James Featherby: City has not changed enough
A year on from Occupy London Stock Exchange and the City still needs to change, says financial expert James Featherby.
Featherby, a committed Christian and former corporate finance partner at Slaughter and May, outlined his vision for a reformed financial sector in the JustShare lecture at St Mary-le-Bow last night.
He described the 2008 financial crisis was a "catastrophic failure of capitalism" but warned that too many businesses today still believe their sole purpose is to make money.
Featherby argued that businesses should have a "public purpose" and put service "before profit".
"Personal integrity is little more than polite manners if public morality is limited," he said.
He went on to say that the current system still reflects "our individualistic philosophy".
"The investment objective of maximising returns commensurate with risk is past its sell-by date," he said.
"We need to invest in public goods which are good and services that do serve."