Like many people that knew Iain, I was introduced to him when he took control of the CREST project. I often wondered what possessed him to take the CREST job. The previous years had seen ‘TAURUS’, the first ill-fated attempt to introduce efficiency and lower risks in settlement. The result, tens of millions in costs to all types of firms in the UK Capital Markets and, worse still, damage to the City of London’s reputation.
So, it was hardly going to be an easy task after so many years of abject failure! But cometh the hour, cometh the man and Iain was perfectly suited to successfully completing this mammoth task. The Bank of England made an excellent choice!
To assist him, Iain assembled an eclectic group of people drawn from all over, including academia. This was going to be as much an intellectual battle as much as a technical one. A demanding captain, he led his team by example, with charm and fortitude. Today, they remember him and that challenging time fondly.
Iain was a tough negotiator and was never afraid to fight his corner and win for the good of the project. Getting powerful organisations and people that controlled the UK Capital Markets to accept fundamental process and structure changes was not an easy task. Of course, he made a few enemies along the way. He could hardly not, with his forthright approach and bluntness. However, I think even those that felt his ire might agree that he always had their utmost respect.
Iain had other jobs after CREST, but none really sat with his style or met his own exacting standards and ideals. Men like Iain are exceedingly rare. For him, the outcome of a job had to have a purpose and be widely beneficial. At one keynote presentation during CITY IT, I was sitting next to Iain who was muttering to himself, “disgraceful, disgraceful”, at various points. Clearly the presentation on commercial opportunities in financial markets fell far short of his expectations. Not matching up to his ideals — to build a better market for a better world that would benefit all.
Aside from his work in the City, Iain had a passion for music and sang with the Dulwich Choral Society for many years.
For those of us still around, Iain will be forever remembered as the Father of CREST. His legacy has been to create a UK Capital Market and financial system many years ahead of its time, with benefits felt not just by those directly involved in the capital markets, but on a much wider scale. Today, CREST is still the leading settlement system in the world.
None of this would have been possible without Iain Saville. A man who came to the City’s aid when it was at its most vulnerable and built a solution that exceeded all expectations. A man not only for all seasons, but for all years as well.
Dr Iain Saville CBE 1948 - 2022
Image: IS 