FCA board member calls for 'holy trinity' overhaul of financial services

The founder of the Financial Inclusion Centre said at the TISA annual conference that cash-strapped consumers were deterred from investing in an environment that was inherently value extracting not enhancing. He suggested the industry needed a series of reforms based on the 'holy trinity' of better regulation, enhanced corporate governance and self regulation, and more effective market forces and competition. The investment industry had created a system that required capital to pass through "11-12 layers of intermediaries" between saver and the real economy, reducing the value for bot...