Bob Penn, Partner Allen Overy, wrote in an article in FS Focus of January 2015, “breaking up is hard to do” that this is the most radical overhaul of UK bank regulation in over a century. The Banking Reform Act 2013 follows the recommendations of the Independent Commission on Banking (ICB) and by January 2018,legislation will require the largest UK Banks to “ring-fence” certain operations so in effect telling clients which activity carries more risk.

Action is better than doing nothing after the debacle of the financial services. So let us hope more Bankers will act with more responsibility towards their clients informing them about the new measures, also where risks are and returning to the time when Bankers were trusted .

We will be wrong to think the good time is back again maybe for the Bankers but not for the end clients. So we cannot leave it to bankers and rely on the Governments to reconstruct an economic system that is fit not only to manage wealth BUT focus also on creating new wealth with calculated risks

To-day the wealthiest 1% will soon own more than the rest of the world’s population, according to a study by anti-poverty charity Oxfam. The BBC’s head of statistics, Anthony Reuben, said in order to be part of the wealthiest 1% of the world’s population, an individual would need to be worth just over half a million pounds. At retirement age 65, with £500K actuarial calculations based on to-day’s longevity table will generate show that this sum would generate £22K per annum. Is that enough?

Transforming finance has started and there are many new comers with new channel of distribution reducing commissions and fees or coming with innovative low costs products. All these have taken market share. But most are still focused on managing wealth. But what about creating wealth. Here we are seeing enough and the cards are still stacked against breaking through. There are many reasons one of which is costs. It is a vicious circle. Most of us can ill afford to pay when we are constructing wealth and certainly this is when we need the service most.

So a cradle to grave approach should be to the mission of us all to reduce the 99% of world population be encouraged and supported to create their own wealth. Why?

Financial security tops the list of changes that would most increase happiness (39%), and is the most commonly cited obstacle to prioritizing things that would make people happier (33%). According to a survey conducted by Life Reimagined, in association with Luntz Global, December 2014. US

Just imagine the explosion of growth that would result if more of the 9-billion people that need to improve their financials situation were supported in doing so through better financial education and access to systems and professionals whose priority being to create wealth for all.

With financial security we can all live comfortably, well, equitably and peacefully on an increasingly crowded planet.