Published: 10th Dec 2013

The hurdles to entering the banking sector used to be high. Considerable cost and time were required to meet opaque regulatory requirements and find the capital required. Those historical obstacles have now been removed as government and regulators determine that the economy needs a diverse financial sector rather than an oligopoly of big banks. Transforming the broken UK banking system has been the subject of many public and parliamentary enquiries since the crash of 2008. We and many others have shared the experiences and challenges that new banks had to overcome. There is now a consensus and vision of the need for socially useful banking. That vision is clearly set out and shared in a new film launched this week by our friends at the Finance Innovation Lab. The film Transforming Finance summarises in just over 20 minutes the core systemic issues and the solutions needed to support vibrant local … (To read the full article, subscribe below)