Some short paragraphs on the Banking Commission’s report
The document is massive. The papers are held here on Parliament’s website. I have been through the summary, tweeting via Puffles from 00:10 of 19 June 2013 the key quotations from the 68 page summary (the full report is nearly 600 pages long).
Looking at the initial news reports, it’s clear to me that the corporate media are going miss some of the more interesting and significant parts, focusing on a few headline things like the jailing of bankers, reining in bonuses and the failings of regulators in their interface with both bankers & politicians.
Read the summary document for yourself – in full – and come to your own conclusions. It’s not just investment banks that take a kicking. See if you can spot things like:
- The conflict of interest in how non-executive directors are remunerated/paid
- The lack of women in banking – especially senior roles
- The need for open data in banking to help policy makers
- The questioning of whether the UK as a medium-sized economy can handle a globalised industrial finance centre
- The impact of poor literacy and numeracy of some customers
- The call for a basic right for all citizens to have the right to a basic current account
- The call for cash machines to be fee-free
- The damning of the accountancy and auditing industries and the professions too – massive issues especially given the kicking Deloitte got in New York
- The call for the Department for Communities and Local Government to change its financial guidance for local councils
- The failure of institutional investors and shareholders to hold banks accountable – the former failing those paying into pension funds & insurance policies
- The market failure & conflicts of interests with ratings agencies
- The justification of public anger – esp regarding excuses around ‘the free market’ & bonuses
- Banks and politicians repeatedly failing to learn from history
- The vindication of junior staff, exonerated from blame which rests at the feet of the senior executives primarily
- That current and former bankers are still in denial about what happened and their responsibilities for it.
What things stand out in the summary for you?
For me? I’m pleasantly surprised at the hard hitting nature of a number of the recommendations along with the comprehensive coverage of a whole host of issues far beyond investment banking. Interestingly, this may have been the result of the Commission’s Chair Andrew Tyrie MP’s stance. His remarks in the Commons when the Commission was announced are worth revisiting.
On the political side, the challenge for Parliament is to enact the legislation contained in the Commission’s recommendations. In the meantime, big finance and their corporate lobbyists are probably already working on their responses.