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are you a policyholder? Policyholder Lounge

The Purpose of Finance

"The Purpose of Finance” project aims to facilitate a debate, from a position of support, about how best to repair the disconnect between society and the financial services industry, which is of profound importance to the UK. The project brings together policymakers, regulators, people who work in financial services and others to tackle this deep-rooted problem. This includes a wide-ranging debate about how financial institutions can focus on, and then be regulated to, their purpose.

What does the finance industry cost?

November 2018

This ground-breaking research discloses the cost of finance to the end user in the UK, France and Germany over 70 years. The insight and conclusions set a challenge: how do we increase the cost efficiency of UK financial services, and thereby reinvigorate the entire UK economy.

Download the paper Download press release

Infographic: What does the finance industry cost?

November 2018

Download an infographic which shows what intermediation has cost the end users of financial services in the UK, France and Germany over the last 70 years and explains how improving cost efficiency in the finance industry by even a small amount holds the key to a revitalised UK economy.

Download infographic

Daily Telegraph: Markets need to think long term to benefit society

May 2018

Article by Tracy Blackwell and Liam Byrne MP, exploring the connection between short-termism, low productivity and social inequality.

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CityAM: It’s time for finance to find its purpose

November 2018 

A comment piece by our CEO assessing the cost efficiency of financial services and why it matters.

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Reaction: The need for an efficient financial services sector

November 2018

Article by Tracy Blackwell looking at the cost efficiency of financial services.

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The Purpose of Asset Management

March 2018

This challenging paper furthers the debate about whether the asset management industry fulfils its purpose. Does the application of the dominant investment theory, Modern Portfolio Theory, reduce trust in the industry by driving unnecessary complexity, a multiplicity of (opaque) fees, and short-termism?

Download Purpose of Asset Management Report Download Press Release View author Jon Lukomnik's biography View author Jim Hawley's biography

The Purpose of Asset Management infographic

March 2018

Download an infographic explaining the importance of the asset management industry, which also shows how it is often distracted from its underlying purpose of managing risk and return for its customers and allocating capital.

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Leading the charge for inclusive capitalism

March 2018

Tracy Blackwell, CEO of PIC, gave the keynote speech at the Inclusive Capitalism at Work conference, setting out the link between the purpose of finance and productivity issues, and why it is vital that financial services rebuilds trust with society.

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Does the finance industry fulfil its purpose?

March 2017

In a ground breaking publication, David Pitt-Watson and Dr Hari Mann explain that a focus on purpose, rather than culture, is essential to helping financial services rebuild trust with society.

Download The Purpose of Finance paper Download Press Release View author David Pitt-Watson’s biography View author Dr Hari Mann’s biography

All Party Parliamentary Group on Inclusive Growth

PIC is delighted to sponsor the Purpose of Finance work stream, aiming to develop a new consensus about the policy needed to reform this critical area of our economy.

Find out more about the work of the APPG

Daily Telegraph: We should not wait for another crisis to reform the finance industry

August 2017

Article by Tracy Blackwell, CEO of PIC, and David Pitt Watson, setting out a vision for a better financial system 10 years on from Northern Rock.

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The Sunday Times: Why we need to talk about pensions

June 2017

Sunday Times profile of Tracy Blackwell, PIC’s CEO, with background on the company’s interest in the Purpose of Finance.

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