. Similarly, industry grants, and investments in

big projects and R&D, are ineffective without a pipeline

of skilled workers to staff these projects. Acquiring skills

is key to economic growth and this can’t be done in a

vacuum.

The Department for Education’s 2022 analysis

(Economic benefits of […] the Schools White Paper)

finds that a +0.5 lift in GCSE English and Maths grades

would add £34.3bn to the economy by 2030 from this

cohort alone. On this basis, a 0.5-point fall in standards

in these two subjects, following tax cuts, would cost

the economy about £34.3bn a year by 2030. Over time,

tax cuts widen inequality, undermining future growth.

Education, by contrast, can be an equaliser that stops

people’s backgrounds predicting financial outcome.

Macroeconomic stability can attract investors and

support growth through steady inflation and exchange

rates. But markets are, by nature, unstable because

of geopolitical conflict, tensions and vulnerabilities.

Focusing on stability alone undermines risktaking,

reducing innovation and entrepreneurship,

characteristics paramount for long-term growth. These

strategies do not make workers or firms more efficient,

nor build future enterprise and capital. By contrast,

investing in education is far more resilient to external

turbulence and has the strongest effect on the factors

of production. As those factors improve, the economy

grows—shown by an outward shift on a PPF graph.

As a 16-year-old currently in the education system,

I can see the opportunity the Government has to

shape the next power-house workforce. Investment

in education will give people the skills and confidence

needed to enter the workforce, boosting productivity

and reducing unemployment. The House of Commons

Library puts youth unemployment at 14.5%: about

655,000 16–24-year-olds unemployed and 2.92 million

economically inactive. This is a huge, underused

workforce waiting to contribute to the economy.

Investment in education could reduce unemployment

by upgrading local colleges, aligning training to

regional demand, adding short job-ready courses for

immediate growth, and expanding upskilling grants, thus

boosting pay and public revenues. Most importantly,

the government needs to use social media at scale to

promote these training routes, to reach those at home

who have lost hope.

The BBC reports that in 2025, just over 30% of GCSE

entries did not meet the pass threshold, signalling

gaps in core literacy and problem-solving skills. This

is a worrying indicator for the UK economy. The

solution is to recognise teachers’ economic value and

invest in them. It is also crucial that teachers’ salaries

increase, especially in London, where the cost of living

is incredibly high. This would improve teacher retention,

bring greater stability to schools and ease the shortage

of high-quality teachers. To future-proof the next

generation and achieve a workforce able to pivot as

technologies and supply chains shift, it is also vital that

all schools offer more computer lessons. I can attest

that most schools don’t have the resources to cover

even basic principles. As AI becomes central to daily life

and future work, the curriculum should be updated to

reflect this and keep the UK competitive.

“Firms invest where talent is deep”. A population that

has been taught some entrepreneurial skills attracts

investment, creates jobs and makes the economy more

dynamic and adaptable. Several countries, notably the

Nordic countries, have already made entrepreneurship

part of their secondary school curriculum. A recent

survey by the Global Entrepreneurship Monitor, found

that fear of failure is a major inhibitor for people

considering start-ups. In the UK, 58% of adults say fear

of failure would stop them starting a business, with

women more likely than men to view it as a barrier. The

report also notes that the UK lags other economies on

the quality of its entrepreneurship ecosystem. Speaking

as a student, I would have valued the chance to learn

how to start and run a business. I have ideas for what

my generation needs, but I lack the practical skills to

take them to market. Embedding ‘Business Hubs’ in

the secondary curriculum would enable 16-year-olds

to leave with both academic and entrepreneurial skills,

making start-ups more attainable and creating jobs.

Finally, the Centre for Mental Health states that ‘the

total cost of mental ill health in England in 2022 was

£300 billion, highlighting the significant toll that mental

health has on economic growth. With adolescent

mental health in decline, early detection and support

will help more young people engage productively in

work later on. The government should allocate funding

to attendance monitoring and school mental-health

services, since learning -- and future productivity --

depends on being in school.

As your own distinguished career demonstrates,

access to quality education and inspiring mentors, are

the building blocks for a strong Britain. Prioritising

investment in education is the most effective way to

secure long-term economic gains through stronger

skills, higher productivity, and innovation. Education

also increases life prospects and let’s young people

choose their own future instead of inheriting it. Income

tax is the UK’s largest revenue source, estimated

at 26.9% for 2025-2026 by the Office for Budget

Responsibility. If designed carefully, education spending

delivers growth that compounds: skills are the rare asset

that gets better the more we use it. Such a commitment

would be remembered as Labour’s enduring ‘gift that

keeps on giving.’

Yours sincerely,

Greta Choksi

40



CHARITY & EDUCATION

CHARITY & EDUCATION

Offering the young a second chance

ALISON COTTRELL ON THE INSPIRING LONGFORD TRUST SCHOLARSHIPS SCHEME

Making a difference to the lives of young people is at the

heart of the WCIB’s purpose. We support a wide variety of

causes, both financially through our charitable funding and

in the time and commitment that WCIB members give to a

range of organisations and issues.

One issue we have focused on previously 1 is the difficulty that

people with a criminal record – an estimated 1 in 4 of the UK

working age population 2 – often face in finding employment.

For someone who has been sentenced and served time

in prison the challenges are of course even greater, and

especially when this has occurred early in their working life.

THE LONGFORD TRUST’S SCHOLARSHIP

PROGRAMME

The Longford Trust is a charity that offers a second chance

to young people who have been in prison and want to rebuild

their lives through education. Its Scholarship Programme,

offering mentoring and financial support, has over the past

two decades helped over 500 young people study for an

undergraduate degree, both while in prison and on release.

If gaining a degree is a challenge, finding graduate-level

employment with a criminal conviction is even more so.

The Trust accordingly works with employers, charities and

others to provide students with the advice, peer support,

training and work experience that can help ensure education

is a springboard and not an end of itself. Around 85% of

Longford scholars graduate and find degree-level jobs. As the

accompanying testimony from AJ illustrates, the impact of a

Longford scholarship is life-changing.

HOW CAN WCIB MEMBERS HELP?

The Trust awards around 40 scholarships each year. Reflecting

its focus on employability, it partners with firms who are

willing to offer short summer internships to students studying

for relevant degrees ahead of their final year. This gives the

students valuable insight into the various professional worlds

they are aiming to join after graduation.

Students are only proposed for an internship where the Trust

is confident that this will be of real benefit. The scheme has

been run successfully in a range of sectors including law and

technology. Building on this, the Trust would be keen to talk

with financial services firms that might consider offering

an internship in 2026 to a student studying for a finance,

economics or business-related degree and looking to build

their career in the sector.

This initiative will be small at the outset so that the Trust can

make sure it provides the right practical support to both

the student and the firm (e.g. arranging travel, maintaining

regular contact and being on call for any questions). Students

are supported by Longford mentors, and the Trust is happy to

share the salary cost with the employer. Internships generally

run for 6-8 weeks, with the length and format depending on

what works best for the firm.

If you think you may be able to help give a Longford

scholar a second chance, or if you would simply like to

find out more, Roxanne Foster, the Employabilty Manager

at the Longford Trust, would be delighted to talk with

you. Roxanne can be contacted at employ@longfordtrust.

org, and more about the Trust and its work can be found

at https://www.longfordtrust.org/.

FINDING A CAREER – HARD WORK

BUT NOT IMPOSSIBLE

Longford Scholar AJ writes in August 2025 about the

confidence, sense of purpose, determination and sheer

hard work required to land a dream job in finance.

I began my higher education journey with the Open

University. It offered flexibility and a chance to rebuild,

a foundation I deeply valued. With the unwavering

support of the Longford Trust and my mentor, I became

truly invested in learning. It wasn’t just about education

anymore. It gave me direction and purpose. I explored

further opportunities through projects like Open Book

at Goldsmiths, University of London. That gave me the

confidence to make the move to a ‘bricks-and-mortar’

university, a turning point that allowed me to fully immerse

myself in student life.

When I was able to go from prison to a campus university

on day release, I wasn’t just learning about my chosen

subject anymore. I was gaining a broader understanding

of business culture and how to navigate the world beyond

university and prison walls.

That shift sparked something bigger: personal growth. I

became more confident, more focused, and more driven.

I threw myself into building my future – refining my CV,

crafting a strong cover-letter, polishing my LinkedIn profile,

and engaging in as many extra-curricular activities as

possible. But I knew that wouldn’t be enough on in itself.

Because of prison, I faced additional challenges when

applying for internships. So, I tapped into every

support network I could. I searched for employers and

opportunities that understood the value of unconventional

routes and those of us returning to education from

different starting points. These were the spaces where I

found the most success.

I didn’t stop there. I continually revised my CV and

LinkedIn, asking for feedback from lecturers and careers

advisors. I quickly realised that many sectors, especially

finance, are incredibly competitive. Most applicants had

no CV gaps, more relevant experience than me, more

resource access and time to prepare. That pushed me to

think creatively.

I began reaching out within the prison service, asking

the employment team to contact their networks to help

me find or even negotiate relevant placements, even if

they weren’t directly in my chosen industry. I focused on

building transferable skills: business acumen; professional

communication; and technical knowledge. I broadened

my search to alternative industries with finance teams. I

also secured a mentorship with Generation Success, who

provided access to internships tailored for people like me.

I explored programmes linked to the prison service, such

as those run by DHL and Thames Water, and contacted

organisations specifically designed to support individuals

with similar backgrounds.

Every step of the way, I’ve had to be self-directed. Nothing

was handed to me. I had to go out and find it – often in

spaces that weren’t built to support this kind of journey.

Let’s be honest: prison isn’t designed to help people find

career-relevant internships. But I knew early on that being

proactive was my only route forward.

Now, I’m in the second week of my first internship – in

financial technology, at a firm in the City. Just recently, I

had a conversation with the Head of Finance at another

location to discuss the possibility of a placement year in

corporate finance. These opportunities didn’t fall into my

lap. If, like me, you are likely to face obstacles, then going

out and creating opportunity is the way forward. They do

exist – you just have to work hard and look harder.

Today, I’m proud to say I have three mentors: one from the

Longford Trust, one from Generation Success, and one

from my current internship. I’m learning the value of being

self-driven, the power of mentorship, and the importance

of building relationships.

To anyone else navigating an unconventional route: stay

focused. Be patient. Don’t let rejection or setbacks knock

you off course. The path might be different. It might be

harder. But that doesn’t mean it’s impossible. I’m confident

I’ll achieve my goals, and I know I’ll learn so much along the

way. And for me, that’s what really matters.

1 Hiring with conviction" on page 32 of January 2025 edition at internationalbankers.org.uk/magazine

2 Source: Ministry of Justice estimate October 2024



LOOKING INWARDS

LOOKING INWARDS

A rich pageant of events from the

Company and its members

A HUGE RANGE OF VIBRANT ACTIVITY BECKONS PRESENT AND FUTURE MEMBERS

The Company and its members deliver,

support and sponsor a rich and varied

range of events, content-driven, social

and sporting, every month of year.

Here, we pick a sample of some of the

best and brightest from the past six

months.

Ali Miraj, Senior Warden and the

Clerk met the family that went on a

summer trip to Disneyland Paris, and

their driver, in the taxi sponsored by

the WCIB. The Worshipful Company

of Hackney Carriage Drivers organises

this annual trip of 100 black cabs for

children being cared for in children's

hospitals around the country.

Ali also runs in his spare time the

highly-regarded annual Contrarian

Prize, an example of the broader

engagement in the community by many

of the Company’s members.

Meanwhile, from the Company’s

wide-ranging sporting engagements,

Liveryman Alex Rottenburg reports on

the annual interlivery shoot.

WCIB held our summer party for

members and guests at the Savage

Gardens rooftop bar at the DoubleTree

Hilton near Tower Hill. Northcross

Capital generously sponsored the

event. And huge thanks as ever to Andy

Sillett for taking the photographs, as he

does at so many Company occasions.

Bravo.

And the annual Sheep Drive and Lord –

this year, Lady – Mayor’s show roll on as

two of our most popular activities.

LADY MAYOR'S SHOW

What a fun and invigorating time as

I joined my fellow WCIB members,

with Master Tim Skeet and Lucette

Yvernault and many others on Saturday

8 November 2025, representing the

Modern Liveries Companies on a float,

organised by the Worshipful Company

of Firefighters during the first Lady

Mayor's Show. Latoya Austin

PRIVATE TOUR OF THE BANK OF ENGLAND

In October, WCIB members enjoyed

an exclusive private tour of the Bank

of England hosted by the Head of

Museum, Saskia Boersma and Curator,

Jennifer Adam which delved into

the rich history and transformation

of the Bank's iconic Threadneedle

Street home, offering unique insights

into its architectural evolution and

archaeological treasures. While the

City's modern skyline is defined by

glass and steel, this area is also home

to London's most ancient remains.

Roman settlers established a trading

port here around 47 AD, linking roads

and shipping routes across Europe.

Over two millennia, successive

constructions have elevated today's

street level approximately seven metres

above its Roman origins, concealing

an incredible range of lost, discarded,

and occasionally carefully buried

archaeological treasures.

The Bank's 1920s rebuilding required

excavations 15 metres deep for its gold

vaults and foundations, revealing a

wealth of archaeological finds. Pottery

from every era was discovered, from

Roman cooking pots and mortaria to

medieval water jugs and 18th-century

beer bottles. Remarkably, organic

materials like wooden writing tablets

and leather shoes, often expected

to rot, were preserved by London's

wet, clay soil, protected from oxygen.

Among these were larger objects

indicating the Roman structures that

once graced the site. Three decorative

Roman mosaics have been found,

remnants of impressive villas built

on the bank of the now-lost River

Walbrook.

When the Bank of England first opened

its doors in 1694, it was operating

out of rented rooms at Mercer's Hall

in Cheapside with a modest staff of

just 19 – a stark contrast to the 4,500

people it employs across the UK today

and after a brief stint in Cheapside,

the Bank moved to Grocers' Hall in

Poultry before finally settling at its

Threadneedle Street location in 1734.

In the early 1700s, Threadneedle Street

was a bustling jumble of shops, pubs,

and houses. One such house belonged

to the Bank’s first governor, John

Houblon where, following his passing

in 1712, the Bank acquired his property

and surrounding estate, appointing

George Sampson as its first architect.

Sampson demolished Houblon's house

and, in its place, constructed one of the

country's first purpose-built banks.

The building continued to grow under

successive architects including Robert

Taylor, appointed in the 1760s who

expanded the structure with wings

to the east and west. The western

expansion, however, hit a snag: the

church of St. Christopher-le-Stocks

stood directly in the way but with a

fortunate event (for the Bank) in 1780

provided a solution. During the Gordon

Riots, a period of widespread unrest

initially protesting the Papists’ Act,

rioters used the church as a vantage

point to hurl missiles at the Bank. This

incident provided ample justification

for the Bank to petition Parliament

for the church’s demolition which

was granted in 1782 allowing Taylor to

extend the building further west.

However, the most famous architect

associated with the Bank, John Soane,

was responsible for creating the vast,

island-like site we largely recognize

today. His ambitious work spanned

45 years, from 1788 to 1833 but, sadly,

very little of Soane’s original, singlestorey

masterpiece survives. In the

1920s, the Bank made the controversial

decision to demolish Soane's structure

to erect a modern, taller building. This

act prompted architectural historian

Nikolaus Pevsner to famously decry

it as the "greatest architectural crime

of the 20th century." Today, all that

remains of Soane's original work is the

perimeter's more than 2.5-metre-thick

curtain wall.

The ten-storey building visible today

was designed by Herbert Baker, who,

in collaboration with the era's finest

artists and craftspeople, constructed

the new offices using high-quality

materials. These included Derbyshire

limestone for internal walls, Portland

Stone for the external facade and

durable bronze for the grand external

doors, handles, and window frames,

chosen for its ability to improve

with age. The resulting structure is

undeniably impressive and steeped

in symbolism, reflecting the Bank's

enduring role and values. Examples

abound, from the imposing Lions

guarding the main doors, representing

strength and vigilance, to the classical

Laurel leaves woven into floor mosaics,

signifying achievement and triumph.

Within the Court Room, a magnificent

Griffon – a mythical guardian of

treasure – stands sentinel, while

intricate gold leaf owls, symbols of

wisdom and knowledge, watch over

proceedings.

The collection and collective

symbolism exhibited across the building

paints a vivid picture of a city that,

for centuries, has served as a hub for

goods arriving from across the known

world. Roman ceramics from southcentral

France, wine bottles likely from

Belgium or the Netherlands, and 1700s

clay pipes testifying to the burgeoning

tobacco trade from the Caribbean and

Americas. These artefacts serve as a

tangible reminder of the Londoners

who preceded us, offering unique

insights into their daily lives and

prompting reflection on what traces

our own era will leave behind in the

City.

Aleem Wallani

44


LOOKING INWARDS

LOOKING INWARDS

MAGGIE OLIVER, WINNER OF

THE 2026 CONTRARIAN PRIZE

The horrendous grooming of young

vulnerable girls by organised gangs of

men has become a national scandal.

That is why this year’s Contrarian Prize

lecture: The price paid for truth: How

a detective exposed a child grooming

scandal, was so pertinent. It was

delivered to a packed audience at Bayes

Business School by the current winner

of the Contrarian Prize, Maggie Oliver.

She was instrumental in exposing the

Rochdale child sexual exploitation

ring. Her investigation revealed that

a network of men, largely of Pakistani

ethnic origin, were systematically

abusing girls, but she believed senior

officers did not respond adequately to

her concerns about the scale of it.

was invited to join Operation Span – an

investigation into child grooming in

Rochdale. It was discovered that one

young 13 year old victim who had been

assaulted by a 42 year old married

man with three children. Again nothing

was done and the cases were buried.

Maggie fought to pursue them but was

told to do as she was told. She resigned

from the force citing institutional

failures to safeguard victims and

properly investigate the crimes and

dedicated her life to supporting the

victims through her foundation.

Leaving the police was not easy to do

as she was a windowed mother with

four children to support but she could

not continue given the oath she had

taken when she joined the force.

Responding to a plethora of questions

from the audience, Maggie lamented

the “wilful blindness” of institutions

whose primary objective is in the

protection of themselves. An audit

by Baroness Casey earlier this year

laid bare the extent of child sexual

exploitation and the government has

agreed to hold a public inquiry having

previously dismissed calls arguing that

matter had already been examined in a

seven-year investigation by Professor

Alexis Jay. The inquiry is yet to find a

chair given the “political sensitivity” of

the subject.

It was the French philosopher and

novelist Albert Camus who wrote that

“The price of courage is risk, pain, and

embarrassment. The price of cowardice

is regret.” Cowardice is not something

Maggie Oliver is familiar with. A

modern day David battling against an

institutional Goliath.

Senior Master Ali Miraj

A FINE DAY OUT AT THE WEST

LONDON SHOOTING SCHOOL

Since it began in 1993 in its current

form (led by Chris Parr, Environmental

Cleaners, and still in charge!) at the

Holland & Holland shooting grounds

as a one day event, the Inter Livery

Clay Shoot has grown to such an

extent that it is now held over two

days with over 450 guns and 55+ livery

companies participating. Some three

years ago the competition moved to

the West London Shooting School.

As well as being a very enjoyable day

out the main purpose of the event is

to raise money for charity, which it

does very successfully, this year raising

over £15,000. The WCIB first took

part, thanks to the initiative of Past

Master Michael Lewellyn-Jones, well

over 10 years ago, quite when is lost

in the mists of time, and I have been

organising our teams for approximately

a decade. When I was first involved

I had such a struggle to get a team

together that I had to rope in three

shooting friends from Dorset to make

up the WCIB team: this year, in spite of

fielding five teams for the second year

running (I think) there was a waiting

list, as there is already for 2026’s event.

The ability of our guns ranges from

the very good to the strictly average

(one of our guns came one up from

being the worst shot over the entire

two days!) Having said that we do have

some really good shots; for the third

year running, Francina Mattinson won

the Ladies Cup, and thanks to her and

our top team (which came first in the

non-livery teams ranking) we won

£1,000, which we split between the

ABF and Help for Heroes. Overall we

came 109th out of 112 teams, so I do

not think that our chances of ever being

outright winners are that great! It is a

thoroughly enjoyable day, and results

in a number of charities being rather

better off than they were! Next year

we will be shooting on 13 May 2026 so,

keep an eye on your email for an update

on the cost and a decision on your

commitment.

Alex Rottenburg

UK FINTECH PANEL: OPPORTUNITIES, BARRIERS

AND THREATS IN THE INDO-PACIFIC

The growing intersection of FinTech and geopolitics, with a particular focus

on the Indo-Pacific, is the theme of the first WCIB event of the year, at the

Guildhall on 29 January 2026. As the Indo-Pacific emerges as one of the world’s

most strategically important economic regions, UK FinTech firms face a

complex landscape shaped by geopolitical tensions, regulatory fragmentation,

digital sovereignty, and shifting capital flows. From payments and compliance

to financial infrastructure and digital assets, global expansion increasingly

demands not only technical excellence but also geopolitical awareness.

This panel will bring together senior industry leaders, founders,

and investors to discuss:

• The opportunities and risks of expanding FinTech businesses into the Indo-

Pacific

• How geopolitics is influencing regulation, licensing, and cross-border

operations

• Capital allocation, partnerships, and market entry strategies

• What UK FinTech leaders and investors may be underestimating today

The discussion, with panelists including past Court member Martin Watkins

(centre below), a long-time leader in the fintech world, has been skilfully

orchestrated by Aleem Wallani (L) and Ranjith Kumar (R)

Full details on the WCIB website.

Maggie explained movingly how when

she joined the Greater Manchester

police force in 1997 she made a solemn

vow to act “with fairness, integrity,

diligence and impartiality, upholding

fundamental human rights and…..[to]

prevent all offences against people”.

She discovered through her work

on Operation Augusta that girls as

young as 11 has been systematically

abused and that 97 perpetrators had

been identified. In 2005 Maggie left

the force as he husband was dying of

terminal cancer. When she returned,

she found that the investigations had

been closed. None of the men involved

had been prosecuted and the victims

were still being abused. In 2010 she

THE MANSION HOUSE

SCHOLARSHIP SCHEME

I'm very proud to be a mentor again

for the Mansion House Scholarship

Scheme, with my mentee for this

year, Anup Shrestha a scholar from

Nepal. WCIB continues to support

this wonderful scholarship scheme by

providing mentors every year for the

Scholars, who this year come from

Brazil, Chile, Vietnam, Laos, Egypt,

Pakistan, Greece and Nepal.

Mark Henthorne, Chairman,

Communications Committee

MANSION HOUSE BANQUET 2026

We will welcome two superb guest speakers at the Annual Banquet in Mansion

House on 24 February - Mr Banji Fetinhola CFA Head of Financial Services at

the African Finance Corporation (left); and Dr Gerard Lyons, Economist, Senior

Independent Director at Bank of China (UK) (right). We will also be joined by the full

Civic Party, ie the Lady Mayor and Consort, and the two Sheriffs and Consorts



LOOKING INWARDS

LOOKING INWARDS

The WCIB in action

THE JOURNEY TO MASTER AND BEYOND

Guild of Young Freemen at the installation banquet

LIVERY COMMITTEE

CHAIR JAMES NISBET

ON PROGRESSING

IN THE COMPANY

As our Freemen and Freewomen

look to progress to Liverymen and

Liverywomen we often get asked how

they can aspire to join the Court and

perhaps one day become Master of

the Company. While there is no set

pathway there are a number of routes

and we encourage all our members to

consider their own potential journey.

When a member has gained Livery

status within the Company the next

step is often to consider joining a

committee (Freemen and Women

are eligible to join a committee too).

The WCIB has a number of standing

committees that collectively support

the Court to efficiently run the

Company and progress initiatives.

Details of all our committees are

on the website. Once a reasonable

level of experience has been gained

working with one or more committees,

then Liverymen can apply to join the

Court which is essentially the senior

leadership team of the WCIB. The

Court is made up of a number of Court

Assistants, the three Wardens (Junior,

Middle and Senior), the Master and

Clerk. All the committee chairs are

invited to be elected to the Court and

also support the Master’s Committee.

Each Court Assistant will serve for

a term of four years which can then

be extended for a further four years.

They attend the Court meetings and

keep the Master and Wardens updated

on progress with all aspects of the

Company such as membership, events,

charitable giving etc. Every year the

James Nisbet

Nominations Committee will encourage

Court Assistants to consider stepping

up to be Junior Warden. The Court will

vote on any suitable candidates that

seek election. As the Junior Warden

you are progressing on your journey

to become Master and support the

current Master in his/her year along

with the Middle and Senior Wardens.

By this stage you will have a wider

knowledge of the Company and will be

expected to contribute to the strategic

plan of events and initiatives. Election

as Middle and then Senior Warden will

follow as you prepare ultimately for

election as Master. Being Master (or

Prime Warden) of any Livery Company

is a great honour and also facilitates

engagement with other Companies

(there are now 113 Livery Companies

in total). You will be invited to many

events and dinners during your year in

office including some of the key civic

events in the City of London. Once

your year as Master has concluded you

will continue to serve on the Court

initially as the Immediate Past Master

to provide advice and support.

Many people think that this is surely the

peak of the journey of a Liveryman, but

it can be the door that opens into the

wider civic world. Many Masters/Prime

Wardens continue their journey by

seeking election to Common Council

or to the Aldermen’s Court. This in

turn can lead to becoming one of the

two elected Sheriffs (Aldermanic and

non-Aldermanic) and then as Lord (or

Lady) Mayor. If this has resonated and

inspired you to think further about

your own journey then there is a wealth

of information and guidance available

or feel free to contact a member of the

Livery Committee.

THE ARMED FORCES

COVENANT – SIGNING UP TO

THE EMPLOYER RECOGNITION

SCHEME

The WCIB signed the Armed Forces

Covenant in April 2025 and almost all

the City of London Livery Companies

have now done likewise. The next step

that many organisations look to take is

to consider signing up to the Employer

Recognition Scheme (ERS).

The Employer Recognition Scheme

(ERS) is a UK government programme

that publicly recognises and rewards

employers for supporting the armed

forces community, including cadets,

reservists, veterans and their families.

It consists of three tiers—Bronze,

Silver, and Gold—which acknowledge

employers who pledge, demonstrate,

or advocate for support. The scheme

aligns with the Armed Forces Covenant

and aims to inspire other organisations

to provide support.

The ERS has a number of levels of

participation:

• Bronze: Awarded to employers

who pledge to support Defence

personnel, including taking a positive

stance on employing reservists

and supporting their training and

mobilisation.

• Silver: Awarded to organisations

that have already demonstrated

support through their HR policies and

practices and are celebrated at an

annual awards ceremony.

• Gold: The highest badge of honour,

recognizing employers who provide

outstanding support, such as giving

at least 10 days of additional paid

leave to reservists and advocating for

defence across their networks.

Joining the ERS involves a number

of key steps:

Past Master Banker Bob Wigley at Pillars of tomorrow - see next page

• Pledge: Employers make a public

pledge to support the armed forces

community.

• Demonstrate: Employers must then

demonstrate this support through

their policies and practices.

• Advocate: To receive a Gold award,

employers must also advocate for the

armed forces community within their

networks and sectors.

• Eligibility: All public, private, and

third-sector organizations are eligible

to apply for awards at any tier.

• Nomination: Employers can selfnominate

for the Bronze award,

while advancement to Silver and Gold

requires submitting an Expression of

Interest for the next level.

With more banks and financial services

organisations looking to recruit

veterans and Reserves, the WCIB

Livery Committee will be considering

the options to sign up to the ERS and

engage further with Armed Forces

networks in our finance industry.

Liveryman James Nisbet is a Chartered

Banker and Chartered Manager currently

serving full time as a Commander in the

Royal Navy and the London Area Officer

seconded to the Marine Society & Sea

Cadets charity



BACK STORY

LOOKING INWARDS

A STIRRING START BY THE

“PILLARS OF TOMORROW”

The Associates Committee had a

thrilling summer headlined by the

Pillars of Tomorrow Banquet, held in

partnership with the Guild of Young

Freemen, which took place on 31 July.

They were privileged to be joined by

distinguished guests including Past

Lord Mayors Sir David Wootton KStJ,

Alderman Vincent Keaveny CBE KStJ

and Sir Nicholas Lyons KStJ, Chief

Commoner Henry Pollard, Past Master

of the Guild of Investment Managers,

and Alderman Robert Hughes-Penney.

They also welcomed Past Master of

The Worshipful Company of Drapers

William Charnley, Renter Warden

of The Skinners' Company Edward

Goodchild, Master’s Consort of the

Girdlers' Company Helen Udal, Past

Master Scrivener John Hammond,

Master The Worshipful Company of

Paviors Charlie Laing, Renter Warden

Pavior Sir Andrew McAlpine Bt, The

Worshipful Company of Fuellers' Elena

Oderstone and Chair of the Livery

Committee Julia Sibley MBE.

The Associates Committee included

the wider FSG group of liveries, and

so were delighted to welcome Master

of the Chartered Accountants' Livery

Company Jonathan Grosvenor JP,

Master of the Worshipful Company

of Arbitrators Nicola Cohen, Master

of The Worshipful Company of

Communicators Jason Groves CC,

and Upper Warden of The Worshipful

Company of Tax Advisers Matthew

Peppitt. Each of the FSG liveries

were offered space for three of their

younger members to attend, which

many took up.

From the Bankers, in addition to a

large delegation of Associates, Master,

Middle Warden, Past Masters Michael

Llewelyn-Jones and Angela Knight, and

Carole Seawert all attended. Feedback

from the event was superb across the

board. Planning is already underway

for next year’s event, and several

liveries have already offered to host

at their hall free of charge. Elections

permitting, our own Raf Leffa will then

be Master Young Freeman, further

deepening our relationship. A special

mention to Associates Committee

members Raf, Lydia Thomas and

Kit Saxton without whose help and

support the event would not have

happened.

GROWING STRONGER AMID

UNCERTAINTY – FINANCE

COMMITTEE CHAIRMAN

NICHOLAS GRANT ON HOW

INCREASED MEMBERSHIPS

AND REDUCED COSTS ARE

STRENGTHENING OUR

FINANCIAL POSITION

In a period marked by economic

uncertainty across the UK, many

organisations in the financial and

service sectors have demonstrated

remarkable resilience. Despite

fluctuating market conditions, shifting

policy landscapes, and ongoing cost

of living pressures, our livery company

continues to move from strength

to strength through its growing and

vibrant membership base. Over

the past year, rising subscription

numbers have provided an expanding

revenue stream. For many groups,

these subscriptions are not only a

reflection of member loyalty but

also a signal that individuals and

professionals are seeking strong

networks and reliable support as the

broader economic climate remains

uncertain. Simultaneously, the careful

management of operating costs has

further strengthened balance sheets.

The Company has reduced rental and

property related expenses through

new premises at the Wax Chandlers’

Hall. These targeted cost reductions

will yield significant long term savings,

freeing up resources for member

services, digital development, and

strategic investment.

We are investing further into our

website and payment systems, which

although are a larger upfront cost,

should help grow our operational

margins as we move forward. We are

aware of the inflationary impacts and

we feel we have now created a margin

to allow for any fluctuations to be

absorbed and allow more confidence

Nicholas Grant

in our future planning. While the

broader UK environment remains

unpredictable, the continued financial

strengthening offers a reassuring

counterpoint. Through adaptability,

prudent cost management, and strong

member engagement, we are proving

that resilience is not only possible

during uncertain times - it can flourish.

CHARITABLE INVESTMENTS

We have also seen our charity’s

position strengthen, with donations

and generous gifts over the year,

which has enabled a record year in

our charitable works, exceeding the

£200,000 mark for the first time.

The strategic changes to investment

portfolio included adding a UK tracker

and increasing our equity exposure

earlier in the year. This has helped

in compounding our long term

investment track record, while also

securing attractive prices on UK Gilts to

secure our designated funding for our

charitable commitments.

It should be an exciting year and head

for both the Company and Charity.

Thank you for your ongoing support

and engagement, which has allowed us

to be in such a strong position.

Liveryman Nicholas Grant is a Senior

Investment Director at Canaccord

Wealth

How much should you donate?

It’s totally up to you how much you give but, as a guide,

your recommended annual donation is equivalent to the

annual WCIB membership you pay. Your generosity can

have a life-changing impact for a talented individual who

may not have the opportunities that most of us take for

granted.

Gift Aid

If you are a UK taxpayer, your donations are eligible for

Gift Aid with the associated tax benefits for both the

IBCT and you.

You can download the Gift Aid form here.

WCIB MERCHANDISE

We now have WCIB-branded

umbrellas for sale, as well as WCIB

ties, bowties and cufflinks.

You can order them via our

website here:

https://www.internationalbankers.org.

uk/shop (You need to be logged in

to access this page.)

CLERK’S CORNER – SUPPORTING

OUR CHARITABLE TRUST

The International Bankers Charitable Trust (IBCT) (reg no

1087630) donated over £200,000 to good causes last year.

This was due to the generosity of WCIB members to whom

we say a big thank you. However only around half of all

members donate to our Trust.

If you don’t currently support this but would like to start

donating, please contact Anita Twiddy on finance@

internationalbankers.co.uk who will help you set your

payment up. You can either pay monthly by bank card,

quarterly by direct debit or make ad hoc payments by bank

transfer. We support a number of City-based charities, such

as the Lord Mayor’s Appeal and St Mary-le-Bow’s young

homeless project, as well as six relationship charities that

closely meet the IBCT’s focus of social mobility, younger

generation and financial awareness.

FORTHCOMING EVENTS

The Events Committee is busy working on the

schedule of social events for 2026 and you will

receive details soon by email. Meanwhile, don’t

forget to put 24th February (WCIB annual

banquet) and 29th April (Common Hall by Zoom)

into your diaries.

You can reach Carole on:

clerk@internationalbankers.co.uk

(Her work days are Monday to Thursday.)



LOOKING INWARDS

New WCIB recruit Leia Zhu

EXCELLENCE, STEWARDSHIP, AND THE NEXT GENERATION

OF THE CITY

At just 19, Leia Zhu is already an

internationally recognised violinist and

recording artist with a career spanning

over 20 countries, major concert

halls and leading cultural institutions.

Alongside her artistic work, Leia is

developing a serious commitment

to civic life, institutional stewardship

and financial understanding through

her involvement with the Worshipful

Company of International Bankers

as well as the Chartered Institute for

Securities & Investment. Leia represents

a rare and compelling intersection of

cultural excellence, youth leadership

and professional discipline. She is an

example of how the next generation can

engage thoughtfully with the traditions

and responsibilities of the City.

Leia’s musical career is distinguished

not only by scale but by substance.

She has performed as a soloist in over

20 countries and in leading venues

including the Royal Albert Hall (BBC

Proms), Barbican Centre, European

Parliament, and Trafalgar Square,

frequently in cultural, educational and

charitable contexts. She has had the

privilege of performing with the London

Symphony Orchestra under Sir Simon

Rattle and at the Zurich Tonhalle with

conductor Paavo Järvi, experiences

reflecting the highest level of musical

collaboration and artistry.

Her work has been recognised through

major industry honours including OPUS

Klassik Young Talent of the Year 2025,

inclusion in Classic FM’s 30 Under 30

and recognition as a Rising Star by

BBC Music Magazine. Alongside her

performance career, Leia serves as

Education Ambassador for the London

Mozart Players and Patron of the

HarrisonParrott Foundation, supporting

access to music education and outreach

initiatives across diverse communities.

Leia has contributed to a wide range of

charitable and civic initiatives in recent

years, including events supporting

the Lord Mayor’s Appeal, veterans’

charities, children’s charities and

healthcare support organisations,

bringing discipline, care and long-term

perspective to her work.

Alongside her artistic career, Leia has

deliberately developed professional

competence in finance and governance,

believing that cultural and charitable

institutions are strongest when

underpinned by sound financial

understanding and responsible

stewardship. She completed the

Diploma for Financial Advisers

(DipFA) at 17, becoming one of the

youngest holders of the qualification

and is currently completing the CISI

Level 6 Advanced Financial Planning

qualification. An Associate Member of

the Chartered Institute for Securities

& Investment, she is particularly

interested in how financial discipline,

ethical governance, and long-term

planning enable organisations to

endure, serve communities effectively,

and earn public trust.

In parallel with her professional

development, Leia is increasingly

engaged in the civic life of the City

of London. She is a Freeman of the

Worshipful Company of International

Bankers, reflecting her interest in

the traditions, networks and public

responsibilities of the livery movement.

She views the livery companies not

only as professional associations but as

custodians of continuity, standards and

public service, offering insights into how

institutions endure across centuries.

At a stage when many of her peers

are still exploring direction, Leia is

deliberately building a foundation that

brings together creativity, discipline,

financial understanding and civic

responsibility. Whether through

performance, education, charitable

work or institutional engagement, her

focus remains on longevity, quality

and contribution. In an era where trust

in institutions is increasingly tested,

Leia’s journey offers a reminder that

excellence, stewardship, and service

are not separate paths but deeply

connected ones, a combination that

resonates strongly with the values of the

Worshipful Company of International

Bankers and the wider City community.

AI, banking and the future of leadership

FREEMAN HARRY LIM WINS GLOBAL AWARD IN SINGAPORE

In mid-January, I had the amazing

opportunity to attend the World Youth

Leadership Conference 2026 as the

Delegate for the United Kingdom.

This global platform brings together

young leaders from across cultures,

disciplines, and lived experiences,

united by a shared commitment to

shaping a more just, innovative, and

sustainable future. My attendance

reflects not only a personal dedication

to leadership development, but also

a broader commitment to amplifying

youth voices in global decision-making

spaces.

Over the course of two days, we

heard from various speakers from

around the world covering topics on

entrepreneurship, international trade

and how AI is shaping the future of

leadership. It was great to learn more

about the skills needed for a leader in

the 21st century.

In my keynote speech, I shared the

importance of challenging ideas,

proposing solutions and embracing

change as young leaders, focusing more

on what we have in common as oppose

to what divides us.

On Day 2, I had the opportunity to

participate in a panel discussion on

“Bridging the Gap: Enhancing Access

to Education and Skills for All.” I shared

some of the initiatives we have in the

United Kingdom, including:

The 93 % Club is doing in closing the

educational gap and opening access for

all.

I also highlighted the great work that

the Lady Mayor, Dame Susan Langley,

is doing with the launch of the Lady

Mayor’s Livery Apprentices.

In December 2025, the Department for

Work and Pensions announced £725

million of investment to deliver more

apprenticeships for young people and

help match skills training with local job

opportunities.

At the closing ceremony, I was

awarded the World Youth Leadership

Conference Award 2026, a

distinguished honour that recognises

young leaders who demonstrate

exceptional leadership, innovation,

and a strong commitment to creating

positive global impact. This award

celebrates individuals whose work

reflects resilience, responsibility and a

clear vision for building a better future

for the world.

Receiving this award affirmed the huge

significance of my efforts to drive

meaningful change and contribute

Johnric Vargas, Parshu Aryal, Harry Lim, Anshula Garg at awards ceremony

constructively to my community,

locally, nationally and internationally.

I have been an advocate for young

leaders through various organisations in

the United Kingdom and I look forward

to continue being a mentor to young

professionals within the Banking and

Financial Services sector.

Overall, I learnt an enormous amount

from my fellow delegates and it was

truly an amazing experience to grow

with them. I will take away a lot of

confidence from this conference and

am excited for what the rest of 2026

has in store for me.



International Banker magazine Winter 2026

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