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The banking reform Bill will be a missed opportunity if it does not support community banking

The second reading of the Financial Services (Banking Reform) Bill is today. This is the main debate on the principle of the Bill. It was previously provisionally scheduled for last Monday. I have found myself assigned to statutory instrument committees on both occasions, potentially preventing me from speaking in the debate. I was notified of today’s duty late on Friday, too late to find a substitute. Of course I am disappointed this means I probably won’t be able to make […]

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Bank on Dave – in Parliament tomorrow

Tomorrow in Parliament, I’m hosting a meeting with Dave Fishwick and MPs to discuss his struggle to start a local, responsible bank in touch with its savers and borrowers. The Channel 4 documentary is here and this Russia Today video gives an overview: The FSA have declined to attend but I’m hoping that MPs hearing from Dave will redouble efforts to persuade the Government to lower barriers to entry in banking. If you would like to ask your MP to […]

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David Fishwick, the Bank of Dave and the causes of the economic crisis

I first met David Fishwick on 15 March this year. He was interviewing a series of MPs for his Channel 4 documentary Bank of Dave: David Fishwick is so fed up with the way that the banks are treating people he’s decided to open his own tiny bank to serve his local community in Burnley and help the people the banks have turned down. Dave’s plan is to open an old fashioned bank and be a hands-on bank manager giving […]

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Banking: from Goldman Sachs to David Fishwick?

Two days ago, Greg Smith, a Goldman Sachs executive director, resigned in sensational fashion, writing a column in the New York Times. In the article, he laid out the reasons for his resignation, citing the change in culture at the firm over the ten years he worked there. He wrote, It might sound surprising to a skeptical public, but culture was always a vital part of Goldman Sachs’s success. It revolved around teamwork, integrity, a spirit of humility, and always […]

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