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Inspiring Confidence in Financial Services

Advancing thinking and debate

"Inspiring
The Inspiring Confidence in Financial Services campaign debates issues affecting confidence in the financial services sector.




What’s it all about?

The Inspiring Confidence in Financial Services campaign debates issues affecting confidence in the financial services sector.

It develops new insights and ideas by questioning financial services providers, consumers and regulators, how they interact with each other and how the information flows between them.

To find out more about the programme, please read the Inspiring Confidence in Financial Services prospectus.

What we’re thinking about

We are currently working on an issues paper, which will explore the actions the financial services sector must take to build long term confidence. 

The paper titled Market Failures: Market Solutions will form the basis of our forthcoming thought leadership conference in November 2012. 

Find out more about the programme and to find out how to get involved.

What we’ve done

The Inspiring confidence in financial services initiative has four themes:

 Exploring the actions the financial services sector must take to build trust.

 Examining the extent to which consumers can be reasonably expected to take responsibility for their financial decisions.

Exploring and identifying the context and conditions for better regulation.

Encouraging open discussion around the needs of different users of financial information.

In order to have stable, efficient markets that support consumer interests and sustain wider economic development, it is necessary to draw together these elements.

Over the time of the programme, ICAEW has issued the following reports:
  


What's new

Assurance: benchmarks and indices

ICAEW’s guidance to assist assurance practitioners engaged to perform work on submission to, or compilation of, benchmarks, indices and independent price reports.

Audit Insights: Banking

The latest report in the Audit Insights series looking at insights from banking audit specialists.

Principles for Good Financial Regulators

The Financial Services Faculty recommends that financial services regulators adopt these principles, recognising that there will be a balance of emphasis between them. Regulators should be clear about the outcomes they are seeking, and against which they should be judged.

Market failures, market solutions

ICAEW’s Financial Services Faculty has published an issues paper which explores the actions the financial services sector must take to build long term confidence.

Better information

Information flows are the lifeblood of the relationships between providers, consumers and regulators.

Better regulation

Regulators must balance the competing public interest and political objective of consumer protection and the macroeconomic needs for financial stability and open, efficient markets. There are sometimes tensions and conflicts between these objectives and it is difficult to properly assess in advance the costs and benefits of new regulation.

Responsible consumers

Consumers ultimately must make their own financial decisions about how and when to spend, save, borrow, insure and invest. However, one of the features of the financial services industry is information asymmetry: providers know more about their products than consumers.

Responsible providers

The financial services sector is highly competitive, innovative and fast-moving, with a constant demand for new products in new areas that are subject to uncertain risks. It faces ever-increasing investor pressure to meet expectations, talent is at a premium and the resulting levels of returns and remuneration bring their own dangers.