The CSFI is a unique forum to explore financial innovation. 

Founded as a not-for-profit think-tank in 1993 by Andrew Hilton and David Lascelles, the Centre conducts research, publishes reports and holds round-table meetings, all centred on the latest developments in the financial services sector.

There is no ideological brief, beyond a belief in open and efficient markets, and in frank debate of the issues that will shape the sector's future.

The CSFI holds about 80 round-table discussions a year on a variety of topics and has published more than 90 reports in its 17-year history. 

The Centre's activities are supported by sponsorship from many of the leading names in banking, insurance, investment, technology and the professions, as well as a Governing Council of influential City figures.

PUBLICATIONS

***PRIVATE EQUITY REPORT***

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Private equity, public loss? by Peter Morris

Private equity is often criticised for the wrong reasons. Some politicians describe its operators as “locusts” or asset strippers. Even so, in the last 30 years it has advanced from obscurity to a position of respect in the corporate and financial landscape. Many of its admirers assume that investors share fully in private equity’s success. After all, the mantra is that “interests are aligned”. 

The real story is more complicated. Investors have known for some time that average returns are disappointing. But they comforted themselves that “top quartile” managers still deliver consistent outperformance. And of course they assumed they could identify and then invest with those managers. 

In this report, Peter Morris draws on recent research to decompose the “official story” about alignment of interest and high returns.

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Systemic policy and financial stability: A framework for delivery, by Sir Andrew Large

Sir Andrew Large has written an important paper on what he believes to be the appropriate regulatory structure for dealing with systemic risk caused by failing financial institutions. His key proposal is that there should be a Systemic Policy Committee (SPC) with a mandate to use capital ratios to prevent the build-up of systemic stress and to disincentivise financial institutions from excessive leverage.

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Struggling up the learning curve: Solvency II and the insurance industry, by Shirley Beglinger

Shirley Beglinger  argues that Solvency II will shake up the global insurance industry as surely as Basel 2 shook up the banks. And with similar unintended consequences. On balance, she says, it is a Good Thing – but it is onerous, expensive, complicated, and not necessarily in consumers’ interest.

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Investing in Social Enterprise: the role of tax incentives, by Vince Heaney

 A CSFI report, published with assistance from the National Endowment for Science, Technology and the Arts.

The CSFI’s latest report is an investigation into the various legal, tax and business forms that characterize the increasingly complex world of social entrepreneurship. The report throws a light on a rapidly-growing part of the economy, the so-called “third sector”. It is also the second paper we have published in cooperation with NESTA – for whose support we are very grateful.

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The Credit Crunch Diaries: The financial crisis by those who made it happen, by Nick Carn & David Lascelles

Written by David Lascelles, former banking editor of the Financial Times, and Nick Carn, a partner in Odey Asset Management, The Credit Crunch Diaries is a satire by two well-informed insiders on the institutions that made the financial crisis. Supposedly the blogs of the CEO and Chief Compliance Officer at a City bank, it chronicles the exciting adventures of the workforce as their fictional employer AFFE lurches from disaster to disaster.

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“The Credit Crunch Diaries provide a hilarious insight into the lunacy of modern finance – a perfect antidote to the fiscal pain ahead.” 

John Plender, Financial Times

“Enough gloom has lifted that we actually begin to see some humour in the financial crisis. And just in time, David Lascelles and Nick Carn have come along with an insightful, funny and thoroughly enjoyable insiders’ look at those who turned the Great Moderation into the Great Recession.” 

Stryker McGuire, contributing editor, Newsweek

“A wry chronicle of what really went on in our finest banks; institutional comedy was the mother of financial tragedy.” 

Robert Peston, BBC

“The Credit Crunch Diaries are as powerful a parody of finance as ‘Yes Minister’ was of Whitehall and government.  If the sins of the bankers were not so egregious and the impact on the lives of ordinary people so terrible, I would have laughed myself to sleep.” 

Alex Brummer, City Editor, Daily Mail

Grumpy Old Bankers: Wisdom from crises past

Financial crises are nothing new, and the movers and shakers who dealt with previous crashes are still alive and kicking.  So why not ask them for advice on how to deal with this one? The CSFI has put together a book of wisdom from those who’ve seen it all before. Click here to see a full list of contributors.

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FELLOWSHIPS

The CSFI extended its scope in 2008 through the launch of a Fellowship programme. Starting with insurance, sponsored by Generali, the Centre has paired with big players in the financial sector to run round-tables and dinner discussions on cutting-edge issues, culminating in a report written by the Fellow, who is the programme's intellectual leader. Other fellowships are in Payments, sponsored by Visa, and Development, sponsored by Citigroup and the UK's Department for International Development.  

Visa CSFI Fellowship Programme

Visa Europe and the Centre for the Study of Financial Innovation have now launched the Visa/CSFI Fellowship Programmes in Payments Technology. The first Fellow is Dave Birch, director (and co-founder) of Consult Hyperion, one of the UK’s leading IT consultancies. Dave is a former columnist for The Guardian, who also chairs the Digital Money Forum and runs his own blog on payments technology. Further information can be found at: http://digitaldebateblogs.typepad.com/vrf/

Generali CSFI Fellowship Programme

The CSFI launched its new Fellowship Programme on May 14, with a drinks reception at the London Stock Exchange. The programme links iconoclastic financial practitioners and observers to the Centre and permit them to shape much of the work that it does.  A start has been made with the appointment of Shirley Beglinger (the author of two CSFI reports, and a former senior staff member at Swiss Re and Aon) as the CSFI’s Generali Fellow in insurance. 

Shirley’s concerns about the industry and her thoughts about the agenda for the fellowship as discussed at the launch can be found here.  

Citi/ DFID CSFI Fellowship

The CSFI launched its latest Fellowship, funded by Citi and the UK's Department for International Development, in September 2009. Mark Napier, former Chief Executive Officer of  the FinMark Trust, was appointed Fellow in Development and Finance. The Citi/ DFID Fellowship intends to accelerate the flow of new ideas (financial and technological) from the City to emerging markets- the innovative use of mobile phones to move money in Kenya, using derivatives to guarantee farm incomes in Botswana, building pensions systems for the very poor.  

FINANCIAL WORLD

Financial World is the monthly publication of the ifs School of Finance and, since February 2006, has been produced in association with the CSFI. It is read by more than 32,000 financial services professionals and experts. For more information on the magazine, or to subscribe, contact the ifs on +44 (0)1227 818609 or visit www.financialworld.co.uk.