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Markets for the Many: How Civic Finance Can Open up Markets and Widen Access

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Markets for the Many: How Civic Finance Can Open up Markets and Widen Access A ResPublica Green Paper A ResPublica Green Paper A ResPublica Green Paper A ResPublica Green Paper February 2014 Markets for the Many: How civic finance can open up markets and widen access David T. Llewellyn and Adam Wildman About the Authors Professor David Llewellyn, Professor of Money and Banking at Loughborough University, is also currently Chairman of the Board of the Banking Stakeholder Group at the European Banking Authority (EBA). He has published widely in the area of fnancial regulation, acted as a consultant to regulatory agencies in several countries and was a Public Interest Director of the Personal Investment Authority – a predecessor of the Financial Services Authority. Adam Wildman joined ResPublica as a Research Manager in January 2013. He co-ordinates ResPublica’s research output through the three core workstreams, and is currently focused on ways in which to localise and humanise the fnancial sector. Before joining ResPublica, Adam worked in a wide range of roles; including in public afairs, political events management and public policy research. He is a law graduate and has a particular interest in philosophical communitarianism, virtue ethics and distributism. Acknowledgements The authors would like to thank David Fagleman for all his endeavours throughout this project. The authors would also like to thank Richard Slynn for all his advice on building societies legislation. Special thanks should be given to the Building Societies Association, Nationwide, Yorkshire Building Society, the Association of Financial Mutuals, Unity Trust Bank and the CDFA for their support on this project. About ResPublica The ResPublica Trust (which operates under the trading name ResPublica) is an independent, non-partisan think tank. We focus on developing practical solutions to enduring socio-economic and cultural problems in the UK. Our ideas are founded on the principles of a post-liberal vision of the future which moves beyond the traditional political dichotomies of left and right, and which prioritise the need to recover the language and practice of the common good. Based on the premise that human relationships should once more be positioned as the centre and meaning of an associative society, we aim to foster a ‘one nation’ approach to social and economic inequality so that the benefts of capital, trade and entrepreneurship are open to all. A vibrant democracy and market economy require a stronger focus on virtue, vocation and ethos. Consequently our practical recommendations for policy implementation seek to strengthen the links between individuals, institutions and communities that create both human and social capital, in order to achieve a political space that is neither dominated by the state nor the market alone. 2 Contents Foreword by Cathy Jamieson MP, Shadow Financial Secretary to the Treasury 2 Foreword by Jonathan Evans MP 3 Executive Summary 4 1. Introduction 7 2. Promoting building societies 9 3. Promoting mutual societies 16 4. Promoting community fnance 22 5. Conclusions and recommendations 28 www.respublica.org.uk www.respublica.org.uk www.respublica.org.uk 1 Markets for the Many Foreword by Cathy Jamieson MP, Shadow Financial Secretary to the Treasury This Parliament has arguably been the most One of the most striking realities to surface prosperity. In contrast to the established financial significant in recent times for its impact on from the financial crash was how little choice institutions, building societies, who play a leading financial reform. The Financial Services Act 2012 and diversity exists in our financial sector. role in personal finance and mortgage markets, and the recent Financial Services (Banking Reform) Thanks in large part to the demutualisation of have seen lending levels increase. Act 2013 both set out the Coalition Government’s the late 80s and early 90s, we have been left programme of financial reform and attempt to with a highly concentrated market dominated Provision of finance has been severely limited, safeguard the economy against future shocks. by a small number of large companies of the in some parts of society, leaving large numbers plc shareholder model. The lack of diversity in of people and communities underserved While the Government’s reforms are a step in ownership models is telling when compared to by our current system. Ensuring these the right direction, they do not go far enough in our European competitors, where mutual and communities receive bespoke financial options creating the financial services that support our co-operative models enjoy a strong presence in should be a priority. small businesses and truly serve the needs of our both banking and insurance services. Whereas citizens and communities. our citizens once enjoyed a bustling mutual and Levelling the playing field for building co-operative financial sector, existing alongside societies, mutual insurers and community As ResPublica argues in Markets for the Many, the plc model, their presence today is amongst finance institutions to provide personal, this must be the primary and civic duty of the the lowest in Europe. business and community finance services financial sector. In order to fulfil this, we need alongside the established financial institutions financial institutions capable of meeting society’s It is also telling that since 2008, and with little help can only be a positive step. That is why I back demands to play a greater role in our financial from the Funding for Lending scheme, many of ResPublica’s call to support the growth of sector. Building societies, mutual societies and our small and medium enterprises have struggled these civic finance institutions. community finance institutions, because of their to secure finance from the large banks. These growth prospects and inclusive models, have the enterprises are the backbone of our economy, In creating the financial sector Britain needs, ability to make the financial sector inherently more and ensuring they have sufficient finance options adopting such an approach should be secure, capable and responsive. is essential to our economic recovery and future fundamental to the next wave of financial reforms. 2 Forewords Foreword by Jonathan Evans MP, Co-Chair, All-Party Parliamentary Group on Mutuals Parliament has passed a substantial amount of opportunities coming up to expand the to step forward to provide an ethical, affordable of legislation affecting the financial services customer-owned mutual model as the state- and viable alternative to irresponsible lending. sector since 2010 but this has almost without owned banks are returned to the private exception been focused on fixing the problems sector. An expansion of the mutual sector, In encouraging mutual and community of the immediate past. In particular, it has accompanied by the sort of modernisation ownership, however, we mustn’t be blind to been about improving regulation and making measures advocated in this report, will, I believe some of the shortcomings we have seen in the major financial institutions – by which we re-invigorate the whole market. The bond the sector. Many of these, I believe, have come mean the big banks – more resilient to the sort between the institution and its customers about because the current legislation forces of severe shocks the global financial system that is the hallmark of a well-run mutual them to behave like everybody else, especially experienced in 2008. will influence the established players in the when it comes to the huge challenges of raising market much as it did before the wave of finance to expand and develop. We have to So far, we have done little to address the more demutualisations in the banking and insurance create a legislative and regulatory environment fundamental flaws in our financial system: sectors from the late 1980s. that plays to the strengths of mutuality while customer detachment and disillusion, lack of ensuring they are managed and take the same diversity and choice, limited competition and The key challenge is to create a financial services care over their business process, security and poor support for the SME sector. These are not sector that is much more closely aligned with reporting as proprietary institutions. It is not a new problems. Indeed, they have been with us the needs of communities, business and society. question of lower standards but, as this report for many years but now is an ideal opportunity This is vividly illustrated by the emergence of argues, more appropriate regulation. to address them afresh and this ResPublica irresponsible payday loan companies. These are report sets out an ambitious, constructive and addressing a need seen by many people as so timely agenda for doing just that. urgent that they will pay high interest rates and risk greater debt by dealing with these lenders. Promoting greater diversity of ownership We urgently need to encourage credit unions has to be a priority because we have a series and other community-based finance initiatives 3 Markets for the Many Executive Summary “ This Civic Approach to fnancial reform, as we term it, looks beyond simple fnancial stability and prudential issues and assesses the The 2008 financial crisis and the ensuing geared towards ensuring that the wider needs overall ability of the sector to serve economic recession irrevocably changed the of society are adequately served by the financial customers, help communities and UK financial sector. In the wake of the worst sector. A more holistic approach to regulation support small businesses. ” economic downturn in modern times, the and banking reform is needed in order to satisfy Coalition Government made reform of the a wider set of public policy objectives. financial sector a key part of its programme for government. A wave of legislation, including This Civic Approach to financial reform, as we the recently passed Banking Reform Act, has term it, looks beyond simple financial stability attempted to rectify the mistakes of the past to and prudential issues and assesses the overall guard against the possibility that any future crises ability of the sector to serve customers, help do not affect the UK in quite the same way.
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