On 15 March, The Actuarial Network at Cass (TANC) had the pleasure of hearing visiting fellow Nick Silver speak on How to make finance great again.
On 15 March, The Actuarial Network at Cass (TANC) had the pleasure of hearing visiting fellow Nick Silver speak on 'How to make finance great again'.
Nick talked about the current financial system being developed to serve Capitalism 1.0. However, it is no longer fit for purpose as this world is ceasing to exist - with companies not employing many people or paying decent wages, pensions becoming prohibitively expensive with increasing contribution rates (7% in 1991 compared with 39% in 2016), and the increasing pressure on the planet, which cannot support perpetual growth.
In his opinion, banks should become fully reserved marketplace lenders to business and poor areas. Asked whether we need a pension, Nick promoted the idea of a Swedish pension system, reinvented as a critical health insurance system. He also presented an example of climate finance challenge, focusing on green investment and the growing green bond market. The onus rests on finance professionals and actuaries to make financial sense of the future.
At TANC's next event on 6 June, Sir Steve Webb will present on the pensions and care policies needed to cope with an ageing population.
For details, see www.tanc-cass.co.uk
