[1] They are the financial adviser, accountant, receiver and paymaster and are responsible for the City of London's local and private trust funds.
The Chamberlain is responsible to the Court of Aldermen for constituting new livery companies and for interpreting and amending their ordinances and charters.
The Chamberlain's relationship with the Court of Common Council is the same that applies to other local authority chief finance officers (CFOs) and therefore they have the same responsibilities placed upon them as any other CFO in the United Kingdom.
[3] Originally responsible for collection and distribution of revenues within the city and nominally appointed by the Crown, the office-holder's term traditionally began on Midsummer Day and cannot be removed "unless some great cause of complaint appear against him".
[6][7] The longest-serving Chamberlain is Benjamin Scott (1858-1892), closely followed by Richard Clark (1798-1831) and Sir Adrian Pollock (1912-1943), all of whom exceeded tenures of thirty years and died in office.