January to December 2012
This research and advocacy programme explored the most promising policy ideas to overcome some of the biggest barriers to a sustainable economy.
Mapping promising policy interventions
Supported by Calouste Gulbenkien Foundation and led by Chris Hewett, the project began with 20 in-depth dialogue interviews with the key thinkers from the wide spectrum of mainstream finance, social entrepreneurs, academics, business and NGOs. The output was a mapping exercise of the different disruptive policy ideas out there.
We held a workshop, in March 2012 and presented the map and to key policy advocates to explore which policy ideas could be championed by The Finance Innovation Lab in collaboration with other organisations to deliver genuine banking reform. Speakers included Prof.Richard Werner (University of Southampton), Tony Dolphin (IPPR) and Baroness Kramer.
Championing the peer-to-peer movement
We held a peer-to-peer Finance Policy Summit in late November or early December 2012. The workshop was designed to create a greater understanding amongst policymakers of the market for peer-to-peer finance, how the various peer-to-peer models work, and how they benefit consumers and small businesses.
Over 80 people attended, including the chief executives of more than 15 peer-to-peer finance platforms, as well as trade body representatives, academics, policy-makers and regulatory officials.
At the summit itself, the industry published an open letter calling on policymakers in Europe and the UK to create a clear regulatory framework to allow the sector to grow to its full potential.
The Treasury made a suprise announced at the event that it will be regulating the peer-to-peer lending industry from 2014. This was a major development from a government previously opposed to creating such regulation.
Creating a more diverse finance system with Andy Haldane of The Bank of England
Building on the research and community we had built up, in January 2013 we held a workshop with Andy Haldane of the Bank of England and thirty experts with a an important part to play in creating a diverse and sustainable finance system.
The event culminated in the creation of a timeline for potential actions, for the finance sector and policymakers, to take in order to maximise the potential for new entrants and innovations to deliver a more socially useful banking systemThis timeline was presented to Haldane live at the workshop.
The ideas from the workshop were collated and submitted to the Parliamentary Commission on Banking Standards.