“The system isn’t broken. It was built this way.”
If we want to understand why so many financial reforms in Britain benefit institutions over individuals, we must look beyond surface policies to the power structures that design the game. Three key organisations stand at the heart of this architecture: UK Finance, TheCityUK, and the City of London Corporation.
Together, they form the lobbying engine that safeguards the interests of capital—not consumers.
🔹 UK Finance – The Lobbyist in a Suit
Formed in 2017, UK Finance is the main trade body for banks and financial firms across the UK. Representing around 300 companies, it positions itself as the “voice of the industry.”
But whose voice is it really?
UK Finance lobbies government and regulators—often behind closed doors—to shape the rules in favour of big institutions. It pushes for looser capital rules, lighter-touch oversight, and regulatory changes that preserve legacy models like assets under management (AUM) and ad valorem charging.
It speaks of inclusion, but its agenda maintains a system where financial planning is a luxury, not a right.
🔹 TheCityUK – The Global Salesman for Deregulation
While UK Finance works domestically, TheCityUK plays the global game. This well-funded body was created in 2010 to champion the “competitiveness” of UK financial and professional services.
Its mission?
To make London the most attractive place for capital flows—even if it comes at the expense of consumer protection.
TheCityUK shapes government priorities, like the Mansion House Reforms, and encourages politicians to view deregulation as economic growth. Its messaging aligns closely with Treasury speeches that call for pension liberalisation and retail investor risk exposure—all under the guise of “empowering savers.”
But it’s not empowerment. It’s systematic transfer of risk from institutions to individuals.
🔹 The City of London Corporation – The Quiet State Within a State
Then there’s the City of London Corporation: an ancient and deeply opaque body that governs the Square Mile. It has its own Lord Mayor, its own police force, and rules that date back to medieval charters.
Behind its heritage façades, the Corporation funds, hosts, and legitimises the lobbying infrastructure of the finance industry. It owns vast amounts of property and runs influence networks few citizens even know exist.
Every year, its Mansion House dinner is where the direction of UK financial policy is unveiled—not by Parliament, but by elite consensus. Growth becomes the buzzword. Accountability is notably absent.
🧱 Together, They Uphold the Extraction Economy
These three bodies are not neutral. They are not independent. They exist to protect a model of finance that extracts value from people rather than creating it for them.
- They resist reforms that challenge the AUM model.
- They entrench regulation that limits consumer agency.
- They present financialisation as freedom—when it is anything but.
✊ A Different Future Is Possible
At the Academy of Life Planning, we believe in financial planning as a human right, not a profit centre. We empower people to take control of their own money lives—free from conflicted intermediaries and opaque institutions.
To build that future, we must name the problem:
The UK’s financial policy is not built for people. It’s built for capital.
These organisations are not malicious. They’re doing their job.
But their job is not our liberation.
âś… Want to be part of a system that empowers rather than extracts?
Join us at the Academy of Life Planning.
Let’s stop playing their game—and start building our own.
🔹 UK Finance
Who they are:
UK Finance is the trade association for the UK banking and finance industry. It was formed in 2017 through a merger of several bodies, including the British Bankers’ Association.
Role & Purpose:
- Represents around 300 firms across banking, payments, markets, and lending.
- Acts as the primary lobbying voice for retail and commercial banking.
- Engages heavily with government, regulators, and the public on policy and regulation.
Criticism:
- Often accused of prioritising the interests of large incumbent firms over consumers.
- Supports regulatory frameworks that entrench AUM models and ad valorem fees.
- Plays a central role in shaping FCA policy through consultations and behind-the-scenes influence.
🔹 TheCityUK
Who they are:
A lobbying and promotional body for the UK-based financial and related professional services industry. Formed in 2010, it’s partly funded by City of London institutions and big financial firms.
Role & Purpose:
- Promotes the global competitiveness of UK financial services.
- Produces research, policy papers, and economic forecasts used to influence Westminster and Whitehall.
- Acts as a public-private policy conduit—especially between HMT, the FCA, and global financial players.
Criticism:
- Champions deregulation under the banner of “growth,” often ignoring the consumer or public interest.
- Its alignment with the Mansion House Reforms reveals a strong pro-industry, anti-accountability stance.
- Frequently referenced in Treasury speeches as justification for liberalising pension rules and shifting risk to individuals.
🔹 City of London Corporation
Who they are:
An ancient municipal authority (not a typical local council) governing the Square Mile—the historic and financial heart of London.
Unique Features:
- Has its own Lord Mayor, separate from the Mayor of London.
- Operates under arcane rules and lobbies aggressively for the financial sector.
- Controls vast wealth and property, including assets across the UK.
Role & Purpose:
- Provides infrastructure and business support for financial services firms.
- Acts as a behind-the-scenes operator influencing national and international policy.
- Hosts key financial events (e.g. Mansion House speeches) where deregulatory policy is often floated.
Criticism:
- Functions as a “state within a state,” wielding disproportionate power.
- Allegedly obstructs transparency and democratic reform in financial policymaking.
- Deeply embedded in promoting a Piscean, extractive economic model under the guise of competitiveness.
🚨 Summary: Three Pillars of Financial Lobbying
Together, these bodies:
- Shape regulation in favour of capital over citizens.
- Promote growth agendas that deepen the advice gap and financialisation.
- Resist structural reform that would empower individuals with transparency and choice.
🕵️‍♂️ Declaration of Interest
I write this not as an outsider throwing stones—but as someone who once stood inside the walls.
During the Retail Distribution Review, I served as Chair of the British Bankers’ Association’s Bancassurance Steering Group—a role that placed me at the heart of industry deliberations during a critical period of regulatory reform. I saw firsthand how decisions were shaped, how lobbying worked, and how consumer outcomes were too often sidelined for commercial priorities.
That experience fuels my mission today: to dismantle systems of extraction and build a fairer, transparent, and empowering model of financial planning for all.
Join the M-POWER Movement: From Financial Extraction to Personal Liberation
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