Where is our patriotism for British financial services?

The City could do with some of our Olympic spirit.

Whilst Team GB excels and its athletes epitomise the best of Britain and continue to be a shining example of the rewards achievable through dedication, honest hard work and, passion; many aspects of the City continue to shame us.  Having said this, the recent Standard Chartered furore appears unlike many of the recent financial scandals.  It can be construed as an opportunistic, badly concealed political attack by a New York financial regulator trying to profit from discrediting a bank run from London to the benefit of Wall Street institutions.

Whilst the Governor of the Bank of England has recently said as much, the reality is that the New York regulators are reaping the rewards of poor regulation in the UK. Had the Bank of England and the FSA not managed to be so totally inept in the Barclays et al LIBOR scandal, it would not now be open season on attacking any London based institution, whether they deserve it or not.  The Bank of England chose to ignore the eminent advice of the US Federal Reserve which could have been an early alert to the Libor scandal in the first place.

The only way forward has to be to put aside self-interest, look at the longer term picture and resurrect the reputation of the City to reflect the values and ethos central to the Olympic spirit.  We need to fundamentally improve standards here in London to regain the reputation for integrity and quality which we have recently lost. It's not just the other banks that suffer from guilt by association from these scandals but any financial services institution. To the man in the street we are all the same, they do not differentiate. 

The families, trainers, medics and their full support teams have all rallied in support of British Sport but where is the rallying in support of our financial services industry which contributes 10 per cent of our GDP? We are in serious danger of losing our place on the podium when it comes to the world’s winning financial centres.  

I implore those in positions of power and government to step in and ensure that the codes and regulations that govern our financial services industry are fit for purpose and adhered to in word and spirit and that they provide a robust framework to end the shoddy practises eroding the industry’s reputation on the national as well as international stage.  The trade bodies, be they the bankers, insurers, pension providers or fund managers, need to be 'dope' tested and I don't mean dope as in drugs but dope as idiotic! To have professional standards and regulations overseen, as they are in many cases, by trade bodies from the financial services industry is the equivalent to putting the supplier of enhancing drugs in charge of the doping tests. No longer can the regulator be allowed to delegate their responsibilities to self-serving trade bodies.

What is needed is not more regulation but more effective regulation – regulation that is based on fundamental over-riding principles applied consistently, simply and overseen by independent bodies, not self-interested trade groups.  London needs to restore its position in the global league table of financial centres.

Photograph: Getty Images

Gina Miller is the founding partner of SCM Direct and spearhead of the True and Fair Campaign. www.trueandfaircampaign.com

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How the Lib Dems learned to love all-women shortlists

Yes, the sitting Lib Dem MPs are mostly white, middle-aged middle class men. But the party's not taking any chances. 

I can’t tell you who’ll be the Lib Dem candidate in Southport on 8 June, but I do know one thing about them. As they’re replacing a sitting Lib Dem (John Pugh is retiring) - they’ll be female.

The same is true in many of our top 20 target seats, including places like Lewes (Kelly-Marie Blundell), Yeovil (Daisy Benson), Thornbury and Yate (Clare Young), and Sutton and Cheam (Amna Ahmad). There was air punching in Lib Dem offices all over the country on Tuesday when it was announced Jo Swinson was standing again in East Dunbartonshire.

And while every current Lib Dem constituency MP will get showered with love and attention in the campaign, one will get rather more attention than most - it’s no coincidence that Tim Farron’s first stop of the campaign was in Richmond Park, standing side by side with Sarah Olney.

How so?

Because the party membership took a long look at itself after the 2015 election - and a rather longer look at the eight white, middle-aged middle class men (sorry chaps) who now formed the Parliamentary party and said - "we’ve really got to sort this out".

And so after decades of prevarication, we put a policy in place to deliberately increase the diversity of candidates.

Quietly, over the last two years, the Liberal Democrats have been putting candidates into place in key target constituencies . There were more than 300 in total before this week’s general election call, and many of them have been there for a year or more. And they’ve been selected under new procedures adopted at Lib Dem Spring Conference in 2016, designed to deliberately promote the diversity of candidates in winnable seats

This includes mandating all-women shortlists when selecting candidates who are replacing sitting MPs, similar rules in our strongest electoral regions. In our top 10 per cent of constituencies, there is a requirement that at least two candidates are shortlisted from underrepresented groups on every list. We became the first party to reserve spaces on the shortlists of winnable seats for underrepresented candidates including women, BAME, LGBT+ and disabled candidates

It’s not going to be perfect - the hugely welcome return of Lib Dem grandees like Vince Cable, Ed Davey and Julian Huppert to their old stomping grounds will strengthen the party but not our gender imbalance. But excluding those former MPs coming back to the fray, every top 20 target constituency bar one has to date selected a female candidate.

Equality (together with liberty and community) is one of the three key values framed in the preamble to the Lib Dem constitution. It’s a relief that after this election, the Liberal Democratic party in the Commons will reflect that aspiration rather better than it has done in the past.

Richard Morris blogs at A View From Ham Common, which was named Best New Blog at the 2011 Lib Dem Conference

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