The Good Banking Forum includes a unique range of leading figures from academia, finance, politics, the law, trade unions, consumer and civil society groups that are demanding real reform of the banking sector.
The Forum emerged from the Good Banking Summit, organised by nef (the new economics foundation) and Compass in May 2011. The Forum challenges the limited scope of the Independent Commission on Banking, will mobilise public pressure for ‘Good Banking,’ and is campaigning to break-up the banks as a necessary first step.
Banks need to refocus their energies, not on those over complex products of no real use to humanity…but on their core functions of providing savings and credit and payment products to their customers…Not all financial innovation is valuable, not all trading activity plays a useful role, and a bigger financial system is not necessarily a better one.
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At last weeks local banking conference co-hosted by nef (new economics foundation) and the Good Banking Forum we asked some of the speakers what they think their first steps would be to reinvigorate local banking. You can hear their thoughts by clicking below.
How to create a local banking system by neweconomicsfoundation
The advent of ‘credit easing’, set out in the Chancellor’s autumn statement, was trumpeted as a huge innovation when he announced it at his own party conference two months ago.
Robert Jenkins, member of the interim financial policy committee of the Bank of England has written an impassioned article arguing that structural reform of the universal banks should be implemented in 24 months. The need for reform is urgent he argues:
“If we witnessed a maritime disaster and a commission determined extra lifeboats would save lives, would we wait until 2019? Not a ship would sail until there was action. Why are we timid when it comes to financial reform? Is it that we are intimidated by those for whom the reforms are destined? “
Indeed.
You can read the full article at http://www.guardian.co.uk/commentisfree/2011/nov/14/bank-reform-cant-wait-until-2019
In the first report written by the Good Banking forum a group of experts try to answer the question, ‘What would a good banking system look like?’. You can download the report here.
Michael Skapinker has an interesting article in today’s F.T [Paywall] that refers to the set-piece reforms that were central to activists demands after the 2008 crash.
One of the key criticisms we at nef made of the final ICB report was that there was no good reason for such a long implementation timetable other than to allow plenty of time for the banking lobby to set to work on watering down the reforms.
An investigation by the Bureau of Investigative Journalism shows the proportion of donations to the Conservatives from the entire financial services sector has now reached 51.4% – up 0.6% from last year. According to the Bureau this means that the City’s financial influence over the Tories has deepened in the past 12 months. The implications for those that want radical reform of the financial system are obvious.
Following publication of the ICB Final Report, the Treasury Committee is to hold an evidence session with Sir John Vickers and his fellow Commissioners on 10 October 2011.
The Committee invites interested parties to make written submissions ahead of this session on points in the Final Report they believe the Committee will find relevant for their cross–examination of the ICB
The Good Banking Forum will be making a submission and would like to hear your ideas. To make a suggestion just contact us or make a comment on this post.
Analysis from the Good Banking Forum suggests that if the recommendations made by the Independent Commission on Banking (ICB) are implemented they will fall short of the fundamental restructuring of finance that is necessary.
In case you missed it we took our message to the Commission and the Government with two ad vans circulating London on Monday.
Created with Admarket’s flickrSLiDR.
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Petition for a judge-led inquiry into UK banking - The Good Banking Campaign
goodbanking.org.uk
The Libor scandal has once again highlighted the need for a comprehensive inquiry into our banking system. Support our call for a judicial inquiry by clicking below, signing the petition and sharing it with everyone you know. Add your support here
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