The Case for Radical Reform of the Banking Sector

This event has now taken place but you can watch the video recording of it through our Youtube Channel, get to it by clicking the button below

When

Tuesday, April 27th from 6pm to 8pm UK time

Where

Online symposium via Zoom.

Format

There'll be a great line-up of speakers plus ample scope for discussion and debate.

Why you should attend

This is an important symposium because:

  • The Banking sector is at the very heart of our financial ecosystem. It has immense impact on the lives of billions of people around the world and even small imperfections in the sector can be detrimental to many
  • The Banking sector was at the very heart of the cause of the Global Financial Crisis; and there remains a great deal of disagreement about whether the banking sector has been treated too favourably by regulators, policymakers, taxpayers and prosecutors during and since
  • Bringing matters right up to date, there are allegations that even now there is malpractice, malfeasance, misconduct and mis-selling taking place within the sector
  • We’ll be taking a look at evidence that suggests the regulatory approach to the banking is failing to drive the transformational reform that is so obviously needed

In particular, we’ll be taking a close look at what the evidence from Violation Tracker tells us about the propensity of the banking sector to disregard rules and regulations in the pursuit of profits; and even when caught and fined for unethical and/or illegal activity, to simply carry on misbehaving. 

See here and draw your own conclusions on whether the banks see being fined for infringements and violations as “a cost of doing business;” and whether the regulatory framework is succeeding in creating a financial sector that is worthy of our trust and confidence. 

Furthermore, beyond the financial consequences to the banks caused by their own misconduct, there is also the financial consequences to the victims of their behaviour such as:

  • Those that become prey to scammers and fraudsters due to lax banking controls
  • Those that lose their business properties or even their family homes as a consequence of predatory banking conduct
  • Those that lose life-changing amounts of money through mis-selling by banks

And even worse than that, there are the non-financial costs to be taken into account as well, with an estimated 10,000 suicides in the UK, Europe and North America directly attributable to the consequences of banking misconduct. 

The overall conclusion is that the banking sector has a great deal to answer for and one must wonder whether banking governance is simply not fit for purpose and long overdue for a strategic overhaul.

We want banks to authentically serve society, rather than exploit it; and we believe that only through radical reform of the sector will it achieve its potential as a force for good in the world.

Here's the programme and timings so far...

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