Banking, Insurance and Finance Union
Encyclopedia
The Banking, Insurance and Finance Union (BIFU) was a British
trade union
.
The union was founded in 1946 as the National Union of Bank Employees, when the National Bank Officers' Guild and the Scottish Bankers' Association merged. In 1979, it was renamed the Banking, Insurance and Finance Union. In 1999, it merged with the Natwest Staff Association and the Barclays Group Staff Union to form UNIFI
.
By the time of its merger, the union had 113,000 members, in national and international banks, the Bank of England
, insurance
companies, building societies
, finance houses and the Financial Services Authority
. It was affiliated to the Trades Union Congress
.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
trade union
Trade union
A trade union, trades union or labor union is an organization of workers that have banded together to achieve common goals such as better working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members and negotiates labour contracts with...
.
The union was founded in 1946 as the National Union of Bank Employees, when the National Bank Officers' Guild and the Scottish Bankers' Association merged. In 1979, it was renamed the Banking, Insurance and Finance Union. In 1999, it merged with the Natwest Staff Association and the Barclays Group Staff Union to form UNIFI
UNIFI (trade union)
UNIFI was a trade union representing worked in the finance sector in Britain. The name UNiFI was briefly adopted by the Barclays Group Staff Union in 1999. Later in the year, the union merged with the Banking, Insurance and Finance Union and the NatWest Staff Association, and the new organisation...
.
By the time of its merger, the union had 113,000 members, in national and international banks, the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
companies, building societies
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
, finance houses and the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
. It was affiliated to the Trades Union Congress
Trades Union Congress
The Trades Union Congress is a national trade union centre, a federation of trade unions in the United Kingdom, representing the majority of trade unions...
.