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How can the financial sector better serve the needs of society?

4th February 2014
  • ResPublica

The launch of ResPublica's latest report, 'Market's for the Many'

Launch of ResPublica’s Latest Report: “Markets for the Many: How civic finance can open up markets and widen access”. Launched with opening remarks by Cathy Jamieson MP, Shadow Financial Secretary to the Treasury.

ResPublica is launching its latest report: ‘Markets for the Many: How civic finance could open up markets and widen access’. Supported by the Building Societies Association, Nationwide, Yorkshire Building Society, the Association of Financial Mutuals, Unity Trust Bank and the CDFA, this Green Paper sets out how the current financial reform agenda needs go beyond assessing mere financial stability, as contained in the Banking Reform Act, and explores the overall ability of the sector to serve customers, help communities and support small businesses.

In order to better serve the needs of society, the report recommends that the Government pursue policies that permit building societies to lend more to SMEs; allow financial mutuals to raise extra capital to increase competition within the sector; and introduce a Community Reinvestment Act in the next Parliament to maximise lending to our deprived communities.

The paper serves to widen the debate around financial reform and to highlight how regulators need, in order to restore trust and confidence in the sector, to go beyond the Banking Reform Act and encourage the financial sector to adopt its civic duty within society.

The event will commence with a 10-minute keynote speech, delivered by Cathy Jamieson MP, Shadow Financial Secretary to the Treasury, followed by a panel discussion before opening up the discussion to delegates. Members of the panel include:

  • David Llewellyn, Professor of Money & Banking at Loughborough University
  • Robin Fieth, Chief Executive, Building Societies Association
  • Martin Shaw, Chief Executive, Association of Financial Mutuals
  • Ben Hughes, Chief Executive, Community Development Finance Association
  • Peter Kelly, Business Development and Marketing Director, Unity Trust Bank
  • Jeff Prestridge, Personal Finance Editor, Mail on Sunday

The launch will be a private event, to which we will be inviting high level representatives from across industry, the charitable sector, Parliament and the media.

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