Regulation - right to think big?
Writing in the Financial Times Investment Adviser, Joanne Hindle, Director of the Financial Services Research Forum (FSRF) tackles the coalition Government's Big Society idea and the questions it raises for the financial services industry.
The FSRF's recent summer seminar in London debated the pitfalls and challenges of the 'big society' for financial services providers. As Joanne Hindle says, 'There is a huge difference between granting people increased responsibility and abandoning them to their fate, and the empowerment of the citizen - and for that matter, the empowerment of the consumer - should not mean an abrogation of the duty of care.'
There is no master plan or blueprint for the ‘Big Society’, because the government says it wants decisions to be taken locally.
There are, however, three core components: ‘empowering communities’, ‘opening up public services’ and ‘promoting social action.’
The Big Society Bank is the coalition government's big hope for boost to investment in the voluntary sector, social enterprise and wider civil society.
The ‘Big Society’ will be profoundly influenced by the new austerity; it is also intended to make the new austerity politically feasible.
Click here to read the article in FT Adviser
The Financial Services Research Forum
The Financial Services Research Forum is widely acknowledged as the UK’s most inclusive body for furthering the understanding of financial behaviour.
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Originally founded in 1994 with the help of research funding from Lloyds Bank, its first member, the Forum is now supported by government departments, the FSA, the Financial Ombudsman Service, banks, building societies, insurance companies and credit, finance and investment organisations, as well as consumer groups and charities.
The Forum provides a wide range of facilities, including seminars, research projects, studies, position papers and access to its global knowledge networks and contacts.
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Posted on Wednesday 27th July 2011