Fri 6th Jul 2012, 5:42pm
The financial system is not working in the way it should. And we should condemn the bad banking practices, especially those arising within Canary Wharf, where people live and work in a way that is totally divorced from everyday life.
BUT we should not condemn finance, rather we should reclaim it for the common good (remember banking for the common good?). If used responsibly finance is one of the most powerful tools we have for addressing our common problems and increasing our wellbeing.
Financial innovation has brought us insurance, microfinance, mortgages, pensions, savings accounts – all of which, when not mis-sold, have contributed to the good of society. We need more responsible innovation, not less, so that we can re-channel financial creativity for the common good.
Right now finance has come to be seen as the manipulation of money for short term gain or the management of risk. We need to see it once again as the stewardship of society’s assets – not just personal wealth – but that of society as a whole.
Malcolm Hayday, Chief Executive of Charity Bank