Changing the conversation on financial regulation. The basis of the IFoA’s feedback to the Financial Services Future Regulatory Framework Review.

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By Tan Suee Chieh

Changing the Conversation on Financial Regulation

The financial services industry is not just about creating a vibrant sector for business or investors. It must be about serving society and the public interest. 

Too many things have gone wrong in our generation. There is too much financialization in our economy, excessive self-interest, indefensible inequality and senseless exploitation of the planet. We are on an unsustainable path.

Not only do we have the tragedy of the commons and the tragedy of time horizons. We have the tragedy of consciousness. We are sleepwalking into a global disaster.

While we cannot disengage overnight from where we are today, we can acknowledge the problem, and we must create the context for change. We can take steps through regulations to shift what is expected of boards and professions. We can make interventions in the investment system.  We can propose pragmatic solutions and examples of good behaviours and ethics – cultural change. There needs to be more conversation around what responsible capitalism is and how our regulatory and professional systems can support it.

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