What we want

Encouraged by the idea that we can build the economies we live in, individuals and communities across the globe are taking finance into their own hands.

The following solutions – more than a list of demands – are the effort of over 60 organisations who came together from different perspectives to reimagine the financial system.

We want a financial system that is…

Serving people and planet

Democratically governed

Stable

1 - Servant not master

Society must actively shape the financial system to serve its needs. The size, scope and structure of the financial sector cannot be left to market forces or oligarchic elites on their own. The financial system should create and allocate credit and capital in line with society’s needs.

2 - Less financialisation

Society must become less dependent on the private financial sector to access basic needs such as housing, health, education etc., and the role and size of private finance should be reduced more generally.

3 - Investing not betting

More useful investment for socially and ecologically sustainable activities; less ‘casino’ financing for short-term, unproductive and speculative activities. More relationship-based finance.

4 - Fighting inequality

Financial services should be designed and regulated to reduce their contribution to discrimination and inequality. Tax avoidance and secrecy havens are closed, debt relief is made possible for over-indebted countries. A fair taxation system redistributes wealth from the 1% to middle and working classes and from large corporations to the public purse.

5 - Saving our planet

A massive divestment/investment shift should allow our societies to go back within planet boundaries, starting with avoiding catastrophic climate change. Central banks should play a more active role by aligning their policy with long-term society needs.

6 - Good financial services

Everyone should have access to basic, low-cost, transparent and un-exploitative financial services. Financial workers should be free to act in the best interests of customers.

7 - Effective regulation

Financial policymakers (legislators/regulators, supervisors, international bodies and central banks) should be fully representative and politically accountable for making finance serve people and planet.

8 - Less lobbying

The financial industry’s influence must be limited by preventing excessive lobbying and revolving doors. Civil society should have more influence and representation in financial policy making.

9 - Accountable firms

Financial firms should be accountable to their stakeholders, from customers and employees to local citizens. For example, asset managers would engage with savers; banks would include more stakeholders on their boards; and the banking sector would include more stakeholder and public banks and institutions.

10 - Transparency

Citizens should easily access information and data about the financial sector and its evolution – including the actual impact of regulation. Financial firms should disclose what they are financing and how much they are charging.

11 - Less private debt

Society should be less dependent on the creation of private debt and money. Credit regulation should aim to prevent over-indebtedness and credit-fuelled speculative bubbles.

12 - Diverse ecosystem

The financial sector should be diverse and include more stakeholder, public, mutual, cooperative and other types of institution. It should not be dominated by very large firms with similar business models.

13 - Safe for society

The financial sector should be less interconnected and its firms able to absorb their own losses. No private firm should be too-big-too-fail.

14 - No loopholes

Simple, effective regulation should cover all financial activities, including transactions “over the counter” or “in the shadows”.