The financial lobby has more influence over UK policy today than at any time since the 2008 crash. Ministers and regulators are being nudged—some might say coerced—into promoting the growth of finance as if it were an unquestionable good. But history tells us otherwise. When finance grows unchecked, inequality widens, crises multiply, and society pays the price.
This powerful piece from Open Democracy exposes how the UK finance lobby now wields unprecedented influence over government policy—threatening consumers, weakening protections, and repeating the mistakes that led to past crises. The author is Mick McAteer, co-director of the Financial Inclusion and Markets Centre and a former Financial Conduct Authority board member.
At the Academy of Life Planning, we believe it doesn’t have to be this way. If government and regulators have forgotten the lessons of history, then civil society—and each of us as citizens—must remind them.
The Scale of the Problem
- Stacked policy tables: Out of 130 members on key financial policy working groups, over 100 represent the financial industry. Only 10 come from consumer or civil society organisations.
- Financial firepower: UK trade associations command £145m in lobbying resources. Consumer groups operate on a fraction of this.
- Policy capture in action: Recent deregulation—scrapping the bankers’ bonus cap, reducing fraud redress, weakening pension security—shows whose interests are being prioritised.
The result? A system where risks are socialised and rewards are privatised. Or, put more simply: heads they win, tails we lose.
Why This Matters to You
Unchecked financialisation means:
- Weaker pensions as funds are pushed into risky private assets.
- Higher bills as households pay for inflated returns on privatised infrastructure.
- More crises as growth becomes debt-fuelled and unstable.
- Less justice as consumer protections and redress schemes are quietly eroded.
This isn’t abstract policy—it touches every home, business, and community in the UK.
The Roadmap to Restore Balance
It’s not enough to complain about capture. We need a credible alternative. Here are five reforms civil society should demand:
- Guaranteed Civil Society Seats
Every policy working group must include a minimum proportion of consumer and civil society representatives. Balance cannot be optional. - Independent Funding for Consumer Voices
A statutory levy on financial firms could fund independent consumer advocacy—mirroring how the energy and telecoms sectors already support citizen representation. - Lobbying Transparency
A public register of all meetings between finance lobbyists and policymakers, including agendas and outcomes, to shine light on influence. - Ring-Fence Consumer Protection
Regulators must prioritise safety, fairness, and transparency above industry competitiveness. The “growth objective” should return to being genuinely secondary. - Support for Alternatives
Community finance, ethical investment, and product-free planning models like the GAME Plan need visibility, resources, and regulatory space to thrive.
A Call to Action
We stand at a crossroads. Either we continue to let the financial lobby dominate and watch inequality widen, or we act to build a system that serves people before profit.
At the Academy of Life Planning, we champion a different model—one where financial planning begins with human goals, not industry sales quotas. The GAME Plan provides individuals, communities, and nations with a roadmap for transparent, values-driven financial empowerment.
But change won’t come from waiting for policymakers alone. It comes when citizens, planners, and civil society step up together—demanding accountability, supporting consumer voices, and building ethical alternatives.
If we want a financial system that truly serves society, the responsibility starts with us.
👉 Be the change: Join the Academy of Life Planning’s movement to replace extraction with empowerment. Together, we can restore balance and protect the future.
Academy of Life Planning 
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