The Rt Rev Justin Welby, Bishop of Durham, says the sector must be rebuilt “from the ruins” of the financial crisis to become something that “helps people rather than being there for people to help it”.
Bishop Welby, who is a member of the Parliamentary Commission on Banking Standards, called for the introduction of formal banking qualifications, for the Government only to only support financial institutions that have a “clear and explicit social value”, and to offer an easier tax regime and lighter regulation for banks that demonstrate a “social purpose”.
Speaking at a conference in Zurich, Switzerland, Bishop Welby said: “At the moment clearly these are merely ideas in the mist.
"But one principle seems to me to be clear, we cannot repair what was destroyed in 2008, we can only replace it with something that is dedicated to the support of human society, to the common good and to solidarity.
"Financial services are crucial to human development, but they only do their job when the work they carry out is done in a way that is truly a service." » | Graham Ruddick | Saturday, October 27, 2012
