Long-Term Commitments

Affirmation: Financial services can spread risk and benefits in ways which are good for everyone.  Insurance represents a pooling of risk against life’s tragedies and other uncertainties.  The provision of medium and long term finance enables businesses to grow.

Analysis: The financial sector has become self-serving, devoting too many resources to trading for trading’s sake and making decisions on too short-term a basis.  The financial sector has failed to spread risks fairly.

Action: Financial services firms should have a clear commitment to the long-term interests of their customers and should be held accountable for that commitment.

Thesis Background
David McIlroy is a barrister specialising in financial services law, and Visiting Professor of Banking Law at SOAS, University of London.


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