I think that what we’re going through is not only a financial crisis but a crisis of the economic system as a whole, capitalism, if you like.

Victoria Chick – University College London:

Imagine a finance and banking system that is based on a comprehensive concept of ethics and moral values stemming from human ideals. Unlike conventional finance, it is founded on principles that encompass and overshadow everything else and constitute the guideline governing any economic or financial dealings. The principles that underline the distinguishing features of the system is governed by human relationship law.

If we could get bankers to encompass the concept of ethics, manners, laws, principles of good governance, mutual respect, compromise, love, humanity, justice and peace, world economy will be a better place. Apply the laws of nature and being good.

As Bruce Davis – Co-founder – Abundance –states: “We’ve got used to a world that we’re quite happy with other people managing our money. And what’s happened is that those people have perhaps taken too much power over how that money is used and where it is invested.”

Accountants and Independent professionals can bring changes to Financial Services. We need to have our own agenda and not give in to other professions’ agenda.

The new model of Wealth creation – Financial Independence for all – will have to be built not only controlling the bankers from the top but also empower the end clients to control from bottom up. This calls for a well defined separation of responsibilities – for check and balance for a democratic and social conscious banking and finance system.

One such a separation of types of organisations could be:


The reason Banks appear in all the categories is to show why the current system cannot work for the best interest of the end client.

The key banks that we have today are incredibly homogenous. The system is made up of large monsters who essentially provide the same services at the same prices to the same group of people. All the other smaller banks model after these monsters. So we cannot continue to sustain this kind of setup. Extracted from Susan Kramer – Parliamentarian –in Transforming Finance

Being able to offer all the services means Bankers are supposed to control themselves when it comes to protecting the end user/investor/account holder….unlikely to happen.

So I have been advocating an independent control which can report to the end clients the same way an auditor reports to the shareholders, a protector of a trust reports to the beneficiaries. Mandates will be checked against risk profiles and whether fees and commissions agreed are being respected.

Unless the end clients take ownership of their Assets – money and investments – to do as they choose, Finance will not be transformed.