To improve public procurement – use the Trust Test
Public procurement is too often solely made on price, and not enough on true value and to account for areas...
From David Pitt-Watson, Executive Fellow, London Business School
Sir, The Financial Conduct Authority is currently consulting on its mission. We recommend that this process should start with the essential purposes that the finance industry plays in serving the outside world: keeping money safe; facilitating payments; risk sharing; intermediation.
Typically, financial regulators are not asked to consider the broader purpose of the industry they are responsible for. This may be one reason why Britain lacks an effective system of private pension provision, where individuals can save for a predictable income in retirement. It may help explain the academic evidence that concludes that today’s finance industry is no more efficient at serving the outside world than it was 100 years ago.
The mission of the FCA should be explicit in asking that it uses its powers in a way that encourages the creation of institutions and market forces that deliver to purpose.
Executive Fellow, London Business School
Director, St Paul’s Institute
Executive Director, Finance Innovation Lab
Chief Executive, Share Action
Founder, The People’s Trust
Chair, Transparency Task Force
CEO, Tomorrow’s Company
Convenor, Transforming Finance Network
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