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


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


Online symposium via Zoom.


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...

One Reply to “The Case for Radical Reform of the Banking Sector”

  1. Hello to you all,

    I hope all is as well as can be with you and yours, and your colleagues, in this ongoing challenging time.

    I am writing to suggest that you add to your platform of key changes in the UK, and other countries in which you are active, the creation of an Individual Investor organization (IIO) and a Financial Consumer Organization (FCO) using a method that has proven to be effective in U.S.

    The creation of an IIO and/or FCO in any country using the method that has proven to be effective in the U.S. will solve almost every problem faced by financial consumers and retail investors in the country.

    The method is simple. The government would pass a law creating the IIO and requiring public companies and mutual funds to post at the top of all emails they send to individual investors a one-line notice that invites them to join the IIO and links them to the group’s website sign-up/join page.

    And the government would pass a law creating the FCO and requiring banks, insurance companies and trust companies to post at the top of all emails they send to their customers a one-line notice that invites them to join the FCO and links them to the group’s website sign-up/join page.

    The law would set out the group’s mandate as educating retail investors, representing them in policy-making, and hiring staff lawyers to provide free legal advice. The law would also require that the group’s board be democratically elected by its members.

    Based on the U.S. experience, likely 3-5% of retail investors would join the IIO, and likely 3-5% of financial consumers would join the FCO, if the annual membership fee was $10-20.

    You can see more info about the IIO proposal at:
    and you can see more info about the FCO proposal at:

    Please see the recent News Release from Democracy Watch about the 100,000+ Canadians calling on the PM and Finance Minister Chrystia Freeland to enact key measures to make Canada’s Big Banks help more during the COVID-19 crisis and after, at:

    As you will see at the end of the release, #3 in the list of key changes calls for the creation of the FCO, and #8 in the list calls for stronger enforcement measures across the board, with a link to the summary of key enforcement changes needed in Canada, which you can see at:

    Hope this helps, and I hope you will add the IIO and FCO to the list of key changes you are proposing in the UK, and in other countries.

    Take care and stay safe,
    Duff Conacher, Co-founder
    Cell: 416-546-3443

    Democracy Watch
    P.O. Box 821, Stn. B
    Ottawa, Canada
    K1P 5P9
    Tel: 613-241-5179
    Fax: 613-241-4758
    Twitter: @DemocracyWatchr

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