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than it was three years ago – and before its detractors denigrate this
great marketplace, let us remind ourselves how the venerable IMF has described the UK’s financial markets: a “global public good”. And we are delighted that Andrew Bailey in his Bloomberg speech on Monday said clearly and simply: “We want to keep it that way.” And this is an industry which supports
the vulnerable.
Abuse We have introduced the Financial Abuse Code of Practice so firms can improve how they identify those at risk and provide them with consistent help to regain control of their money. We have worked with consumer groups
and industry representatives to develop the Authorised Push Payment Scams Voluntary Code – delivering new standards of customer protection and a commitment from all signatory payment service providers to reimburse customers who fall victim to an authorised payment scam, provided they did everything expected of them under the code. We have established a commitment to
support thousands of previously ineligible homeowners who are tied to mortgage- reversion rates in switching products. We have worked will all police forces
across the country to deliver our Banking Protocol – a rapid scam-response scheme
between branch staff and law enforcement – which continues to protect many elderly and vulnerable customers, saving them from losing £38m of their own money to fraudsters last year and leading to 231 arrests. We have developed guidance for debt-
collection staff to help them identify and support vulnerable customers, such as those living with mental-health conditions or serious physical or terminal illness. And we have worked with the Post Office
to promote the everyday banking services available through 11,500 branches in communities across the country. All activity which delivers tangible
economic and social value to our country – and a record which we proudly champion.
Future of finance Last year I spoke about the ‘C’s’: culture, conduct, colleagues, customers and community, capability, climate, and cyber. All areas which are truly strategically
focused, and which will determine the long-term sustainability of all our financial institutions. And all areas which have been driving
our seven priorities for 2019 which I touched upon earlier. Many of these themes were addressed
in Huw Van Steenis’s Future of Finance report for the Bank of England. It looked at the major shifts that will shape finance in the years to come and which provide the opportunity for the UK to out-compete other financial centres for the benefit of our economy and wider society. It considered how the finance industry
both serves and adapts itself to the digital economy, including the opportunities and risks this brings. Indeed, in a recent joint report with
Microsoft we considered how artificial intelligence can offer significant benefits for financial-services firms, but that it is critical that this is done in a responsible way. Mr Van Steenis also considered the role
of cash and how the vulnerable can be protected. This summer we unveiled a comprehensive
package of work to help local communities identify and secure appropriate free access to cash.
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We recognise the need to anticipate and manage this transition to a low- carbon economy – a commitment evidenced by the support from banks, pension funds, asset managers, and more for the FSB-backed Taskforce on Climate-Related Financial Disclosure
And the Future of Finance report also
considered how to increase the sector’s resilience to cyber risks. This year we have continued our work
with the Bank of England and the National Cyber Security Centre to develop the Financial Sector Cyber Collaboration Centre aimed at mitigating systemic risk and strengthening the resilience of the UK financial sector. But he also considered how the finance
sector can address, enable, and adapt to significant transitions – particularly climate and demographic change. Achieving net zero carbon emissions by
2050 is a difficult but critical target that we must all work together to address. As an industry, the finance sector stands
ready to play its part. We recognise the need to anticipate and
manage this transition to a low-carbon economy – a commitment evidenced by the support from banks, pension funds, asset managers, and more for the FSB-backed Taskforce on Climate-Related Financial Disclosure. The concept of social purpose is reflected
internationally in the United Nations Environment Programme Finance Initiative’s ‘Principles for Responsible Banking’. These provide a framework for businesses
to align their strategies to society’s ambitions – those expressed in the UN’s Sustainable Development Goals and the Paris Climate Agreement. CCR
Edited from a speech given to the UK Finance Annual Dinner
October 2019
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