{"version":"1.0.0","segments":[{"startTime":0.332,"endTime":3.082,"body":"(text whooshing)"},{"startTime":5.01,"endTime":8.07,"body":"- Mr. Lord Mayor, ladies and gentlemen,"},{"startTime":8.07,"endTime":10.95,"body":"my name's Martin Elliott,"},{"startTime":8.07,"endTime":10.95,"body":"and I have the privilege"},{"startTime":10.95,"endTime":14.7,"body":"of being the current"},{"startTime":10.95,"endTime":14.7,"body":"provost at Gresham College,"},{"startTime":14.7,"endTime":18.12,"body":"which has been providing free education"},{"startTime":18.12,"endTime":20.47,"body":"to the people of London since 1597"},{"startTime":21.87,"endTime":24.363,"body":"and worldwide since the"},{"startTime":21.87,"endTime":24.363,"body":"advent of the internet."},{"startTime":25.56,"endTime":29.46,"body":"As Hernan Diaz said in"},{"startTime":25.56,"endTime":29.46,"body":"his 2022 novel \"Trust,\""},{"startTime":29.46,"endTime":33.037,"body":"which is about the world of"},{"startTime":29.46,"endTime":33.037,"body":"high finance in New York,"},{"startTime":33.037,"endTime":37.197,"body":"\"No investment pays higher"},{"startTime":33.037,"endTime":37.197,"body":"dividends than education.\""},{"startTime":38.52,"endTime":40.26,"body":"Now further to support that contention,"},{"startTime":40.26,"endTime":42.33,"body":"I'm pleased to welcome you tonight"},{"startTime":42.33,"endTime":45.243,"body":"to the Gresham College"},{"startTime":42.33,"endTime":45.243,"body":"Annual Lord Mayor's Event."},{"startTime":46.44,"endTime":48.48,"body":"The Lord Mayor of the City of London"},{"startTime":48.48,"endTime":51.57,"body":"is the president of Gresham College"},{"startTime":51.57,"endTime":53.28,"body":"and the City of London Corporation,"},{"startTime":53.28,"endTime":55.5,"body":"which together with the"},{"startTime":53.28,"endTime":55.5,"body":"Mercers' Livery Company,"},{"startTime":55.5,"endTime":58.68,"body":"support the college as trustees"},{"startTime":58.68,"endTime":60.213,"body":"of Sir Thomas Gresham as well."},{"startTime":62.07,"endTime":65.04,"body":"The Lord Mayor, The Right"},{"startTime":62.07,"endTime":65.04,"body":"Honourable Alderman Nicholas Lyons"},{"startTime":65.04,"endTime":67.5,"body":"has had a glittering career in finance,"},{"startTime":67.5,"endTime":72.5,"body":"and in his mayoral year will"},{"startTime":67.5,"endTime":72.5,"body":"champion financing our future,"},{"startTime":72.9,"endTime":77.9,"body":"promoting a resilient,"},{"startTime":72.9,"endTime":77.9,"body":"resourceful, and responsible city,"},{"startTime":78.18,"endTime":82.59,"body":"deploying capital and"},{"startTime":78.18,"endTime":82.59,"body":"expertise to supercharge"},{"startTime":82.59,"endTime":85.38,"body":"economic growth nationwide"},{"startTime":85.38,"endTime":88.143,"body":"and to grow our global competitiveness."},{"startTime":90.27,"endTime":92.34,"body":"Tonight, Alderman Lyons will consider"},{"startTime":92.34,"endTime":94.2,"body":"the role for financial services"},{"startTime":94.2,"endTime":97.683,"body":"in boosting financial"},{"startTime":94.2,"endTime":97.683,"body":"literacy and inclusion,"},{"startTime":99.6,"endTime":103.74,"body":"vital for ignorant"},{"startTime":99.6,"endTime":103.74,"body":"lack-of-money people like me."},{"startTime":103.74,"endTime":106.29,"body":"But following his lecture,"},{"startTime":103.74,"endTime":106.29,"body":"he will chair a discussion"},{"startTime":106.29,"endTime":109.98,"body":"with a brilliant group"},{"startTime":106.29,"endTime":109.98,"body":"of influential panelists,"},{"startTime":109.98,"endTime":113.76,"body":"Sacha Romanovitch, CEO of Fair4All Finance"},{"startTime":113.76,"endTime":117.03,"body":"and co-chair of The Inclusive"},{"startTime":113.76,"endTime":117.03,"body":"Economic Partnership,"},{"startTime":117.03,"endTime":118.893,"body":"former CEO of Grant Thornton,"},{"startTime":119.82,"endTime":124.59,"body":"Patrick Jenkins, deputy editor"},{"startTime":119.82,"endTime":124.59,"body":"of the \"Financial Times,\""},{"startTime":124.59,"endTime":128.49,"body":"and Andrew Haldane, CEO of"},{"startTime":124.59,"endTime":128.49,"body":"the Royal Society of the Arts,"},{"startTime":128.49,"endTime":131.73,"body":"chair of the government's"},{"startTime":128.49,"endTime":131.73,"body":"Levelling Up Advisory Council"},{"startTime":131.73,"endTime":135.15,"body":"and former chief economist"},{"startTime":131.73,"endTime":135.15,"body":"of the Bank of England."},{"startTime":135.15,"endTime":137.34,"body":"Ladies and gentlemen,"},{"startTime":135.15,"endTime":137.34,"body":"we're in for a treat,"},{"startTime":137.34,"endTime":139.05,"body":"and may I ask you please to welcome"},{"startTime":139.05,"endTime":140.7,"body":"the Lord Mayor of the City of London,"},{"startTime":140.7,"endTime":143.661,"body":"The Right Honourable"},{"startTime":140.7,"endTime":143.661,"body":"Alderman Nicholas Lyons."},{"startTime":143.661,"endTime":146.911,"body":"(audience applauding)"},{"startTime":156.12,"endTime":158.1,"body":"- Well, good evening, everyone,"},{"startTime":158.1,"endTime":160.83,"body":"and it's a great pleasure"},{"startTime":158.1,"endTime":160.83,"body":"to welcome you here"},{"startTime":160.83,"endTime":162.603,"body":"to the Guildhall this evening."},{"startTime":163.74,"endTime":165.93,"body":"For those of you who don't know me,"},{"startTime":165.93,"endTime":170.93,"body":"I'm Nicholas Lyons, the"},{"startTime":165.93,"endTime":170.93,"body":"694th Lord Mayor of London"},{"startTime":172.32,"endTime":175.113,"body":"and the civic head of the"},{"startTime":172.32,"endTime":175.113,"body":"City of London Corporation."},{"startTime":177.09,"endTime":180.57,"body":"So welcome for this"},{"startTime":177.09,"endTime":180.57,"body":"Gresham College lecture"},{"startTime":180.57,"endTime":182.34,"body":"on the role for financial services"},{"startTime":182.34,"endTime":185.853,"body":"in boosting financial"},{"startTime":182.34,"endTime":185.853,"body":"literacy and inclusion."},{"startTime":188.07,"endTime":190.77,"body":"In the UK today,"},{"startTime":190.77,"endTime":195.18,"body":"around half of working-age adults"},{"startTime":195.18,"endTime":200.18,"body":"have the numeracy level expected"},{"startTime":195.18,"endTime":200.18,"body":"of a primary school child."},{"startTime":202.2,"endTime":207.06,"body":"As a nation, we are unfazed, even amused,"},{"startTime":207.06,"endTime":211.053,"body":"when people pronounce"},{"startTime":207.06,"endTime":211.053,"body":"themselves hopeless at maths,"},{"startTime":212.31,"endTime":217.31,"body":"but it is no laughing matter"},{"startTime":212.31,"endTime":217.31,"body":"because at the same time,"},{"startTime":217.47,"endTime":221.793,"body":"a quarter of adults have less"},{"startTime":217.47,"endTime":221.793,"body":"than 100 pounds in savings,"},{"startTime":223.08,"endTime":225.12,"body":"and half of people don't feel confident"},{"startTime":225.12,"endTime":227.673,"body":"managing their money day to day."},{"startTime":228.84,"endTime":232.47,"body":"Poor financial ability"},{"startTime":228.84,"endTime":232.47,"body":"is just one of the issues"},{"startTime":232.47,"endTime":236.46,"body":"facing the 12.9 million adults"},{"startTime":236.46,"endTime":239.64,"body":"with low financial resilience,"},{"startTime":239.64,"endTime":244.26,"body":"a term that covers the unsteady starters,"},{"startTime":244.26,"endTime":248.55,"body":"renting rooms and working"},{"startTime":244.26,"endTime":248.55,"body":"zero-hours contracts,"},{"startTime":248.55,"endTime":252.39,"body":"right up to those in their un-golden years"},{"startTime":252.39,"endTime":255.333,"body":"who have stable but low pension incomes."},{"startTime":256.92,"endTime":260.73,"body":"The nation's productivity is affected"},{"startTime":260.73,"endTime":263.97,"body":"because people's disposable"},{"startTime":260.73,"endTime":263.97,"body":"income isn't rising,"},{"startTime":263.97,"endTime":266.4,"body":"nor are they able to save adequately"},{"startTime":266.4,"endTime":268.113,"body":"for a comfortable retirement."},{"startTime":269.4,"endTime":273.42,"body":"Across the UK, people in"},{"startTime":269.4,"endTime":273.42,"body":"vulnerable financial circumstances"},{"startTime":273.42,"endTime":275.88,"body":"are finding themselves shut out"},{"startTime":275.88,"endTime":280.71,"body":"from mainstream financial"},{"startTime":275.88,"endTime":280.71,"body":"services like credit and insurance"},{"startTime":280.71,"endTime":283.29,"body":"that could help them weather the storm."},{"startTime":283.29,"endTime":287.01,"body":"For example, when the"},{"startTime":283.29,"endTime":287.01,"body":"washing machine breaks down,"},{"startTime":287.01,"endTime":289.95,"body":"they can't just buy a new one,"},{"startTime":289.95,"endTime":294.15,"body":"forced to turn instead"},{"startTime":289.95,"endTime":294.15,"body":"to a rent-to-own company"},{"startTime":294.15,"endTime":297.033,"body":"and pay twice the retail price,"},{"startTime":297.87,"endTime":301.563,"body":"typical of what we call"},{"startTime":297.87,"endTime":301.563,"body":"the poverty premium."},{"startTime":303.87,"endTime":307.38,"body":"To paraphrase the theory"},{"startTime":303.87,"endTime":307.38,"body":"of socioeconomic unfairness"},{"startTime":307.38,"endTime":312.117,"body":"set out in Terry Pratchett's"},{"startTime":307.38,"endTime":312.117,"body":"1993 novel \"Men at Arms,\""},{"startTime":313.35,"endTime":315.99,"body":"the rich stay rich because they can afford"},{"startTime":315.99,"endTime":318.693,"body":"to buy one good pair of boots."},{"startTime":319.62,"endTime":324.62,"body":"The poor stay poor because they"},{"startTime":319.62,"endTime":324.62,"body":"must buy several bad pairs,"},{"startTime":326.67,"endTime":328.953,"body":"and they still end up with wet feet."},{"startTime":330.99,"endTime":335.01,"body":"Numeracy, financial literacy,"},{"startTime":330.99,"endTime":335.01,"body":"and financial inclusion"},{"startTime":335.01,"endTime":337.98,"body":"are the building blocks"},{"startTime":335.01,"endTime":337.98,"body":"of a fairer society."},{"startTime":337.98,"endTime":340.89,"body":"They help people make"},{"startTime":337.98,"endTime":340.89,"body":"sense of their money,"},{"startTime":340.89,"endTime":344.31,"body":"plan for the future,"},{"startTime":340.89,"endTime":344.31,"body":"manage unexpected shocks,"},{"startTime":344.31,"endTime":346.38,"body":"and get on in life."},{"startTime":346.38,"endTime":349.83,"body":"In 2023, too many people"},{"startTime":346.38,"endTime":349.83,"body":"are being held back"},{"startTime":349.83,"endTime":354.21,"body":"because they lack these"},{"startTime":349.83,"endTime":354.21,"body":"basic skills and access,"},{"startTime":354.21,"endTime":358.17,"body":"and efforts to tackle the"},{"startTime":354.21,"endTime":358.17,"body":"nation's widening wealth gap"},{"startTime":358.17,"endTime":360.003,"body":"are made much harder."},{"startTime":361.08,"endTime":366.08,"body":"The UK financial services is"},{"startTime":361.08,"endTime":366.08,"body":"arguably the best in the world."},{"startTime":367.35,"endTime":371.91,"body":"I believe we have a duty"},{"startTime":367.35,"endTime":371.91,"body":"to use our experience,"},{"startTime":371.91,"endTime":373.71,"body":"our expertise, and our resources"},{"startTime":373.71,"endTime":376.77,"body":"to support the most vulnerable in society"},{"startTime":376.77,"endTime":380.19,"body":"and ensure that everyone benefits"},{"startTime":380.19,"endTime":382.623,"body":"from the Square Mile's success."},{"startTime":384.18,"endTime":388.29,"body":"Today I'll explore the"},{"startTime":384.18,"endTime":388.29,"body":"role the city can play"},{"startTime":388.29,"endTime":392.37,"body":"in improving numeracy financial education"},{"startTime":392.37,"endTime":394.053,"body":"and access to finance."},{"startTime":395.31,"endTime":398.31,"body":"These issues are related but distinct,"},{"startTime":398.31,"endTime":400.8,"body":"so I'd like to address each in turn,"},{"startTime":400.8,"endTime":402.303,"body":"beginning with numeracy."},{"startTime":403.71,"endTime":405.6,"body":"There's a false assumption"},{"startTime":405.6,"endTime":408.273,"body":"that maths starts and"},{"startTime":405.6,"endTime":408.273,"body":"stops in the classroom,"},{"startTime":409.32,"endTime":412.383,"body":"and anyway, we have calculators"},{"startTime":409.32,"endTime":412.383,"body":"on our phones, don't we?"},{"startTime":413.76,"endTime":418.08,"body":"But the ability to understand"},{"startTime":413.76,"endTime":418.08,"body":"and work with numbers"},{"startTime":418.08,"endTime":420.753,"body":"is fundamental to the fabric of our lives."},{"startTime":421.71,"endTime":425.88,"body":"We begin to gain an early"},{"startTime":421.71,"endTime":425.88,"body":"sense of numeracy in babyhood,"},{"startTime":425.88,"endTime":429.3,"body":"developing a sense of"},{"startTime":425.88,"endTime":429.3,"body":"space, shape, and measure"},{"startTime":429.3,"endTime":431.643,"body":"as we explore the world around us."},{"startTime":432.72,"endTime":435.96,"body":"When you estimate the distance"},{"startTime":432.72,"endTime":435.96,"body":"of the car in front of you"},{"startTime":435.96,"endTime":440.96,"body":"while driving, when you put"},{"startTime":435.96,"endTime":440.96,"body":"together flat-pack furniture,"},{"startTime":441.18,"endTime":446.18,"body":"good luck with that, when you"},{"startTime":441.18,"endTime":446.18,"body":"filled your shopping basket,"},{"startTime":446.22,"endTime":448.173,"body":"you're using numeracy skills."},{"startTime":449.67,"endTime":452.58,"body":"Home to the world's"},{"startTime":449.67,"endTime":452.58,"body":"biggest foreign exchange"},{"startTime":452.58,"endTime":456.63,"body":"and derivatives markets,"},{"startTime":452.58,"endTime":456.63,"body":"the global headquarters"},{"startTime":456.63,"endTime":459.54,"body":"of leading financial"},{"startTime":456.63,"endTime":459.54,"body":"firms and so much more,"},{"startTime":459.54,"endTime":464.54,"body":"the city runs on numbers,"},{"startTime":459.54,"endTime":464.54,"body":"yet the UK's numeracy levels"},{"startTime":464.55,"endTime":467.67,"body":"are significantly below"},{"startTime":464.55,"endTime":467.67,"body":"average for the OECD"},{"startTime":467.67,"endTime":471.63,"body":"and well behind leading countries"},{"startTime":467.67,"endTime":471.63,"body":"such as Japan and Finland,"},{"startTime":471.63,"endTime":474.813,"body":"a figure that should shock and shame us."},{"startTime":476.61,"endTime":479.19,"body":"A lack of basic numeracy skills"},{"startTime":479.19,"endTime":481.38,"body":"is preventing people across the nation"},{"startTime":481.38,"endTime":486.38,"body":"from reaching their potential"},{"startTime":481.38,"endTime":486.38,"body":"in work and in life,"},{"startTime":486.84,"endTime":488.46,"body":"and it's also a huge barrier"},{"startTime":488.46,"endTime":490.713,"body":"to learning more about their finances."},{"startTime":491.94,"endTime":496.17,"body":"If someone has never learned"},{"startTime":491.94,"endTime":496.17,"body":"how a percentage works,"},{"startTime":496.17,"endTime":499.62,"body":"how can they be expected to"},{"startTime":496.17,"endTime":499.62,"body":"understand interest rates"},{"startTime":499.62,"endTime":502.02,"body":"or compound annual growth rates,"},{"startTime":502.02,"endTime":505.893,"body":"the most important concept in finance."},{"startTime":507.12,"endTime":510.51,"body":"Many people think maths ability is fixed,"},{"startTime":510.51,"endTime":512.91,"body":"but that's simply not true,"},{"startTime":512.91,"endTime":516.24,"body":"and that's why my charity,"},{"startTime":512.91,"endTime":516.24,"body":"The Lord Mayor's Appeal,"},{"startTime":516.24,"endTime":518.73,"body":"has partnered with National Numeracy,"},{"startTime":518.73,"endTime":521.793,"body":"represented today by"},{"startTime":518.73,"endTime":521.793,"body":"Vice Chair Andy Haldane,"},{"startTime":522.96,"endTime":525.9,"body":"which seeks to foster a culture"},{"startTime":522.96,"endTime":525.9,"body":"where people of all ages"},{"startTime":525.9,"endTime":529.833,"body":"feel comfortable trying to"},{"startTime":525.9,"endTime":529.833,"body":"improve their numeracy skills."},{"startTime":532.08,"endTime":535.05,"body":"Research has shown that"},{"startTime":532.08,"endTime":535.05,"body":"workers with low numeracy"},{"startTime":535.05,"endTime":539.13,"body":"earn around 6 1/2% less"},{"startTime":535.05,"endTime":539.13,"body":"than if they had a grasp"},{"startTime":539.13,"endTime":542.19,"body":"of the basics, and one in four people"},{"startTime":542.19,"endTime":544.8,"body":"would be deterred from applying for a job"},{"startTime":544.8,"endTime":548.073,"body":"if handling numbers was a requirement."},{"startTime":549.9,"endTime":554.13,"body":"Through its Every Londoner"},{"startTime":549.9,"endTime":554.13,"body":"Counts initiative,"},{"startTime":554.13,"endTime":557.01,"body":"National Numeracy is helping Londoners"},{"startTime":557.01,"endTime":560.28,"body":"build their numeracy"},{"startTime":557.01,"endTime":560.28,"body":"skills through a network"},{"startTime":560.28,"endTime":564.033,"body":"of 500 newly trained Numeracy Champions."},{"startTime":564.99,"endTime":568.53,"body":"The charity also offers a"},{"startTime":564.99,"endTime":568.53,"body":"free skill-building tool,"},{"startTime":568.53,"endTime":570.393,"body":"National Numeracy Challenge,"},{"startTime":571.38,"endTime":574.83,"body":"and National Numeracy's"},{"startTime":571.38,"endTime":574.83,"body":"work is so important"},{"startTime":574.83,"endTime":578.4,"body":"because we know poor numeracy"},{"startTime":574.83,"endTime":578.4,"body":"skills are hampering groups"},{"startTime":578.4,"endTime":580.953,"body":"who are already at a disadvantage."},{"startTime":581.82,"endTime":586.68,"body":"Research shows that women"},{"startTime":581.82,"endTime":586.68,"body":"are twice as anxious as men"},{"startTime":586.68,"endTime":591.68,"body":"about maths, and while 45% of men"},{"startTime":591.84,"endTime":595.98,"body":"have the numeracy level expected"},{"startTime":591.84,"endTime":595.98,"body":"of an 11-year-old child,"},{"startTime":595.98,"endTime":599.073,"body":"that rises to 63% of women."},{"startTime":600.45,"endTime":605.25,"body":"We also know numeracy skills"},{"startTime":600.45,"endTime":605.25,"body":"are weakest in regions"},{"startTime":605.25,"endTime":610.25,"body":"where incomes are lowest, and"},{"startTime":605.25,"endTime":610.25,"body":"the North East, West Midlands,"},{"startTime":610.32,"endTime":614.64,"body":"and Yorkshire and the Humber"},{"startTime":610.32,"endTime":614.64,"body":"all have a higher proportion"},{"startTime":614.64,"endTime":618.69,"body":"of working-age adults"},{"startTime":614.64,"endTime":618.69,"body":"with lower numeracy skills"},{"startTime":618.69,"endTime":620.223,"body":"than the rest of the UK."},{"startTime":622.5,"endTime":624.63,"body":"The government has set out a vision"},{"startTime":624.63,"endTime":626.82,"body":"for a more productive, prosperous country"},{"startTime":626.82,"endTime":631.23,"body":"where everyone can succeed,"},{"startTime":626.82,"endTime":631.23,"body":"which the City Corporation,"},{"startTime":631.23,"endTime":633.303,"body":"of course, wholeheartedly support,"},{"startTime":634.35,"endTime":636.99,"body":"but it's clear that"},{"startTime":634.35,"endTime":636.99,"body":"unless we pull together"},{"startTime":636.99,"endTime":640.41,"body":"to improve basic numeracy levels,"},{"startTime":640.41,"endTime":644.703,"body":"Levelling Up will remain"},{"startTime":640.41,"endTime":644.703,"body":"just that, a vision."},{"startTime":647.22,"endTime":649.683,"body":"Now let's look at financial literacy."},{"startTime":651.06,"endTime":654.24,"body":"Good numeracy skills"},{"startTime":651.06,"endTime":654.24,"body":"and financial literacy"},{"startTime":654.24,"endTime":657.78,"body":"go hand in hand, and people need both"},{"startTime":657.78,"endTime":660.99,"body":"to be able to make sense"},{"startTime":657.78,"endTime":660.99,"body":"of an increasingly complex"},{"startTime":660.99,"endTime":663.273,"body":"and pressurized financial landscape."},{"startTime":665.46,"endTime":668.58,"body":"Let me be clear, by financial literacy,"},{"startTime":668.58,"endTime":672.3,"body":"I don't mean financial expertise."},{"startTime":672.3,"endTime":675.06,"body":"What I'm talking about"},{"startTime":672.3,"endTime":675.06,"body":"is a basic understanding"},{"startTime":675.06,"endTime":677.283,"body":"of financial concepts like budgeting,"},{"startTime":678.48,"endTime":681.45,"body":"which set an individual"},{"startTime":678.48,"endTime":681.45,"body":"up to manage their money"},{"startTime":681.45,"endTime":683.883,"body":"and avoid financial abuse."},{"startTime":685.56,"endTime":687.96,"body":"Research from the Center"},{"startTime":685.56,"endTime":687.96,"body":"for Social Justice"},{"startTime":687.96,"endTime":690.03,"body":"found that nearly half of adults"},{"startTime":690.03,"endTime":691.93,"body":"who've experienced financial hardship"},{"startTime":692.79,"endTime":697.53,"body":"think low money management"},{"startTime":692.79,"endTime":697.53,"body":"skills played an important role,"},{"startTime":697.53,"endTime":699.87,"body":"and their situation would improve"},{"startTime":699.87,"endTime":701.913,"body":"with more financial education."},{"startTime":703.62,"endTime":705.66,"body":"So what's being done in response"},{"startTime":705.66,"endTime":707.763,"body":"to that clear call to action?"},{"startTime":709.77,"endTime":712.47,"body":"While research shows"},{"startTime":709.77,"endTime":712.47,"body":"children's money habits"},{"startTime":712.47,"endTime":714.333,"body":"are formed as early as age seven,"},{"startTime":715.65,"endTime":720.65,"body":"financial education is absent"},{"startTime":715.65,"endTime":720.65,"body":"from the primary curriculum."},{"startTime":723.63,"endTime":727.593,"body":"It was introduced to the"},{"startTime":723.63,"endTime":727.593,"body":"secondary curriculum in 2014,"},{"startTime":728.85,"endTime":733.85,"body":"but low confidence among"},{"startTime":728.85,"endTime":733.85,"body":"teachers in delivering the topic,"},{"startTime":733.92,"endTime":737.13,"body":"lack of resources, packed PHSE lessons,"},{"startTime":737.13,"endTime":739.86,"body":"and the absence of formal assessment"},{"startTime":739.86,"endTime":743.97,"body":"means that many teens"},{"startTime":739.86,"endTime":743.97,"body":"are still leaving school"},{"startTime":743.97,"endTime":747.453,"body":"without a quality financial education."},{"startTime":749.76,"endTime":754.76,"body":"A recent study found that kids"},{"startTime":749.76,"endTime":754.76,"body":"aren't all right about that."},{"startTime":756.81,"endTime":761.81,"body":"An encouraging 72% of pupils"},{"startTime":756.81,"endTime":761.81,"body":"want to learn more about money,"},{"startTime":762.21,"endTime":766.233,"body":"rising to 85% of 17 to 18-year-olds."},{"startTime":767.67,"endTime":769.17,"body":"The \"Financial Times'\""},{"startTime":769.17,"endTime":772.38,"body":"Financial Literacy and Inclusion Campaign,"},{"startTime":772.38,"endTime":775.23,"body":"represented today by Patrick Jenkins,"},{"startTime":775.23,"endTime":778.38,"body":"wants to make learning"},{"startTime":775.23,"endTime":778.38,"body":"how to manage your money"},{"startTime":778.38,"endTime":781.503,"body":"as common as learning how to ride a bike."},{"startTime":782.97,"endTime":786.27,"body":"Supported by funding from"},{"startTime":782.97,"endTime":786.27,"body":"the City Corporation,"},{"startTime":786.27,"endTime":790.53,"body":"FLIC has developed a"},{"startTime":786.27,"endTime":790.53,"body":"financial education program"},{"startTime":790.53,"endTime":794.61,"body":"that'll be piloted in the City"},{"startTime":790.53,"endTime":794.61,"body":"of London Academy Shoreditch"},{"startTime":794.61,"endTime":795.933,"body":"in a few weeks."},{"startTime":797.16,"endTime":801.45,"body":"The hope is that by focusing"},{"startTime":797.16,"endTime":801.45,"body":"on training teachers,"},{"startTime":801.45,"endTime":803.52,"body":"FLIC will embed financial education"},{"startTime":803.52,"endTime":806.58,"body":"in the curriculum and create a model"},{"startTime":806.58,"endTime":808.803,"body":"that can be replicated across the country."},{"startTime":810.63,"endTime":814.32,"body":"Initiatives like this are so important"},{"startTime":814.32,"endTime":817.98,"body":"because the TikTok generation is entering"},{"startTime":817.98,"endTime":822.213,"body":"a more sophisticated and"},{"startTime":817.98,"endTime":822.213,"body":"a more dangerous world."},{"startTime":824.25,"endTime":829.15,"body":"55,000 children aged 11 to 16"},{"startTime":830.7,"endTime":833.493,"body":"are estimated to be problem gamblers."},{"startTime":836.58,"endTime":839.94,"body":"Meanwhile, The Children's Society reports"},{"startTime":839.94,"endTime":841.137,"body":"that more and more young people"},{"startTime":841.137,"endTime":844.503,"body":"are being financially exploited online."},{"startTime":846.54,"endTime":850.56,"body":"The cost-of-living crisis"},{"startTime":846.54,"endTime":850.56,"body":"provides further impetus"},{"startTime":850.56,"endTime":852.513,"body":"for improved financial education."},{"startTime":853.38,"endTime":858.38,"body":"In January 2022, a pint of milk cost 46 P."},{"startTime":860.97,"endTime":865.713,"body":"In December, it was 69 P, a 50% increase,"},{"startTime":867.93,"endTime":872.25,"body":"and just one example of"},{"startTime":867.93,"endTime":872.25,"body":"how prices have rocketed."},{"startTime":872.25,"endTime":877.02,"body":"More than 150,000 people"},{"startTime":872.25,"endTime":877.02,"body":"turned to Citizens Advice"},{"startTime":877.02,"endTime":880.38,"body":"for crisis support for"},{"startTime":877.02,"endTime":880.38,"body":"the first time last year,"},{"startTime":880.38,"endTime":884.76,"body":"150,000 people, and one in"},{"startTime":880.38,"endTime":884.76,"body":"three people would struggle"},{"startTime":884.76,"endTime":888.723,"body":"to find an extra 20 pounds"},{"startTime":884.76,"endTime":888.723,"body":"a month if they needed to,"},{"startTime":889.65,"endTime":891.093,"body":"the cost of a school blazer."},{"startTime":894.78,"endTime":898.713,"body":"Could financial education help"},{"startTime":894.78,"endTime":898.713,"body":"people feel less hopeless?"},{"startTime":900.3,"endTime":902.7,"body":"And would you want your"},{"startTime":900.3,"endTime":902.7,"body":"child or grandchild"},{"startTime":902.7,"endTime":905.31,"body":"to enter a financial climate like this"},{"startTime":905.31,"endTime":907.863,"body":"without a basic grasp of money matters?"},{"startTime":909.39,"endTime":911.82,"body":"These are important"},{"startTime":909.39,"endTime":911.82,"body":"questions to ask ourselves,"},{"startTime":911.82,"endTime":915.09,"body":"not least because of the very real impact"},{"startTime":915.09,"endTime":918.573,"body":"financial hardship can"},{"startTime":915.09,"endTime":918.573,"body":"have on people's health."},{"startTime":919.47,"endTime":921.6,"body":"Children living in poverty are more likely"},{"startTime":921.6,"endTime":924.06,"body":"to suffer from chronic diseases"},{"startTime":924.06,"endTime":926.88,"body":"and three times more likely to suffer"},{"startTime":926.88,"endTime":931.88,"body":"from a mental health problem,"},{"startTime":926.88,"endTime":931.88,"body":"and the more debt people have,"},{"startTime":933.45,"endTime":937.353,"body":"the more likely they are"},{"startTime":933.45,"endTime":937.353,"body":"to have a mental disorder."},{"startTime":939.03,"endTime":941.4,"body":"The Lord Mayor's Appeal"},{"startTime":939.03,"endTime":941.4,"body":"is proud to have partnered"},{"startTime":941.4,"endTime":945.87,"body":"with MQ Mental Health Research,"},{"startTime":941.4,"endTime":945.87,"body":"which is investigating"},{"startTime":945.87,"endTime":947.97,"body":"the impact of the cost-of-living crisis"},{"startTime":947.97,"endTime":950.19,"body":"on the nation's mental health"},{"startTime":950.19,"endTime":953.49,"body":"and will produce"},{"startTime":950.19,"endTime":953.49,"body":"evidence-based recommendations"},{"startTime":953.49,"endTime":957.39,"body":"on how we can support the most vulnerable."},{"startTime":957.39,"endTime":960.21,"body":"I'm interested to see"},{"startTime":957.39,"endTime":960.21,"body":"if that work confirms"},{"startTime":960.21,"endTime":964.68,"body":"what feels intuitive, that"},{"startTime":960.21,"endTime":964.68,"body":"building financial literacy"},{"startTime":964.68,"endTime":969.213,"body":"could help boost people's"},{"startTime":964.68,"endTime":969.213,"body":"financial and mental resilience."},{"startTime":971.04,"endTime":974.22,"body":"I know the government recognizes the need"},{"startTime":974.22,"endTime":976.743,"body":"for improved financial education,"},{"startTime":977.79,"endTime":980.25,"body":"and I'm pleased to see local authorities"},{"startTime":980.25,"endTime":984.84,"body":"benefiting from its 560"},{"startTime":980.25,"endTime":984.84,"body":"million pound Multiply scheme"},{"startTime":984.84,"endTime":987.84,"body":"to improve adult numeracy."},{"startTime":987.84,"endTime":990.75,"body":"But clearly more support is"},{"startTime":987.84,"endTime":990.75,"body":"needed for secondary teachers"},{"startTime":990.75,"endTime":993.84,"body":"to deliver statutory financial education."},{"startTime":993.84,"endTime":995.49,"body":"The prime minister's commitment"},{"startTime":995.49,"endTime":1000.47,"body":"to extending maths education"},{"startTime":995.49,"endTime":1000.47,"body":"to 18 is to be welcomed,"},{"startTime":1000.47,"endTime":1002.84,"body":"though I'm sure I'm not alone in wondering"},{"startTime":1002.84,"endTime":1006.26,"body":"how this is compatible with the shortage"},{"startTime":1006.26,"endTime":1008.513,"body":"of qualified maths teachers."},{"startTime":1010.64,"endTime":1012.11,"body":"I hope this policy doesn't lead"},{"startTime":1012.11,"endTime":1014.39,"body":"to more maths for maths' sake,"},{"startTime":1014.39,"endTime":1018.47,"body":"but instead focuses on practical lessons"},{"startTime":1018.47,"endTime":1022.073,"body":"that will prepare teens"},{"startTime":1018.47,"endTime":1022.073,"body":"for the real world."},{"startTime":1023.66,"endTime":1026.033,"body":"Employers also have a role to play,"},{"startTime":1027.261,"endTime":1029.39,"body":"and at the World Economic Forum,"},{"startTime":1029.39,"endTime":1031.85,"body":"I was pleased to take part in the launch"},{"startTime":1031.85,"endTime":1034.79,"body":"of Make Time for Money Week,"},{"startTime":1034.79,"endTime":1039.65,"body":"which asks employers to donate"},{"startTime":1034.79,"endTime":1039.65,"body":"four hours for employees"},{"startTime":1039.65,"endTime":1042.473,"body":"to focus on improving"},{"startTime":1039.65,"endTime":1042.473,"body":"their financial health."},{"startTime":1046.1,"endTime":1049.01,"body":"I know there's a lot of"},{"startTime":1046.1,"endTime":1049.01,"body":"activity concentrated"},{"startTime":1049.01,"endTime":1051.23,"body":"in certain areas, geographic areas,"},{"startTime":1051.23,"endTime":1053.42,"body":"for example, to our hamlets,"},{"startTime":1053.42,"endTime":1056.42,"body":"and we could learn a lot"},{"startTime":1053.42,"endTime":1056.42,"body":"from pooling the findings"},{"startTime":1056.42,"endTime":1060.14,"body":"of different groups"},{"startTime":1056.42,"endTime":1060.14,"body":"operating in that one space."},{"startTime":1060.14,"endTime":1063.2,"body":"For example, local charity The Switch"},{"startTime":1063.2,"endTime":1064.67,"body":"works with business volunteers"},{"startTime":1064.67,"endTime":1068.81,"body":"to deliver employability"},{"startTime":1064.67,"endTime":1068.81,"body":"skills to students,"},{"startTime":1068.81,"endTime":1073.28,"body":"including the Abacus Family"},{"startTime":1068.81,"endTime":1073.28,"body":"Financial Literacy project"},{"startTime":1073.28,"endTime":1077.39,"body":"in partnership with Lloyd's"},{"startTime":1073.28,"endTime":1077.39,"body":"Community Programme."},{"startTime":1077.39,"endTime":1079.58,"body":"There are lots of great initiatives"},{"startTime":1079.58,"endTime":1083.9,"body":"being pioneered by our"},{"startTime":1079.58,"endTime":1083.9,"body":"financial service companies,"},{"startTime":1083.9,"endTime":1087.713,"body":"but how can we shape"},{"startTime":1083.9,"endTime":1087.713,"body":"change on a large scale?"},{"startTime":1090.05,"endTime":1092.303,"body":"And so to financial inclusion."},{"startTime":1094.94,"endTime":1098.48,"body":"Of course, we know education alone"},{"startTime":1098.48,"endTime":1101.09,"body":"won't pull families out of debt,"},{"startTime":1101.09,"endTime":1103.64,"body":"and the cost-of-living crisis also exposes"},{"startTime":1103.64,"endTime":1108.14,"body":"gaping holes within the"},{"startTime":1103.64,"endTime":1108.14,"body":"financial services system"},{"startTime":1108.14,"endTime":1112.94,"body":"for useful affordable"},{"startTime":1108.14,"endTime":1112.94,"body":"products, services, and advice."},{"startTime":1112.94,"endTime":1115.91,"body":"For people experiencing"},{"startTime":1112.94,"endTime":1115.91,"body":"financial hardship,"},{"startTime":1115.91,"endTime":1119.363,"body":"the best deal available"},{"startTime":1115.91,"endTime":1119.363,"body":"is often a bad deal."},{"startTime":1120.86,"endTime":1125.86,"body":"Demand for unregulated buy now,"},{"startTime":1120.86,"endTime":1125.86,"body":"pay later loans has soared."},{"startTime":1127.34,"endTime":1131.9,"body":"I even saw one BNPL company"},{"startTime":1131.9,"endTime":1136.613,"body":"promoting purchasing a"},{"startTime":1131.9,"endTime":1136.613,"body":"burger in installments."},{"startTime":1138.17,"endTime":1141.8,"body":"Meanwhile, energy regulator"},{"startTime":1138.17,"endTime":1141.8,"body":"Ofgem had to intervene"},{"startTime":1141.8,"endTime":1144.02,"body":"earlier this month to"},{"startTime":1141.8,"endTime":1144.02,"body":"stop energy companies"},{"startTime":1144.02,"endTime":1146.96,"body":"installing more costly prepayment meters"},{"startTime":1146.96,"endTime":1149.003,"body":"in the homes of vulnerable people."},{"startTime":1150.23,"endTime":1154.49,"body":"As CEO of Fair4All"},{"startTime":1150.23,"endTime":1154.49,"body":"Finance, Sacha Romanovitch,"},{"startTime":1154.49,"endTime":1157.28,"body":"who's with us today, has pointed out,"},{"startTime":1157.28,"endTime":1161.0,"body":"our financial system is"},{"startTime":1157.28,"endTime":1161.0,"body":"designed around people"},{"startTime":1161.0,"endTime":1165.383,"body":"with predictable lives"},{"startTime":1161.0,"endTime":1165.383,"body":"and predictable incomes."},{"startTime":1166.34,"endTime":1171.34,"body":"But in 2023 Britain, how"},{"startTime":1166.34,"endTime":1171.34,"body":"many fit that description,"},{"startTime":1171.89,"endTime":1174.083,"body":"cost-of-living crisis, or no?"},{"startTime":1175.49,"endTime":1179.0,"body":"For example, a direct"},{"startTime":1175.49,"endTime":1179.0,"body":"debit is incredibly helpful"},{"startTime":1179.0,"endTime":1183.5,"body":"for someone on a fixed wage"},{"startTime":1179.0,"endTime":1183.5,"body":"but incredibly hazardous"},{"startTime":1183.5,"endTime":1186.83,"body":"for someone on a zero-hours contract."},{"startTime":1186.83,"endTime":1189.89,"body":"Fair4All Finance is one"},{"startTime":1186.83,"endTime":1189.89,"body":"of the organizations"},{"startTime":1189.89,"endTime":1193.52,"body":"trying to broaden access"},{"startTime":1189.89,"endTime":1193.52,"body":"to financial services."},{"startTime":1193.52,"endTime":1196.67,"body":"Their No Interest Loan"},{"startTime":1193.52,"endTime":1196.67,"body":"Scheme has already allowed"},{"startTime":1196.67,"endTime":1200.36,"body":"participants in Manchester"},{"startTime":1196.67,"endTime":1200.36,"body":"to buy new white goods"},{"startTime":1200.36,"endTime":1201.81,"body":"to keep their family running."},{"startTime":1203.6,"endTime":1207.41,"body":"Elsewhere, Fair for You"},{"startTime":1203.6,"endTime":1207.41,"body":"have teamed up with Iceland"},{"startTime":1207.41,"endTime":1209.6,"body":"to launch a food club that gives parents"},{"startTime":1209.6,"endTime":1210.65,"body":"small amounts of credit"},{"startTime":1210.65,"endTime":1213.173,"body":"during the expensive"},{"startTime":1210.65,"endTime":1213.173,"body":"school holiday period."},{"startTime":1214.19,"endTime":1217.07,"body":"The government's Help to Save scheme,"},{"startTime":1217.07,"endTime":1219.98,"body":"which gives low earners a savings boost,"},{"startTime":1219.98,"endTime":1224.063,"body":"reached 359,000 signups in March."},{"startTime":1225.71,"endTime":1228.2,"body":"Meanwhile, the Financial"},{"startTime":1225.71,"endTime":1228.2,"body":"Services and Markets Bill"},{"startTime":1228.2,"endTime":1230.67,"body":"will legislate for access to cash"},{"startTime":1231.59,"endTime":1233.84,"body":"and allow all important credit unions"},{"startTime":1233.84,"endTime":1236.36,"body":"to offer a wider range"},{"startTime":1233.84,"endTime":1236.36,"body":"of products and services"},{"startTime":1236.36,"endTime":1239.39,"body":"to their 1.4 million customers."},{"startTime":1239.39,"endTime":1241.253,"body":"This is all excellent work,"},{"startTime":1242.36,"endTime":1245.663,"body":"but as Europe's premier financial hub,"},{"startTime":1246.98,"endTime":1250.28,"body":"the Square Mile needs to"},{"startTime":1246.98,"endTime":1250.28,"body":"develop the financial solutions"},{"startTime":1250.28,"endTime":1255.05,"body":"needed for this variable"},{"startTime":1250.28,"endTime":1255.05,"body":"and volatile world."},{"startTime":1255.05,"endTime":1259.133,"body":"Business is driven by its"},{"startTime":1255.05,"endTime":1259.133,"body":"financial purpose, yes,"},{"startTime":1260.24,"endTime":1264.35,"body":"but also increasingly by"},{"startTime":1260.24,"endTime":1264.35,"body":"its societal responsibility"},{"startTime":1264.35,"endTime":1268.73,"body":"and an awareness of the role"},{"startTime":1264.35,"endTime":1268.73,"body":"the private sector plays"},{"startTime":1268.73,"endTime":1270.683,"body":"in stimulating economic growth."},{"startTime":1271.55,"endTime":1274.97,"body":"As a global representative"},{"startTime":1271.55,"endTime":1274.97,"body":"for the UK financial"},{"startTime":1274.97,"endTime":1277.43,"body":"and professional services sector,"},{"startTime":1277.43,"endTime":1282.43,"body":"I want to encourage businesses"},{"startTime":1277.43,"endTime":1282.43,"body":"to look again at their offer"},{"startTime":1282.71,"endTime":1287.12,"body":"and to consider firstly how"},{"startTime":1282.71,"endTime":1287.12,"body":"they can help people cope"},{"startTime":1287.12,"endTime":1290.21,"body":"with the immediate"},{"startTime":1287.12,"endTime":1290.21,"body":"cost-of-living challenge"},{"startTime":1290.21,"endTime":1293.183,"body":"through measures like"},{"startTime":1290.21,"endTime":1293.183,"body":"debt repayment deferrals,"},{"startTime":1294.5,"endTime":1298.7,"body":"and secondly how they can"},{"startTime":1294.5,"endTime":1298.7,"body":"ensure everyone in society"},{"startTime":1298.7,"endTime":1303.53,"body":"is aware of, understands, and can access"},{"startTime":1303.53,"endTime":1305.18,"body":"products and services to help them"},{"startTime":1305.18,"endTime":1307.493,"body":"manage their money long term."},{"startTime":1309.23,"endTime":1311.69,"body":"We're seeing some great initiatives"},{"startTime":1311.69,"endTime":1315.44,"body":"in areas like banking,"},{"startTime":1311.69,"endTime":1315.44,"body":"fintech, and insurance,"},{"startTime":1315.44,"endTime":1317.88,"body":"a few of which I want to mention today"},{"startTime":1318.86,"endTime":1322.163,"body":"while highlighting scope"},{"startTime":1318.86,"endTime":1322.163,"body":"for further action."},{"startTime":1323.6,"endTime":1325.46,"body":"Looking at banking in the UK today,"},{"startTime":1325.46,"endTime":1329.0,"body":"around 1.2 million people are unbanked,"},{"startTime":1329.0,"endTime":1332.843,"body":"which means they don't have"},{"startTime":1329.0,"endTime":1332.843,"body":"access to financial services."},{"startTime":1333.8,"endTime":1337.43,"body":"For some, that's a choice,"},{"startTime":1333.8,"endTime":1337.43,"body":"but many people are unaware"},{"startTime":1337.43,"endTime":1340.16,"body":"of the availability of basic bank accounts"},{"startTime":1340.16,"endTime":1343.58,"body":"designed for those with poor credit scores"},{"startTime":1343.58,"endTime":1346.823,"body":"or otherwise find them hard to access."},{"startTime":1348.68,"endTime":1351.35,"body":"The pandemic didn't lead to the tsunami"},{"startTime":1351.35,"endTime":1356.09,"body":"of non-performing loans that"},{"startTime":1351.35,"endTime":1356.09,"body":"was predicted, but then again,"},{"startTime":1356.09,"endTime":1360.643,"body":"banks aren't servicing"},{"startTime":1356.09,"endTime":1360.643,"body":"households in the bottom 10%."},{"startTime":1361.64,"endTime":1366.64,"body":"Of course, I'm not suggesting"},{"startTime":1361.64,"endTime":1366.64,"body":"that the credit risk posed"},{"startTime":1366.65,"endTime":1369.35,"body":"by less financially resilient clients"},{"startTime":1369.35,"endTime":1371.993,"body":"can or should be ignored,"},{"startTime":1373.04,"endTime":1376.25,"body":"but there is an argument for that risk"},{"startTime":1376.25,"endTime":1379.67,"body":"to be priced into banks'"},{"startTime":1376.25,"endTime":1379.67,"body":"overall offer to clients"},{"startTime":1379.67,"endTime":1383.09,"body":"so we can share the cost"},{"startTime":1379.67,"endTime":1383.09,"body":"across the whole portfolio"},{"startTime":1383.09,"endTime":1385.83,"body":"and bring people on the edges of society"},{"startTime":1386.72,"endTime":1388.193,"body":"into the banking system."},{"startTime":1389.69,"endTime":1392.6,"body":"In 2019, the FCA stepped into stop banks"},{"startTime":1392.6,"endTime":1396.623,"body":"from charging higher prices"},{"startTime":1392.6,"endTime":1396.623,"body":"for unarranged overdrafts,"},{"startTime":1397.85,"endTime":1400.04,"body":"but there is a long way to go"},{"startTime":1400.04,"endTime":1402.383,"body":"to democratize the banking system."},{"startTime":1403.55,"endTime":1406.64,"body":"Research by the \"FT\" and Ipsos MORI found"},{"startTime":1406.64,"endTime":1408.62,"body":"that barely half of respondents"},{"startTime":1408.62,"endTime":1412.22,"body":"were able to correctly"},{"startTime":1408.62,"endTime":1412.22,"body":"compare the costs of borrowing"},{"startTime":1412.22,"endTime":1415.73,"body":"via credit cards or bank overdrafts,"},{"startTime":1415.73,"endTime":1418.163,"body":"regardless of wealth or gender."},{"startTime":1419.51,"endTime":1422.18,"body":"Alongside improved communication,"},{"startTime":1422.18,"endTime":1425.75,"body":"more must be done to fill"},{"startTime":1422.18,"endTime":1425.75,"body":"the financial advice gap"},{"startTime":1425.75,"endTime":1428.93,"body":"between those who can get financial advice"},{"startTime":1428.93,"endTime":1431.57,"body":"and those who want it but can't afford it."},{"startTime":1431.57,"endTime":1436.28,"body":"73% of advisors think"},{"startTime":1431.57,"endTime":1436.28,"body":"that gap has worsened"},{"startTime":1436.28,"endTime":1440.69,"body":"over the last five years,"},{"startTime":1436.28,"endTime":1440.69,"body":"and nearly all those surveyed"},{"startTime":1440.69,"endTime":1444.98,"body":"think technology is"},{"startTime":1440.69,"endTime":1444.98,"body":"crucial to bridging it."},{"startTime":1444.98,"endTime":1447.41,"body":"I'd like to see a"},{"startTime":1444.98,"endTime":1447.41,"body":"market-to-market analysis"},{"startTime":1447.41,"endTime":1450.26,"body":"of where we stand in"},{"startTime":1447.41,"endTime":1450.26,"body":"relation to other countries"},{"startTime":1450.26,"endTime":1452.513,"body":"that have had to tackle these issues."},{"startTime":1454.04,"endTime":1457.733,"body":"In a push for inclusion, in 2014,"},{"startTime":1458.57,"endTime":1462.47,"body":"the Reserve Bank of India directed banks"},{"startTime":1462.47,"endTime":1465.8,"body":"to allow people to open a savings account"},{"startTime":1465.8,"endTime":1467.813,"body":"with a single photo ID."},{"startTime":1469.37,"endTime":1471.953,"body":"As of January 2021,"},{"startTime":1473.42,"endTime":1477.23,"body":"417 million bank accounts"},{"startTime":1477.23,"endTime":1479.753,"body":"have been opened under that scheme."},{"startTime":1481.25,"endTime":1485.21,"body":"Greater use of digital"},{"startTime":1481.25,"endTime":1485.21,"body":"tech could help deliver"},{"startTime":1485.21,"endTime":1489.26,"body":"a fairer, more sustainable marketplace,"},{"startTime":1489.26,"endTime":1492.05,"body":"but this won't come without a cost,"},{"startTime":1492.05,"endTime":1496.013,"body":"which would probably need to"},{"startTime":1492.05,"endTime":1496.013,"body":"be borne by our banking system."},{"startTime":1498.44,"endTime":1500.18,"body":"Let's consider fintech."},{"startTime":1500.18,"endTime":1503.6,"body":"Research shows that there"},{"startTime":1500.18,"endTime":1503.6,"body":"is a positive correlation"},{"startTime":1503.6,"endTime":1506.12,"body":"between fintech and financial inclusion"},{"startTime":1506.12,"endTime":1510.08,"body":"and that fintech can help narrow"},{"startTime":1506.12,"endTime":1510.08,"body":"class and regional divides."},{"startTime":1510.08,"endTime":1514.19,"body":"Fintech can help customers"},{"startTime":1510.08,"endTime":1514.19,"body":"shop around for deals,"},{"startTime":1514.19,"endTime":1517.823,"body":"spread costs, and get"},{"startTime":1514.19,"endTime":1517.823,"body":"cheaper access to credit."},{"startTime":1519.26,"endTime":1523.94,"body":"Money management apps such"},{"startTime":1519.26,"endTime":1523.94,"body":"as Snoop, Moneyhub, and Emma"},{"startTime":1523.94,"endTime":1528.05,"body":"allow users to see all"},{"startTime":1523.94,"endTime":1528.05,"body":"their finances in one place,"},{"startTime":1528.05,"endTime":1531.203,"body":"track their spending, and"},{"startTime":1528.05,"endTime":1531.203,"body":"create budgeting goals,"},{"startTime":1532.37,"endTime":1535.07,"body":"and the Wagestream app helps consumers"},{"startTime":1535.07,"endTime":1538.91,"body":"make emergency purchases by"},{"startTime":1535.07,"endTime":1538.91,"body":"letting them access their wages"},{"startTime":1538.91,"endTime":1540.713,"body":"at any point in the month."},{"startTime":1542.21,"endTime":1545.36,"body":"On insurance, the"},{"startTime":1542.21,"endTime":1545.36,"body":"Financial Conduct Authority"},{"startTime":1545.36,"endTime":1547.43,"body":"has stepped into stop existing customers"},{"startTime":1547.43,"endTime":1549.29,"body":"being charged more than new customers"},{"startTime":1549.29,"endTime":1553.19,"body":"when they renew their"},{"startTime":1549.29,"endTime":1553.19,"body":"motor and home insurance."},{"startTime":1553.19,"endTime":1557.33,"body":"The ABI is also doing great"},{"startTime":1553.19,"endTime":1557.33,"body":"work to broaden access,"},{"startTime":1557.33,"endTime":1560.33,"body":"including launching"},{"startTime":1557.33,"endTime":1560.33,"body":"mental health standards"},{"startTime":1560.33,"endTime":1563.3,"body":"to help those with a"},{"startTime":1560.33,"endTime":1563.3,"body":"history of mental health"},{"startTime":1563.3,"endTime":1564.533,"body":"to get insured."},{"startTime":1566.15,"endTime":1569.93,"body":"In pensions, auto-enrollment has increased"},{"startTime":1569.93,"endTime":1571.19,"body":"the number of policyholders"},{"startTime":1571.19,"endTime":1574.85,"body":"by 10 million in the last 10 years,"},{"startTime":1574.85,"endTime":1577.91,"body":"but businesses with"},{"startTime":1574.85,"endTime":1577.91,"body":"fewer than five employees"},{"startTime":1577.91,"endTime":1581.183,"body":"and the self-employed are"},{"startTime":1577.91,"endTime":1581.183,"body":"excluded from the system."},{"startTime":1582.74,"endTime":1586.55,"body":"Common platforms, technology platforms"},{"startTime":1586.55,"endTime":1589.19,"body":"for this segment of the population"},{"startTime":1589.19,"endTime":1591.5,"body":"could help solve these problems,"},{"startTime":1591.5,"endTime":1595.91,"body":"but it requires more"},{"startTime":1591.5,"endTime":1595.91,"body":"cooperation and bigger vision"},{"startTime":1595.91,"endTime":1598.793,"body":"from financial and"},{"startTime":1595.91,"endTime":1598.793,"body":"professional service firms."},{"startTime":1600.98,"endTime":1605.36,"body":"Clearly it will require a group effort"},{"startTime":1605.36,"endTime":1607.31,"body":"to turn the dial on numeracy,"},{"startTime":1607.31,"endTime":1609.623,"body":"financial literacy, and inclusion."},{"startTime":1610.55,"endTime":1614.06,"body":"As Lord Mayor, I see"},{"startTime":1610.55,"endTime":1614.06,"body":"it as my responsibility"},{"startTime":1614.06,"endTime":1616.31,"body":"to use the city's unique convening power"},{"startTime":1616.31,"endTime":1619.85,"body":"to unite those different"},{"startTime":1616.31,"endTime":1619.85,"body":"groups and to come up"},{"startTime":1619.85,"endTime":1622.463,"body":"with a coordinated plan"},{"startTime":1619.85,"endTime":1622.463,"body":"for further action."},{"startTime":1623.54,"endTime":1627.23,"body":"On the 12th of April,"},{"startTime":1623.54,"endTime":1627.23,"body":"I will bring academics,"},{"startTime":1627.23,"endTime":1631.91,"body":"charities, businesses, regulators,"},{"startTime":1627.23,"endTime":1631.91,"body":"and politicians together"},{"startTime":1631.91,"endTime":1636.8,"body":"for the first Financial"},{"startTime":1631.91,"endTime":1636.8,"body":"Literacy and Inclusion Summit"},{"startTime":1636.8,"endTime":1638.033,"body":"at Mansion House."},{"startTime":1640.25,"endTime":1643.61,"body":"This summit seeks to establish"},{"startTime":1643.61,"endTime":1645.863,"body":"what best practice looks like,"},{"startTime":1646.82,"endTime":1650.36,"body":"identify where there"},{"startTime":1646.82,"endTime":1650.36,"body":"are gaps and weaknesses,"},{"startTime":1650.36,"endTime":1653.963,"body":"and most importantly,"},{"startTime":1650.36,"endTime":1653.963,"body":"map out the next steps."},{"startTime":1655.22,"endTime":1659.543,"body":"The City of London receives"},{"startTime":1655.22,"endTime":1659.543,"body":"its fair share of scrutiny,"},{"startTime":1660.41,"endTime":1665.41,"body":"but it has been and can be"},{"startTime":1660.41,"endTime":1665.41,"body":"a tremendous force for good."},{"startTime":1667.25,"endTime":1671.21,"body":"Organizations like the ones"},{"startTime":1667.25,"endTime":1671.21,"body":"our panelists represent"},{"startTime":1671.21,"endTime":1673.73,"body":"are doing fantastic work,"},{"startTime":1673.73,"endTime":1676.313,"body":"but the Square Mile must pull its weight."},{"startTime":1677.78,"endTime":1679.83,"body":"There is a clear incentive for us"},{"startTime":1680.87,"endTime":1685.46,"body":"as manufacturers of"},{"startTime":1680.87,"endTime":1685.46,"body":"financial services to ensure"},{"startTime":1685.46,"endTime":1688.823,"body":"our customers are better"},{"startTime":1685.46,"endTime":1688.823,"body":"served and better informed."},{"startTime":1689.99,"endTime":1694.99,"body":"It is the responsible way"},{"startTime":1689.99,"endTime":1694.99,"body":"to finance our future."},{"startTime":1696.14,"endTime":1701.14,"body":"If we come together, we can"},{"startTime":1696.14,"endTime":1701.14,"body":"create a more resilient,"},{"startTime":1701.9,"endTime":1706.16,"body":"more equal society where"},{"startTime":1701.9,"endTime":1706.16,"body":"people have the skills"},{"startTime":1706.16,"endTime":1710.25,"body":"and support they need"},{"startTime":1706.16,"endTime":1710.25,"body":"to manage their money"},{"startTime":1711.32,"endTime":1713.873,"body":"and reach their true potential, thank you."},{"startTime":1715.44,"endTime":1718.69,"body":"(audience applauding)"},{"startTime":1729.26,"endTime":1732.05,"body":"So I'm going to take a breather now,"},{"startTime":1732.05,"endTime":1735.86,"body":"and I'm going to ask my three"},{"startTime":1732.05,"endTime":1735.86,"body":"extraordinary panelists,"},{"startTime":1735.86,"endTime":1739.16,"body":"Patrick Jenkins, Sacha"},{"startTime":1735.86,"endTime":1739.16,"body":"Romanovitch, and Andy Haldane,"},{"startTime":1739.16,"endTime":1741.44,"body":"to just share with us"},{"startTime":1739.16,"endTime":1741.44,"body":"some of their thoughts"},{"startTime":1741.44,"endTime":1745.4,"body":"from the firsthand"},{"startTime":1741.44,"endTime":1745.4,"body":"experience that they have"},{"startTime":1745.4,"endTime":1748.04,"body":"in all sorts of different ways."},{"startTime":1748.04,"endTime":1750.62,"body":"Patrick, maybe I can start with you."},{"startTime":1750.62,"endTime":1752.9,"body":"- Sure, well, first of"},{"startTime":1750.62,"endTime":1752.9,"body":"all, thank you so much"},{"startTime":1752.9,"endTime":1757.9,"body":"for inviting me to what is"},{"startTime":1752.9,"endTime":1757.9,"body":"an extremely important event,"},{"startTime":1757.94,"endTime":1760.853,"body":"and you've highlighted"},{"startTime":1757.94,"endTime":1760.853,"body":"many of the reasons why."},{"startTime":1762.77,"endTime":1764.87,"body":"It echoes actually a lot of our thinking"},{"startTime":1764.87,"endTime":1767.48,"body":"when we set up our charity."},{"startTime":1767.48,"endTime":1769.67,"body":"It was a twinkle in my eye three years ago"},{"startTime":1769.67,"endTime":1773.06,"body":"when I became deputy editor of the \"FT.\""},{"startTime":1773.06,"endTime":1775.67,"body":"It took a while, but 18 months or so ago,"},{"startTime":1775.67,"endTime":1778.907,"body":"we launched what has become known as FLIC,"},{"startTime":1778.907,"endTime":1781.73,"body":"the Financial Literacy"},{"startTime":1778.907,"endTime":1781.73,"body":"and Inclusion Campaign,"},{"startTime":1781.73,"endTime":1786.73,"body":"and as you said, it's"},{"startTime":1781.73,"endTime":1786.73,"body":"kind of twofold, really,"},{"startTime":1787.49,"endTime":1790.82,"body":"the reasons behind our wanting to do this."},{"startTime":1790.82,"endTime":1793.22,"body":"Aside from the fact that we"},{"startTime":1790.82,"endTime":1793.22,"body":"felt it was very important"},{"startTime":1793.22,"endTime":1797.81,"body":"that the \"Financial Times\""},{"startTime":1793.22,"endTime":1797.81,"body":"did something proactively"},{"startTime":1797.81,"endTime":1800.45,"body":"in this space in a way that aligned"},{"startTime":1800.45,"endTime":1803.75,"body":"with what the \"FT\" is"},{"startTime":1800.45,"endTime":1803.75,"body":"all about subject-wise,"},{"startTime":1803.75,"endTime":1806.0,"body":"but also give something"},{"startTime":1803.75,"endTime":1806.0,"body":"back in the kind of way"},{"startTime":1806.0,"endTime":1807.86,"body":"that you're talking about is relevant"},{"startTime":1807.86,"endTime":1809.06,"body":"for the city as a whole."},{"startTime":1810.95,"endTime":1814.49,"body":"And it's not just about"},{"startTime":1810.95,"endTime":1814.49,"body":"helping people avoid pitfalls."},{"startTime":1814.49,"endTime":1816.35,"body":"It's about empowering people"},{"startTime":1816.35,"endTime":1817.73,"body":"to achieve their full potential."},{"startTime":1817.73,"endTime":1822.41,"body":"So it's a real key part"},{"startTime":1817.73,"endTime":1822.41,"body":"of, we were talking,"},{"startTime":1822.41,"endTime":1825.89,"body":"Sacha and I, earlier about"},{"startTime":1822.41,"endTime":1825.89,"body":"the productivity puzzle"},{"startTime":1825.89,"endTime":1828.92,"body":"in the city and around"},{"startTime":1825.89,"endTime":1828.92,"body":"the country, and you know,"},{"startTime":1828.92,"endTime":1833.92,"body":"this is a very simple part of that puzzle."},{"startTime":1836.33,"endTime":1841.33,"body":"So what has FLIC been up"},{"startTime":1836.33,"endTime":1841.33,"body":"to since we were created?"},{"startTime":1841.85,"endTime":1846.85,"body":"Well, our main focus has"},{"startTime":1841.85,"endTime":1846.85,"body":"been, as you mentioned,"},{"startTime":1847.22,"endTime":1850.82,"body":"developing an educational"},{"startTime":1847.22,"endTime":1850.82,"body":"program for young people."},{"startTime":1850.82,"endTime":1852.74,"body":"We're piloting, we've been piloting"},{"startTime":1852.74,"endTime":1855.2,"body":"for the past 12 months or so"},{"startTime":1855.2,"endTime":1858.08,"body":"in various school settings"},{"startTime":1855.2,"endTime":1858.08,"body":"around the country."},{"startTime":1858.08,"endTime":1861.41,"body":"But we're doing a full whole-school pilot"},{"startTime":1863.48,"endTime":1868.48,"body":"starting in a couple of"},{"startTime":1863.48,"endTime":1868.48,"body":"weeks' time in a school,"},{"startTime":1869.36,"endTime":1871.64,"body":"this is with partial funding"},{"startTime":1871.64,"endTime":1874.133,"body":"from the City of London Academies Trust,"},{"startTime":1875.12,"endTime":1877.43,"body":"which is very promising."},{"startTime":1877.43,"endTime":1882.43,"body":"It's in Shoreditch Park, and"},{"startTime":1877.43,"endTime":1882.43,"body":"we hope based on the learnings"},{"startTime":1882.62,"endTime":1886.25,"body":"from that program to then roll out"},{"startTime":1886.25,"endTime":1887.99,"body":"this six-week teaching program"},{"startTime":1887.99,"endTime":1889.1,"body":"to schools around the country."},{"startTime":1889.1,"endTime":1891.713,"body":"Any school that wants"},{"startTime":1889.1,"endTime":1891.713,"body":"this program can have it."},{"startTime":1892.7,"endTime":1896.293,"body":"We won't be sitting back and waiting"},{"startTime":1896.293,"endTime":1897.126,"body":"for people to come to us."},{"startTime":1897.126,"endTime":1899.0,"body":"We'll be very proactively rolling it out"},{"startTime":1899.0,"endTime":1900.71,"body":"with partners around the country."},{"startTime":1900.71,"endTime":1904.373,"body":"But as you said, it would be so much more,"},{"startTime":1905.33,"endTime":1906.74,"body":"so much more straightforward to do,"},{"startTime":1906.74,"endTime":1911.18,"body":"so much more, so much"},{"startTime":1906.74,"endTime":1911.18,"body":"smoother to be able to do this"},{"startTime":1911.18,"endTime":1915.15,"body":"if we had proactive"},{"startTime":1911.18,"endTime":1915.15,"body":"government support for this"},{"startTime":1916.07,"endTime":1920.42,"body":"through, for example,"},{"startTime":1916.07,"endTime":1920.42,"body":"the math to 18 program,"},{"startTime":1920.42,"endTime":1922.52,"body":"including explicitly financial literacy"},{"startTime":1922.52,"endTime":1925.82,"body":"as a part of that agenda"},{"startTime":1922.52,"endTime":1925.82,"body":"because it absolutely chimes"},{"startTime":1925.82,"endTime":1927.89,"body":"with what the prime minister was saying,"},{"startTime":1927.89,"endTime":1930.81,"body":"that his reasoning was not only"},{"startTime":1931.943,"endTime":1936.55,"body":"to educate people ready for careers"},{"startTime":1937.46,"endTime":1939.47,"body":"that depend on high levels of maths"},{"startTime":1939.47,"endTime":1941.84,"body":"but actually also to"},{"startTime":1939.47,"endTime":1941.84,"body":"educate the population"},{"startTime":1941.84,"endTime":1942.92,"body":"in everyday maths."},{"startTime":1942.92,"endTime":1945.38,"body":"So I think following through on that,"},{"startTime":1945.38,"endTime":1950.38,"body":"we would be very, very keen"},{"startTime":1945.38,"endTime":1950.38,"body":"to see financial literacy"},{"startTime":1950.39,"endTime":1955.16,"body":"explicitly become part of"},{"startTime":1950.39,"endTime":1955.16,"body":"the compulsory curriculum."},{"startTime":1955.16,"endTime":1958.22,"body":"And that's another, actually another arm"},{"startTime":1958.22,"endTime":1960.62,"body":"of what we're doing as well as creating"},{"startTime":1960.62,"endTime":1962.7,"body":"the curriculum material"},{"startTime":1964.173,"endTime":1967.073,"body":"and teaching teachers as well as students."},{"startTime":1968.24,"endTime":1971.42,"body":"We are lobbying both in the UK"},{"startTime":1971.42,"endTime":1973.76,"body":"and when we move abroad"},{"startTime":1971.42,"endTime":1973.76,"body":"as well internationally,"},{"startTime":1973.76,"endTime":1977.09,"body":"we'll be lobbying for governments"},{"startTime":1973.76,"endTime":1977.09,"body":"to make financial literacy"},{"startTime":1977.09,"endTime":1979.913,"body":"a compulsory part of the"},{"startTime":1977.09,"endTime":1979.913,"body":"way things are taught."},{"startTime":1980.87,"endTime":1983.623,"body":"Just to mention a few other"},{"startTime":1980.87,"endTime":1983.623,"body":"things that we've been doing,"},{"startTime":1985.607,"endTime":1987.8,"body":"and as you said, kids do"},{"startTime":1985.607,"endTime":1987.8,"body":"want to learn, you know."},{"startTime":1987.8,"endTime":1991.7,"body":"In our pilot so far, we have"},{"startTime":1987.8,"endTime":1991.7,"body":"hugely positive responses"},{"startTime":1991.7,"endTime":1995.333,"body":"to the programs we've put"},{"startTime":1991.7,"endTime":1995.333,"body":"forward, but they also,"},{"startTime":1996.56,"endTime":2000.07,"body":"not all kids want to engage at school,"},{"startTime":2000.07,"endTime":2001.51,"body":"but we want to reach the kids"},{"startTime":2001.51,"endTime":2005.17,"body":"that perhaps don't want to"},{"startTime":2001.51,"endTime":2005.17,"body":"learn through an academic means."},{"startTime":2005.17,"endTime":2007.36,"body":"And one of our most successful initiatives"},{"startTime":2007.36,"endTime":2010.42,"body":"has been a program of short"},{"startTime":2007.36,"endTime":2010.42,"body":"videos that we've put out"},{"startTime":2010.42,"endTime":2013.39,"body":"through social media channels."},{"startTime":2013.39,"endTime":2015.79,"body":"We put out 10 videos on one day"},{"startTime":2015.79,"endTime":2017.98,"body":"in early September as an experiment."},{"startTime":2017.98,"endTime":2020.44,"body":"We had one million views"},{"startTime":2017.98,"endTime":2020.44,"body":"within a couple of weeks."},{"startTime":2020.44,"endTime":2024.85,"body":"It was hugely powerful, and"},{"startTime":2020.44,"endTime":2024.85,"body":"we think that's going to be"},{"startTime":2024.85,"endTime":2027.733,"body":"a key part of the way"},{"startTime":2024.85,"endTime":2027.733,"body":"we work going forward."},{"startTime":2029.89,"endTime":2030.97,"body":"I've talked about young people"},{"startTime":2030.97,"endTime":2033.61,"body":"as probably our primary focus so far."},{"startTime":2033.61,"endTime":2037.72,"body":"Our other two demographics"},{"startTime":2033.61,"endTime":2037.72,"body":"that we're focusing on"},{"startTime":2037.72,"endTime":2040.75,"body":"are women and disenfranchised populations,"},{"startTime":2040.75,"endTime":2045.75,"body":"and these three are all parts of society"},{"startTime":2047.05,"endTime":2049.36,"body":"that consistently show underperformance"},{"startTime":2049.36,"endTime":2051.22,"body":"in financial literacy testing,"},{"startTime":2051.22,"endTime":2053.38,"body":"so that's why we've focused on them."},{"startTime":2053.38,"endTime":2058.38,"body":"And for those, we've produced"},{"startTime":2053.38,"endTime":2058.38,"body":"another set of content."},{"startTime":2058.81,"endTime":2062.83,"body":"For example, part funded by the ABI,"},{"startTime":2062.83,"endTime":2067.83,"body":"we've begun a program of work"},{"startTime":2062.83,"endTime":2067.83,"body":"to promote financial basics"},{"startTime":2068.32,"endTime":2071.65,"body":"to people working in jobs"},{"startTime":2068.32,"endTime":2071.65,"body":"with unpredictable incomes,"},{"startTime":2071.65,"endTime":2075.31,"body":"exactly the type of individuals"},{"startTime":2071.65,"endTime":2075.31,"body":"you were talking about,"},{"startTime":2075.31,"endTime":2079.3,"body":"who find it difficult,"},{"startTime":2075.31,"endTime":2079.3,"body":"direct debits of their enemy."},{"startTime":2079.3,"endTime":2083.26,"body":"So that's been a big focus,"},{"startTime":2079.3,"endTime":2083.26,"body":"and we'll be developing that."},{"startTime":2083.26,"endTime":2088.26,"body":"And for women, we've helped by FT Live,"},{"startTime":2088.45,"endTime":2092.77,"body":"the FT conferences division,"},{"startTime":2088.45,"endTime":2092.77,"body":"we've held Q\u0026A sessions,"},{"startTime":2092.77,"endTime":2096.61,"body":"which have gone viral as"},{"startTime":2092.77,"endTime":2096.61,"body":"well in this kind of format,"},{"startTime":2096.61,"endTime":2100.15,"body":"a live session, has also been streamed."},{"startTime":2100.15,"endTime":2101.95,"body":"So none of this, of"},{"startTime":2100.15,"endTime":2101.95,"body":"course, would be possible"},{"startTime":2101.95,"endTime":2105.01,"body":"without the kind donations"},{"startTime":2101.95,"endTime":2105.01,"body":"of FLIC supporters"},{"startTime":2105.01,"endTime":2107.053,"body":"which have been primarily \"FT\" readers,"},{"startTime":2109.0,"endTime":2111.55,"body":"in addition, of course, as I"},{"startTime":2109.0,"endTime":2111.55,"body":"said to the City of London,"},{"startTime":2111.55,"endTime":2115.93,"body":"the ABI and a few private"},{"startTime":2111.55,"endTime":2115.93,"body":"sector companies as well."},{"startTime":2115.93,"endTime":2118.453,"body":"But to echo the Lord Mayor's Appeal,"},{"startTime":2119.32,"endTime":2121.57,"body":"we really, really do need more support"},{"startTime":2121.57,"endTime":2123.64,"body":"to continue this very important work."},{"startTime":2123.64,"endTime":2126.1,"body":"So thank you for the opportunity."},{"startTime":2126.1,"endTime":2127.39,"body":"- Thank you very much, Patrick,"},{"startTime":2127.39,"endTime":2131.17,"body":"and clearly the reputation and reach"},{"startTime":2131.17,"endTime":2134.41,"body":"of the \"Financial Times\""},{"startTime":2131.17,"endTime":2134.41,"body":"is immensely powerful"},{"startTime":2134.41,"endTime":2135.64,"body":"in getting the word out."},{"startTime":2135.64,"endTime":2137.68,"body":"- Yeah, you talked about"},{"startTime":2135.64,"endTime":2137.68,"body":"your convening power."},{"startTime":2137.68,"endTime":2139.48,"body":"We feel we've got a similar"},{"startTime":2139.48,"endTime":2140.953,"body":"but maybe complementary convening power"},{"startTime":2140.953,"endTime":2144.386,"body":"that we feel is very important"},{"startTime":2140.953,"endTime":2144.386,"body":"to bring to bear, yeah."},{"startTime":2144.386,"endTime":2147.16,"body":"- Very good, super, Sacha,"},{"startTime":2144.386,"endTime":2147.16,"body":"maybe you could talk to us"},{"startTime":2147.16,"endTime":2150.28,"body":"a little bit about financial inclusion."},{"startTime":2150.28,"endTime":2151.807,"body":"- Brilliant, thank you, Lord Mayor,"},{"startTime":2151.807,"endTime":2154.17,"body":"and just thanks for everybody"},{"startTime":2151.807,"endTime":2154.17,"body":"for giving up their time"},{"startTime":2154.17,"endTime":2157.717,"body":"on a Monday evening and for"},{"startTime":2154.17,"endTime":2157.717,"body":"making financial inclusion"},{"startTime":2157.717,"endTime":2159.34,"body":"part of your campaign."},{"startTime":2159.34,"endTime":2161.05,"body":"It's incredibly important."},{"startTime":2161.05,"endTime":2164.8,"body":"So Fair4All Finance, we"},{"startTime":2161.05,"endTime":2164.8,"body":"were founded in 2019,"},{"startTime":2164.8,"endTime":2166.75,"body":"and we're actually"},{"startTime":2164.8,"endTime":2166.75,"body":"funded by dormant assets,"},{"startTime":2166.75,"endTime":2170.68,"body":"which means effectively money"},{"startTime":2166.75,"endTime":2170.68,"body":"that people forgot existed"},{"startTime":2170.68,"endTime":2172.54,"body":"is going to make a difference for people"},{"startTime":2172.54,"endTime":2174.52,"body":"for whom every pound counts."},{"startTime":2174.52,"endTime":2176.56,"body":"And so I think it's a really great example"},{"startTime":2176.56,"endTime":2179.89,"body":"of actually a voluntary"},{"startTime":2176.56,"endTime":2179.89,"body":"scheme that currently banks,"},{"startTime":2179.89,"endTime":2182.92,"body":"it will be expanded to"},{"startTime":2179.89,"endTime":2182.92,"body":"other city organizations,"},{"startTime":2182.92,"endTime":2185.71,"body":"participate in where they"},{"startTime":2182.92,"endTime":2185.71,"body":"find that lost money,"},{"startTime":2185.71,"endTime":2188.95,"body":"and it is able to be put"},{"startTime":2185.71,"endTime":2188.95,"body":"to use for good purposes."},{"startTime":2188.95,"endTime":2192.73,"body":"So when we were set up, it"},{"startTime":2188.95,"endTime":2192.73,"body":"was in absolute recognition"},{"startTime":2192.73,"endTime":2196.42,"body":"that financial literacy"},{"startTime":2192.73,"endTime":2196.42,"body":"and numeracy are important,"},{"startTime":2196.42,"endTime":2198.88,"body":"and yet actually there was a real gap"},{"startTime":2198.88,"endTime":2201.73,"body":"which was around people"},{"startTime":2198.88,"endTime":2201.73,"body":"being able to access"},{"startTime":2201.73,"endTime":2203.89,"body":"the financial products and services"},{"startTime":2203.89,"endTime":2205.84,"body":"that can provide them"},{"startTime":2203.89,"endTime":2205.84,"body":"with a stepping stone"},{"startTime":2205.84,"endTime":2207.58,"body":"to financial resilience."},{"startTime":2207.58,"endTime":2210.4,"body":"And Lord Mayor, we've"},{"startTime":2207.58,"endTime":2210.4,"body":"talked about some of these,"},{"startTime":2210.4,"endTime":2214.0,"body":"and so maybe I'll just pick,"},{"startTime":2210.4,"endTime":2214.0,"body":"pick, pick them out in turn."},{"startTime":2214.0,"endTime":2217.0,"body":"The first is the access"},{"startTime":2214.0,"endTime":2217.0,"body":"to affordable credit."},{"startTime":2217.0,"endTime":2219.7,"body":"When you've got 17 1/2 million people"},{"startTime":2219.7,"endTime":2222.31,"body":"in financially vulnerable circumstances,"},{"startTime":2222.31,"endTime":2225.7,"body":"14 million people with"},{"startTime":2222.31,"endTime":2225.7,"body":"less than a hundred pounds"},{"startTime":2225.7,"endTime":2229.63,"body":"in savings, things like a"},{"startTime":2225.7,"endTime":2229.63,"body":"washing machine breaking down"},{"startTime":2229.63,"endTime":2232.03,"body":"or even getting a washing machine"},{"startTime":2232.03,"endTime":2235.21,"body":"can be an insurmountable"},{"startTime":2232.03,"endTime":2235.21,"body":"hurdle for people."},{"startTime":2235.21,"endTime":2237.7,"body":"And post the financial crisis,"},{"startTime":2237.7,"endTime":2239.47,"body":"for actually very good reasons,"},{"startTime":2239.47,"endTime":2242.62,"body":"mainstream banks withdrew"},{"startTime":2239.47,"endTime":2242.62,"body":"from providing small amounts"},{"startTime":2242.62,"endTime":2244.81,"body":"of unsecured credit to people."},{"startTime":2244.81,"endTime":2246.07,"body":"What happened?"},{"startTime":2246.07,"endTime":2248.17,"body":"You are all very familiar"},{"startTime":2246.07,"endTime":2248.17,"body":"with the likes of Wonga,"},{"startTime":2248.17,"endTime":2250.84,"body":"the payday lenders, and that boom,"},{"startTime":2250.84,"endTime":2255.82,"body":"and quite, rightly the"},{"startTime":2250.84,"endTime":2255.82,"body":"regulators clamped down on that."},{"startTime":2255.82,"endTime":2259.81,"body":"But what's happened is that's"},{"startTime":2255.82,"endTime":2259.81,"body":"left this enormous gap,"},{"startTime":2259.81,"endTime":2261.46,"body":"and so currently we estimate"},{"startTime":2261.46,"endTime":2264.52,"body":"there's about a"},{"startTime":2261.46,"endTime":2264.52,"body":"two-to-three-billion-pound gap"},{"startTime":2264.52,"endTime":2267.22,"body":"between what is needed"},{"startTime":2264.52,"endTime":2267.22,"body":"in those small amounts"},{"startTime":2267.22,"endTime":2269.47,"body":"of unsecured credit and what's available"},{"startTime":2269.47,"endTime":2271.027,"body":"through credit unions and CDFIs"},{"startTime":2271.027,"endTime":2273.103,"body":"that provide that for people."},{"startTime":2274.06,"endTime":2276.7,"body":"When a gap exists in the marketplace,"},{"startTime":2276.7,"endTime":2279.49,"body":"people spot an opportunity,"},{"startTime":2276.7,"endTime":2279.49,"body":"and sadly at the moment,"},{"startTime":2279.49,"endTime":2282.37,"body":"it's organized crime and"},{"startTime":2279.49,"endTime":2282.37,"body":"illegal money lending"},{"startTime":2282.37,"endTime":2284.8,"body":"that is looking to step into that gap."},{"startTime":2284.8,"endTime":2286.33,"body":"And I won't distress people,"},{"startTime":2286.33,"endTime":2288.61,"body":"maybe you can corner"},{"startTime":2286.33,"endTime":2288.61,"body":"me over a drink later,"},{"startTime":2288.61,"endTime":2291.52,"body":"some of the stories I've"},{"startTime":2288.61,"endTime":2291.52,"body":"heard are truly shocking"},{"startTime":2291.52,"endTime":2294.283,"body":"for 2023 in the UK."},{"startTime":2295.637,"endTime":2299.65,"body":"As the Lord Mayor said, we've"},{"startTime":2295.637,"endTime":2299.65,"body":"been funding Fair for You."},{"startTime":2299.65,"endTime":2303.67,"body":"We do both investment,"},{"startTime":2299.65,"endTime":2303.67,"body":"we research what works."},{"startTime":2303.67,"endTime":2306.28,"body":"We are able to then start to put together"},{"startTime":2306.28,"endTime":2308.65,"body":"what structural mechanisms might be needed"},{"startTime":2308.65,"endTime":2311.83,"body":"to ensure that that"},{"startTime":2308.65,"endTime":2311.83,"body":"market gap is filled well."},{"startTime":2311.83,"endTime":2316.12,"body":"For me, it's often the stories"},{"startTime":2311.83,"endTime":2316.12,"body":"that really stick in my mind,"},{"startTime":2316.12,"endTime":2320.56,"body":"and the two stories I will"},{"startTime":2316.12,"endTime":2320.56,"body":"share which I think bring out"},{"startTime":2320.56,"endTime":2325.56,"body":"the importance of this"},{"startTime":2320.56,"endTime":2325.56,"body":"access and also why sometimes"},{"startTime":2325.75,"endTime":2327.97,"body":"the \"Well, people should just save up\""},{"startTime":2327.97,"endTime":2330.67,"body":"is not really stepping into the reality"},{"startTime":2330.67,"endTime":2332.71,"body":"of what people's lives are like."},{"startTime":2332.71,"endTime":2334.96,"body":"So the first one is a"},{"startTime":2332.71,"endTime":2334.96,"body":"lady who was a customer"},{"startTime":2334.96,"endTime":2339.28,"body":"of Fair for You, and she"},{"startTime":2334.96,"endTime":2339.28,"body":"was able to get some,"},{"startTime":2339.28,"endTime":2343.45,"body":"get her first loan to be"},{"startTime":2339.28,"endTime":2343.45,"body":"able to get a washer/dryer."},{"startTime":2343.45,"endTime":2347.53,"body":"She was a single mother,"},{"startTime":2343.45,"endTime":2347.53,"body":"she had two children."},{"startTime":2347.53,"endTime":2351.67,"body":"Her son was severely autistic"},{"startTime":2347.53,"endTime":2351.67,"body":"and was doubly incontinent."},{"startTime":2351.67,"endTime":2354.4,"body":"And before that, they"},{"startTime":2351.67,"endTime":2354.4,"body":"didn't have much money,"},{"startTime":2354.4,"endTime":2355.57,"body":"she was washing his clothes"},{"startTime":2355.57,"endTime":2357.76,"body":"and drying them with a hair dryer,"},{"startTime":2357.76,"endTime":2360.703,"body":"and he was bullied at"},{"startTime":2357.76,"endTime":2360.703,"body":"school because he smelt."},{"startTime":2361.84,"endTime":2364.21,"body":"So she told me the transformative effect"},{"startTime":2364.21,"endTime":2367.06,"body":"that actually having a"},{"startTime":2364.21,"endTime":2367.06,"body":"washer/dryer had made on her life"},{"startTime":2367.06,"endTime":2369.22,"body":"and the difference it made."},{"startTime":2369.22,"endTime":2371.65,"body":"And you think that's"},{"startTime":2369.22,"endTime":2371.65,"body":"pretty powerful, don't you?"},{"startTime":2371.65,"endTime":2373.84,"body":"Until she said \"Oh, but"},{"startTime":2371.65,"endTime":2373.84,"body":"it was the second loan"},{"startTime":2373.84,"endTime":2375.73,"body":"that really made the difference."},{"startTime":2375.73,"endTime":2378.13,"body":"I was able to get him his own bed,"},{"startTime":2378.13,"endTime":2380.08,"body":"which meant I wasn't"},{"startTime":2378.13,"endTime":2380.08,"body":"sharing a bed with him,"},{"startTime":2380.08,"endTime":2381.97,"body":"and now I sleep at night.\""},{"startTime":2381.97,"endTime":2386.92,"body":"And she's been able to now move"},{"startTime":2381.97,"endTime":2386.92,"body":"into getting part-time work."},{"startTime":2386.92,"endTime":2389.53,"body":"So with Fair for You, they've"},{"startTime":2386.92,"endTime":2389.53,"body":"been able to demonstrate"},{"startTime":2389.53,"endTime":2391.09,"body":"the social value of being able"},{"startTime":2391.09,"endTime":2394.15,"body":"to write those small loans is delivering."},{"startTime":2394.15,"endTime":2396.16,"body":"For every pound that is actually lent,"},{"startTime":2396.16,"endTime":2399.67,"body":"it's delivering at least 12"},{"startTime":2396.16,"endTime":2399.67,"body":"pounds' worth of social value"},{"startTime":2399.67,"endTime":2402.583,"body":"to the economy, people's"},{"startTime":2399.67,"endTime":2402.583,"body":"ability to participate."},{"startTime":2403.72,"endTime":2407.35,"body":"I was also speaking to a social"},{"startTime":2403.72,"endTime":2407.35,"body":"housing provider recently,"},{"startTime":2407.35,"endTime":2410.47,"body":"and they were talking about"},{"startTime":2407.35,"endTime":2410.47,"body":"some of the systemic challenges."},{"startTime":2410.47,"endTime":2413.59,"body":"And they said, \"We're building"},{"startTime":2410.47,"endTime":2413.59,"body":"social housing these days"},{"startTime":2413.59,"endTime":2417.94,"body":"where it's got a nice"},{"startTime":2413.59,"endTime":2417.94,"body":"space for a water/dryer,"},{"startTime":2417.94,"endTime":2422.2,"body":"and we don't provide outside"},{"startTime":2417.94,"endTime":2422.2,"body":"space for drying anymore.\""},{"startTime":2422.2,"endTime":2425.44,"body":"But then people can't"},{"startTime":2422.2,"endTime":2425.44,"body":"afford to fill that space"},{"startTime":2425.44,"endTime":2428.53,"body":"in their kitchen, and so the"},{"startTime":2425.44,"endTime":2428.53,"body":"clothes are around their houses"},{"startTime":2428.53,"endTime":2431.89,"body":"and apartments and without the heating on,"},{"startTime":2431.89,"endTime":2434.92,"body":"the condensation and the damp"},{"startTime":2431.89,"endTime":2434.92,"body":"and everything that we know."},{"startTime":2434.92,"endTime":2437.74,"body":"So the knock-on impact"},{"startTime":2434.92,"endTime":2437.74,"body":"of not having access"},{"startTime":2437.74,"endTime":2440.62,"body":"to these small amounts"},{"startTime":2437.74,"endTime":2440.62,"body":"of money is enormous."},{"startTime":2440.62,"endTime":2443.98,"body":"The challenge in scaling"},{"startTime":2440.62,"endTime":2443.98,"body":"up affordable credit"},{"startTime":2443.98,"endTime":2447.19,"body":"is actually getting finance from the city,"},{"startTime":2447.19,"endTime":2450.22,"body":"getting lending capital and"},{"startTime":2447.19,"endTime":2450.22,"body":"getting first-last capital"},{"startTime":2450.22,"endTime":2452.59,"body":"is really hard for the organizations"},{"startTime":2452.59,"endTime":2454.24,"body":"that are doing this well."},{"startTime":2454.24,"endTime":2455.95,"body":"And we have to ask ourselves as well,"},{"startTime":2455.95,"endTime":2460.3,"body":"is it right that eight"},{"startTime":2455.95,"endTime":2460.3,"body":"million people in the UK"},{"startTime":2460.3,"endTime":2462.91,"body":"cannot turn to a mainstream bank"},{"startTime":2462.91,"endTime":2467.143,"body":"to be able to provide access"},{"startTime":2462.91,"endTime":2467.143,"body":"to those basic things for them?"},{"startTime":2468.04,"endTime":2470.59,"body":"We are also paying attention"},{"startTime":2468.04,"endTime":2470.59,"body":"to products and services."},{"startTime":2470.59,"endTime":2473.92,"body":"One in four people don't have insurance,"},{"startTime":2473.92,"endTime":2477.28,"body":"that lifeline for life events,"},{"startTime":2477.28,"endTime":2479.74,"body":"making insurance so that it's affordable,"},{"startTime":2479.74,"endTime":2481.21,"body":"so that if you miss a payment"},{"startTime":2481.21,"endTime":2483.1,"body":"because you are on a variable income,"},{"startTime":2483.1,"endTime":2485.14,"body":"you don't suddenly find"},{"startTime":2483.1,"endTime":2485.14,"body":"your policy has stopped"},{"startTime":2485.14,"endTime":2486.73,"body":"when you need it most."},{"startTime":2486.73,"endTime":2489.1,"body":"Those are challenges that"},{"startTime":2486.73,"endTime":2489.1,"body":"we're facing as well."},{"startTime":2489.1,"endTime":2490.57,"body":"And looking at where there are gaps,"},{"startTime":2490.57,"endTime":2492.37,"body":"so the No Interest Loan Scheme"},{"startTime":2492.37,"endTime":2494.38,"body":"has been a really good example."},{"startTime":2494.38,"endTime":2496.78,"body":"Many councils in the cost-of-living crisis"},{"startTime":2496.78,"endTime":2498.19,"body":"are looking at how can they make"},{"startTime":2498.19,"endTime":2500.32,"body":"their hardship funds go further."},{"startTime":2500.32,"endTime":2502.24,"body":"Well, actually a lot of"},{"startTime":2500.32,"endTime":2502.24,"body":"people could afford to borrow"},{"startTime":2502.24,"endTime":2503.8,"body":"but not pay the interest."},{"startTime":2503.8,"endTime":2507.19,"body":"They might be deemed to be"},{"startTime":2503.8,"endTime":2507.19,"body":"a bit too risky to lend to,"},{"startTime":2507.19,"endTime":2510.28,"body":"but with some underwrite,"},{"startTime":2507.19,"endTime":2510.28,"body":"they could be lent to."},{"startTime":2510.28,"endTime":2513.79,"body":"What we found is that"},{"startTime":2510.28,"endTime":2513.79,"body":"over 90% of those people"},{"startTime":2513.79,"endTime":2516.34,"body":"on our pilot scheme who"},{"startTime":2513.79,"endTime":2516.34,"body":"would've been deemed"},{"startTime":2516.34,"endTime":2520.51,"body":"too risky to lend to are"},{"startTime":2516.34,"endTime":2520.51,"body":"actually repaying just fine"},{"startTime":2520.51,"endTime":2522.58,"body":"and that those loans"},{"startTime":2520.51,"endTime":2522.58,"body":"are actually giving them"},{"startTime":2522.58,"endTime":2526.27,"body":"the opportunity to borrow the"},{"startTime":2522.58,"endTime":2526.27,"body":"deposit for a nursery place"},{"startTime":2526.27,"endTime":2527.74,"body":"so they can actually get the nursery place"},{"startTime":2527.74,"endTime":2531.1,"body":"and get into work, to"},{"startTime":2527.74,"endTime":2531.1,"body":"buy the secondhand car"},{"startTime":2531.1,"endTime":2532.99,"body":"that gives them the means"},{"startTime":2532.99,"endTime":2535.33,"body":"to actually get to work to take that job."},{"startTime":2535.33,"endTime":2538.48,"body":"So the difference that the"},{"startTime":2535.33,"endTime":2538.48,"body":"access to financial products"},{"startTime":2538.48,"endTime":2541.57,"body":"and services can make"},{"startTime":2538.48,"endTime":2541.57,"body":"just can't be understated,"},{"startTime":2541.57,"endTime":2544.96,"body":"but it just needs people to work with us,"},{"startTime":2544.96,"endTime":2548.83,"body":"and we're really privileged to be working"},{"startTime":2548.83,"endTime":2551.98,"body":"on a systemic issue with"},{"startTime":2548.83,"endTime":2551.98,"body":"some funding to do it."},{"startTime":2551.98,"endTime":2555.28,"body":"And we know that"},{"startTime":2551.98,"endTime":2555.28,"body":"collaborating with government,"},{"startTime":2555.28,"endTime":2558.13,"body":"with civil society, and with business,"},{"startTime":2558.13,"endTime":2560.38,"body":"then it really is possible"},{"startTime":2558.13,"endTime":2560.38,"body":"to transform the lives"},{"startTime":2560.38,"endTime":2562.33,"body":"of millions of people in the UK today."},{"startTime":2562.33,"endTime":2564.736,"body":"So that's me, I get on my"},{"startTime":2562.33,"endTime":2564.736,"body":"soapbox, you know that."},{"startTime":2564.736,"endTime":2566.14,"body":"(group laughing)"},{"startTime":2566.14,"endTime":2567.88,"body":"- That's why you're here, Sacha."},{"startTime":2567.88,"endTime":2569.893,"body":"That's great. That's very helpful."},{"startTime":2571.03,"endTime":2573.1,"body":"Andy, over to you."},{"startTime":2573.1,"endTime":2575.29,"body":"- Thank you, everyone,"},{"startTime":2573.1,"endTime":2575.29,"body":"good to see you all."},{"startTime":2575.29,"endTime":2577.66,"body":"Hard to follow Sacha's fantastic"},{"startTime":2577.66,"endTime":2579.703,"body":"and terrible stories at the same time."},{"startTime":2581.56,"endTime":2582.73,"body":"Let me congratulate"},{"startTime":2581.56,"endTime":2582.73,"body":"you, though, Lord Mayor,"},{"startTime":2582.73,"endTime":2584.48,"body":"for that fantastic Gresham Lecture,"},{"startTime":2586.09,"endTime":2588.94,"body":"which I think set out so"},{"startTime":2586.09,"endTime":2588.94,"body":"compellingly why we as a nation"},{"startTime":2588.94,"endTime":2592.39,"body":"need to build our"},{"startTime":2588.94,"endTime":2592.39,"body":"capacity across numeracy,"},{"startTime":2592.39,"endTime":2596.383,"body":"across financial inclusion,"},{"startTime":2592.39,"endTime":2596.383,"body":"and across financial education."},{"startTime":2597.28,"endTime":2600.37,"body":"That triumvirate really defined"},{"startTime":2600.37,"endTime":2602.533,"body":"most of my professional life, in truth,"},{"startTime":2603.55,"endTime":2605.29,"body":"at the Bank of England,"},{"startTime":2605.29,"endTime":2608.98,"body":"where alongside setting"},{"startTime":2605.29,"endTime":2608.98,"body":"those interest rates"},{"startTime":2608.98,"endTime":2610.993,"body":"that no one understands, Lord Mayor,"},{"startTime":2612.28,"endTime":2614.68,"body":"I had a hand in building out"},{"startTime":2614.68,"endTime":2618.28,"body":"the bank's financial"},{"startTime":2614.68,"endTime":2618.28,"body":"education program in schools,"},{"startTime":2618.28,"endTime":2620.14,"body":"and then as you mentioned,"},{"startTime":2620.14,"endTime":2622.48,"body":"in my role as vice chair"},{"startTime":2620.14,"endTime":2622.48,"body":"of National Numeracy"},{"startTime":2622.48,"endTime":2626.35,"body":"working in partnership"},{"startTime":2622.48,"endTime":2626.35,"body":"with you and your team,"},{"startTime":2626.35,"endTime":2629.11,"body":"which we're honored to do"},{"startTime":2626.35,"endTime":2629.11,"body":"for your Lord Mayor's Appeal"},{"startTime":2629.11,"endTime":2633.7,"body":"and then latterly and"},{"startTime":2629.11,"endTime":2633.7,"body":"most recently at the RSA,"},{"startTime":2633.7,"endTime":2637.99,"body":"who have previous on"},{"startTime":2633.7,"endTime":2637.99,"body":"education stretching back"},{"startTime":2637.99,"endTime":2639.583,"body":"at least 150 years."},{"startTime":2640.69,"endTime":2644.77,"body":"Truth be told, those"},{"startTime":2640.69,"endTime":2644.77,"body":"three issues are problems"},{"startTime":2644.77,"endTime":2649.24,"body":"of long standing, and we"},{"startTime":2644.77,"endTime":2649.24,"body":"have made few, if any,"},{"startTime":2649.24,"endTime":2653.863,"body":"inroads on them over the"},{"startTime":2649.24,"endTime":2653.863,"body":"past generation or so."},{"startTime":2656.013,"endTime":2659.38,"body":"The FCA's Financial Lives survey 2020"},{"startTime":2659.38,"endTime":2663.58,"body":"had as many as 86% of people"},{"startTime":2663.58,"endTime":2666.853,"body":"rating their knowledge of"},{"startTime":2663.58,"endTime":2666.853,"body":"financial matters as low,"},{"startTime":2667.75,"endTime":2672.34,"body":"and those problems are even more acute"},{"startTime":2672.34,"endTime":2675.22,"body":"among younger cohorts of people,"},{"startTime":2675.22,"endTime":2678.22,"body":"you know, fully half of whom are facing"},{"startTime":2678.22,"endTime":2681.31,"body":"financial precarity of various types"},{"startTime":2681.31,"endTime":2685.45,"body":"and fully 3/4 of whom"},{"startTime":2681.31,"endTime":2685.45,"body":"have financial knowledge"},{"startTime":2685.45,"endTime":2690.45,"body":"that is ill-equipped to tackle"},{"startTime":2685.45,"endTime":2690.45,"body":"those precarious forces."},{"startTime":2691.15,"endTime":2693.34,"body":"Indeed, you mentioned the mental health,"},{"startTime":2693.34,"endTime":2697.06,"body":"mental health epidemic"},{"startTime":2693.34,"endTime":2697.06,"body":"facing those younger cohorts."},{"startTime":2697.06,"endTime":2700.07,"body":"That is not unrelated to"},{"startTime":2697.06,"endTime":2700.07,"body":"those financial pressures"},{"startTime":2701.11,"endTime":2705.25,"body":"and bodes ill, I think,"},{"startTime":2701.11,"endTime":2705.25,"body":"for both the financial"},{"startTime":2705.25,"endTime":2708.85,"body":"and mental health of future generations."},{"startTime":2708.85,"endTime":2712.96,"body":"I welcome, Lord Mayor,"},{"startTime":2708.85,"endTime":2712.96,"body":"Lord Mayor's Appeal's work"},{"startTime":2712.96,"endTime":2714.313,"body":"on just those issues."},{"startTime":2715.18,"endTime":2719.8,"body":"And all of that is hard to"},{"startTime":2715.18,"endTime":2719.8,"body":"make sense of, isn't it?"},{"startTime":2719.8,"endTime":2724.48,"body":"'Cause we as a nation have a real richness"},{"startTime":2724.48,"endTime":2727.19,"body":"when it comes to financial expertise"},{"startTime":2728.08,"endTime":2732.61,"body":"in and around this Square"},{"startTime":2728.08,"endTime":2732.61,"body":"Mile and indeed beyond."},{"startTime":2732.61,"endTime":2735.49,"body":"We have the simultaneous richness"},{"startTime":2735.49,"endTime":2738.64,"body":"of expertise and resources in one place"},{"startTime":2738.64,"endTime":2743.64,"body":"and yet these yawning deficits"},{"startTime":2738.64,"endTime":2743.64,"body":"of knowledge in others."},{"startTime":2745.54,"endTime":2749.8,"body":"And those disparities"},{"startTime":2745.54,"endTime":2749.8,"body":"have without question"},{"startTime":2749.8,"endTime":2753.13,"body":"been made worse, worse, much worse"},{"startTime":2753.13,"endTime":2756.64,"body":"by the cost-of-living crisis"},{"startTime":2753.13,"endTime":2756.64,"body":"of the past several years,"},{"startTime":2756.64,"endTime":2758.26,"body":"which has fallen disproportionately"},{"startTime":2758.26,"endTime":2762.523,"body":"on those people and places that"},{"startTime":2758.26,"endTime":2762.523,"body":"were poorest to begin with."},{"startTime":2763.84,"endTime":2766.06,"body":"So recent research from National Numeracy"},{"startTime":2766.06,"endTime":2768.94,"body":"in collaboration with Experian"},{"startTime":2768.94,"endTime":2771.4,"body":"operating at the postcode level"},{"startTime":2771.4,"endTime":2774.13,"body":"has illustrated that those facing"},{"startTime":2774.13,"endTime":2777.17,"body":"the most acute challenges financially"},{"startTime":2778.03,"endTime":2783.03,"body":"are also those operating with"},{"startTime":2778.03,"endTime":2783.03,"body":"lowest levels of numeracy,"},{"startTime":2783.52,"endTime":2786.07,"body":"or put differently, those"},{"startTime":2783.52,"endTime":2786.07,"body":"facing the most acute"},{"startTime":2786.07,"endTime":2790.6,"body":"financial stresses are also those people"},{"startTime":2790.6,"endTime":2793.93,"body":"least well-equipped to"},{"startTime":2790.6,"endTime":2793.93,"body":"handle those stresses,"},{"startTime":2793.93,"endTime":2796.93,"body":"a genuine double-whammy."},{"startTime":2796.93,"endTime":2800.98,"body":"So however acute those"},{"startTime":2796.93,"endTime":2800.98,"body":"pressures a few years ago,"},{"startTime":2800.98,"endTime":2803.41,"body":"we can say with some certainty"},{"startTime":2803.41,"endTime":2806.47,"body":"they are more acute still now."},{"startTime":2806.47,"endTime":2811.47,"body":"What was a policy priority a year ago"},{"startTime":2811.72,"endTime":2815.17,"body":"is now a policy imperative."},{"startTime":2815.17,"endTime":2817.57,"body":"So what purposefully might be done?"},{"startTime":2817.57,"endTime":2820.66,"body":"I hugely welcome the summit"},{"startTime":2817.57,"endTime":2820.66,"body":"that you mentioned, Lord Mayor,"},{"startTime":2820.66,"endTime":2823.75,"body":"on financial literacy and inclusion."},{"startTime":2823.75,"endTime":2827.05,"body":"I hugely welcome that Every"},{"startTime":2823.75,"endTime":2827.05,"body":"Londoner Counts initiative"},{"startTime":2827.05,"endTime":2828.55,"body":"that we're doing at National Numeracy"},{"startTime":2828.55,"endTime":2830.533,"body":"in partnership with the Lord Mayor,"},{"startTime":2831.79,"endTime":2834.97,"body":"those 500 Numeracy Champions"},{"startTime":2834.97,"endTime":2837.31,"body":"supporting the"},{"startTime":2834.97,"endTime":2837.31,"body":"least-advantaged communities."},{"startTime":2837.31,"endTime":2842.31,"body":"That's a means of"},{"startTime":2837.31,"endTime":2842.31,"body":"recycling those surpluses"},{"startTime":2843.13,"endTime":2846.79,"body":"of expertise into those communities"},{"startTime":2846.79,"endTime":2851.257,"body":"facing significant deficits"},{"startTime":2846.79,"endTime":2851.257,"body":"of the selfsame expertise."},{"startTime":2852.7,"endTime":2854.71,"body":"The government's Multiply initiative"},{"startTime":2854.71,"endTime":2859.3,"body":"I think can and should reach widely"},{"startTime":2859.3,"endTime":2861.16,"body":"and deeply into communities,"},{"startTime":2861.16,"endTime":2865.713,"body":"especially if we can do"},{"startTime":2861.16,"endTime":2865.713,"body":"it on a continuous basis."},{"startTime":2867.55,"endTime":2869.98,"body":"But I think in fairness on that,"},{"startTime":2869.98,"endTime":2873.07,"body":"even with all of those"},{"startTime":2869.98,"endTime":2873.07,"body":"initiatives in place,"},{"startTime":2873.07,"endTime":2878.07,"body":"we will fall short given the"},{"startTime":2873.07,"endTime":2878.07,"body":"scale of challenge we face."},{"startTime":2878.8,"endTime":2882.82,"body":"Truth be told, I think"},{"startTime":2878.8,"endTime":2882.82,"body":"ultimately we need to rethink"},{"startTime":2882.82,"endTime":2887.05,"body":"and reframe pretty fundamentally"},{"startTime":2887.05,"endTime":2889.78,"body":"our education and learning model"},{"startTime":2889.78,"endTime":2894.31,"body":"if we are to reach those"},{"startTime":2889.78,"endTime":2894.31,"body":"millions upon millions"},{"startTime":2894.31,"endTime":2897.61,"body":"of both young people and adults"},{"startTime":2897.61,"endTime":2901.19,"body":"that currently face acute anxieties"},{"startTime":2902.05,"endTime":2907.05,"body":"about both numeracy,"},{"startTime":2902.05,"endTime":2907.05,"body":"numbers, and about finance."},{"startTime":2908.38,"endTime":2912.19,"body":"And that calls, I think,"},{"startTime":2908.38,"endTime":2912.19,"body":"for us experimenting"},{"startTime":2912.19,"endTime":2916.18,"body":"with very different approaches"},{"startTime":2912.19,"endTime":2916.18,"body":"to teaching and learning."},{"startTime":2916.18,"endTime":2920.41,"body":"The traditional chalk-and-talk approach"},{"startTime":2920.41,"endTime":2922.42,"body":"accompanied by examinations,"},{"startTime":2922.42,"endTime":2927.42,"body":"you could not imagine a system more likely"},{"startTime":2927.79,"endTime":2932.79,"body":"to generate anxiety about finance"},{"startTime":2927.79,"endTime":2932.79,"body":"and numbers than that one,"},{"startTime":2933.52,"endTime":2937.78,"body":"and it needs fundamental"},{"startTime":2933.52,"endTime":2937.78,"body":"root and branch rethink,"},{"startTime":2937.78,"endTime":2940.57,"body":"rethinking and retooling."},{"startTime":2940.57,"endTime":2944.14,"body":"We do need a system of learning"},{"startTime":2944.14,"endTime":2947.41,"body":"that's much more practically focused"},{"startTime":2947.41,"endTime":2950.773,"body":"on people's everyday"},{"startTime":2947.41,"endTime":2950.773,"body":"problems and everyday lives."},{"startTime":2951.67,"endTime":2956.11,"body":"We need one that is not"},{"startTime":2951.67,"endTime":2956.11,"body":"rooted in examination"},{"startTime":2956.11,"endTime":2960.1,"body":"with its pass-or-fail culture."},{"startTime":2960.1,"endTime":2964.09,"body":"We need one much more"},{"startTime":2960.1,"endTime":2964.09,"body":"digital in its orientation,"},{"startTime":2964.09,"endTime":2967.15,"body":"including the use of"},{"startTime":2964.09,"endTime":2967.15,"body":"techniques such as gaming"},{"startTime":2967.15,"endTime":2969.703,"body":"as a vehicle for learning."},{"startTime":2970.81,"endTime":2974.62,"body":"We need a system with far greater degrees"},{"startTime":2974.62,"endTime":2977.89,"body":"of personalization, learning journeys"},{"startTime":2977.89,"endTime":2982.89,"body":"attuned to people's"},{"startTime":2977.89,"endTime":2982.89,"body":"individual learning styles,"},{"startTime":2983.95,"endTime":2987.85,"body":"circumstances, and capabilities."},{"startTime":2987.85,"endTime":2992.85,"body":"Never before in human"},{"startTime":2987.85,"endTime":2992.85,"body":"history have we been able"},{"startTime":2993.01,"endTime":2997.693,"body":"to personalize a learning"},{"startTime":2993.01,"endTime":2997.693,"body":"journey, but now we can."},{"startTime":2998.56,"endTime":3002.34,"body":"In the same way as we are"},{"startTime":2998.56,"endTime":3002.34,"body":"personalizing medicine,"},{"startTime":3002.34,"endTime":3006.42,"body":"we absolutely can and"},{"startTime":3002.34,"endTime":3006.42,"body":"should personalize learning,"},{"startTime":3006.42,"endTime":3010.98,"body":"harnessing that deep well"},{"startTime":3006.42,"endTime":3010.98,"body":"of embedded expertise"},{"startTime":3010.98,"endTime":3013.32,"body":"in UK financial services"},{"startTime":3013.32,"endTime":3018.32,"body":"alongside the UK's deep well"},{"startTime":3013.32,"endTime":3018.32,"body":"of expertise in tech and AI"},{"startTime":3020.43,"endTime":3022.48,"body":"to go from laggard to leader"},{"startTime":3023.34,"endTime":3027.42,"body":"when it comes to personalizing"},{"startTime":3023.34,"endTime":3027.42,"body":"people's journeys"},{"startTime":3027.42,"endTime":3031.08,"body":"for financial education and inclusion."},{"startTime":3031.08,"endTime":3034.98,"body":"That would be a legacy"},{"startTime":3031.08,"endTime":3034.98,"body":"that Gresham himself,"},{"startTime":3034.98,"endTime":3038.4,"body":"a great inventor, would be proud,"},{"startTime":3038.4,"endTime":3040.83,"body":"and what better way and what better place"},{"startTime":3040.83,"endTime":3042.39,"body":"to make good on that than here."},{"startTime":3042.39,"endTime":3043.44,"body":"Let me stop there, Lord Mayor."},{"startTime":3043.44,"endTime":3046.173,"body":"- Thank you, Andy, that's"},{"startTime":3043.44,"endTime":3046.173,"body":"fantastic, terrific."},{"startTime":3047.49,"endTime":3052.49,"body":"I'm conscious that you're"},{"startTime":3047.49,"endTime":3052.49,"body":"expecting to be wined"},{"startTime":3053.07,"endTime":3058.07,"body":"at seven o'clock, and I know"},{"startTime":3053.07,"endTime":3058.07,"body":"this audience gets very anxious"},{"startTime":3058.26,"endTime":3060.75,"body":"when they know that"},{"startTime":3058.26,"endTime":3060.75,"body":"that time's approaching."},{"startTime":3060.75,"endTime":3064.23,"body":"I think we were going"},{"startTime":3060.75,"endTime":3064.23,"body":"to have an opportunity,"},{"startTime":3064.23,"endTime":3066.24,"body":"Provost, perhaps for Q\u0026A?"},{"startTime":3066.24,"endTime":3067.073,"body":"- [Martin] Yeah."},{"startTime":3067.073,"endTime":3068.19,"body":"- Can I hand over to you?"},{"startTime":3068.19,"endTime":3069.023,"body":"- Thank you."},{"startTime":3071.25,"endTime":3074.73,"body":"Thank you very much, indeed."},{"startTime":3071.25,"endTime":3074.73,"body":"It was a wonderful panel."},{"startTime":3074.73,"endTime":3076.41,"body":"I'm going to, we have a lot of people"},{"startTime":3076.41,"endTime":3078.45,"body":"watching online as well,"},{"startTime":3076.41,"endTime":3078.45,"body":"so I'm going, first of all,"},{"startTime":3078.45,"endTime":3081.63,"body":"going to take a question from online,"},{"startTime":3081.63,"endTime":3084.33,"body":"which includes an acronym,"},{"startTime":3081.63,"endTime":3084.33,"body":"an acronym I don't know,"},{"startTime":3084.33,"endTime":3086.377,"body":"so I'm hoping one of you will explain it."},{"startTime":3086.377,"endTime":3090.33,"body":"\"More inclusion means simplification"},{"startTime":3086.377,"endTime":3090.33,"body":"of the access process,\""},{"startTime":3090.33,"endTime":3093.967,"body":"for example, the Indian"},{"startTime":3090.33,"endTime":3093.967,"body":"example you gave us,"},{"startTime":3093.967,"endTime":3098.967,"body":"\"yet AML regulation"},{"startTime":3093.967,"endTime":3098.967,"body":"complicates the process."},{"startTime":3099.03,"endTime":3100.467,"body":"How do you resolve that?\""},{"startTime":3101.4,"endTime":3103.044,"body":"What is AML, please?"},{"startTime":3103.044,"endTime":3104.55,"body":"- AML is anti-money laundering."},{"startTime":3104.55,"endTime":3106.08,"body":"- Oh, right, very good."},{"startTime":3106.08,"endTime":3109.956,"body":"- I think probably KYC is probably"},{"startTime":3109.956,"endTime":3113.493,"body":"what he's driving at, know your client."},{"startTime":3114.36,"endTime":3117.99,"body":"These are, of course,"},{"startTime":3114.36,"endTime":3117.99,"body":"requirements on banks"},{"startTime":3117.99,"endTime":3120.15,"body":"to make sure that they have"},{"startTime":3117.99,"endTime":3120.15,"body":"done their due diligence"},{"startTime":3120.15,"endTime":3122.37,"body":"before taking on new clients."},{"startTime":3122.37,"endTime":3125.703,"body":"So I would agree that this is non-trivial."},{"startTime":3126.87,"endTime":3130.92,"body":"This is not simply a"},{"startTime":3126.87,"endTime":3130.92,"body":"question, though, of photo ID."},{"startTime":3130.92,"endTime":3134.76,"body":"There's also a technological platform"},{"startTime":3134.76,"endTime":3139.76,"body":"which becomes the model that"},{"startTime":3134.76,"endTime":3139.76,"body":"all financial institutions"},{"startTime":3140.4,"endTime":3144.69,"body":"looking at that segment"},{"startTime":3140.4,"endTime":3144.69,"body":"of a client base looks at."},{"startTime":3144.69,"endTime":3149.69,"body":"So the point about it is"},{"startTime":3144.69,"endTime":3149.69,"body":"this is one of those areas"},{"startTime":3149.76,"endTime":3154.26,"body":"where our financial services"},{"startTime":3149.76,"endTime":3154.26,"body":"system has built itself up"},{"startTime":3154.26,"endTime":3156.87,"body":"to be as strong as it is globally"},{"startTime":3156.87,"endTime":3160.23,"body":"because it's competed at every turn,"},{"startTime":3160.23,"endTime":3163.08,"body":"and we mustn't lose that"},{"startTime":3160.23,"endTime":3163.08,"body":"competitive instinct."},{"startTime":3163.08,"endTime":3166.41,"body":"But there are times,"},{"startTime":3163.08,"endTime":3166.41,"body":"particularly when you're looking"},{"startTime":3166.41,"endTime":3171.33,"body":"at this unbanked population,"},{"startTime":3166.41,"endTime":3171.33,"body":"where I personally believe"},{"startTime":3171.33,"endTime":3173.67,"body":"we need to come together as an industry"},{"startTime":3173.67,"endTime":3176.933,"body":"to find a solution that"},{"startTime":3173.67,"endTime":3176.933,"body":"we all participate in,"},{"startTime":3176.933,"endTime":3180.21,"body":"that we all contribute to the cost of,"},{"startTime":3180.21,"endTime":3182.58,"body":"and the cheapest and most"},{"startTime":3180.21,"endTime":3182.58,"body":"effective way to do that"},{"startTime":3182.58,"endTime":3184.98,"body":"is to have one technological platform"},{"startTime":3184.98,"endTime":3186.84,"body":"rather than a multiplicity"},{"startTime":3186.84,"endTime":3191.403,"body":"so that we can deal with"},{"startTime":3186.84,"endTime":3191.403,"body":"those AML and KYC challenges."},{"startTime":3192.272,"endTime":3195.267,"body":"- I would just add one thing is that HSBC"},{"startTime":3195.267,"endTime":3198.33,"body":"are a great example of a"},{"startTime":3195.267,"endTime":3198.33,"body":"bank that have taken a lead."},{"startTime":3198.33,"endTime":3200.55,"body":"They've managed to create"},{"startTime":3198.33,"endTime":3200.55,"body":"a homeless bank account."},{"startTime":3200.55,"endTime":3205.17,"body":"It is quite possible to actually"},{"startTime":3200.55,"endTime":3205.17,"body":"verify somebody's identity,"},{"startTime":3205.17,"endTime":3207.93,"body":"even when they don't have a fixed abode."},{"startTime":3207.93,"endTime":3210.78,"body":"And I think that the"},{"startTime":3207.93,"endTime":3210.78,"body":"technological platform"},{"startTime":3210.78,"endTime":3213.27,"body":"of getting something that's"},{"startTime":3210.78,"endTime":3213.27,"body":"simple across the board,"},{"startTime":3213.27,"endTime":3217.14,"body":"I must admit, it doesn't just"},{"startTime":3213.27,"endTime":3217.14,"body":"apply to actually access."},{"startTime":3217.14,"endTime":3219.96,"body":"Any women in here who've chosen"},{"startTime":3217.14,"endTime":3219.96,"body":"to keep their maiden name"},{"startTime":3219.96,"endTime":3222.33,"body":"but also have a passport"},{"startTime":3219.96,"endTime":3222.33,"body":"in their married name?"},{"startTime":3222.33,"endTime":3225.545,"body":"Can't get identified for"},{"startTime":3222.33,"endTime":3225.545,"body":"love or money, so it's."},{"startTime":3225.545,"endTime":3226.38,"body":"(audience laughs)"},{"startTime":3226.38,"endTime":3230.7,"body":"- I'm conscious that Sherard"},{"startTime":3226.38,"endTime":3230.7,"body":"Cowper-Coles from HSBC"},{"startTime":3230.7,"endTime":3232.26,"body":"has just put his hand up,"},{"startTime":3232.26,"endTime":3235.62,"body":"perhaps to contribute on"},{"startTime":3232.26,"endTime":3235.62,"body":"that particular point."},{"startTime":3235.62,"endTime":3236.73,"body":"- [Sherard] Yeah, well,"},{"startTime":3235.62,"endTime":3236.73,"body":"thank you, Lord Mayor."},{"startTime":3236.73,"endTime":3238.179,"body":"I wasn't going to-"},{"startTime":3238.179,"endTime":3239.012,"body":"- Oh."},{"startTime":3238.179,"endTime":3239.012,"body":"- Could you take"},{"startTime":3239.012,"endTime":3240.3,"body":"the microphone for us, please?"},{"startTime":3240.3,"endTime":3241.133,"body":"- Thank you, Lord Mayor."},{"startTime":3241.133,"endTime":3243.81,"body":"I wasn't going to speak"},{"startTime":3241.133,"endTime":3243.81,"body":"wearing my HSBC hat,"},{"startTime":3243.81,"endTime":3247.74,"body":"although I owe Douglas"},{"startTime":3243.81,"endTime":3247.74,"body":"Flint a great deal of thanks"},{"startTime":3247.74,"endTime":3251.76,"body":"because when I joined"},{"startTime":3247.74,"endTime":3251.76,"body":"HSBC nearly 10 years ago,"},{"startTime":3251.76,"endTime":3254.277,"body":"he put me to work on financial inclusion,"},{"startTime":3254.277,"endTime":3257.67,"body":"and I was lucky enough"},{"startTime":3254.277,"endTime":3257.67,"body":"to spend nearly six years"},{"startTime":3257.67,"endTime":3261.0,"body":"chairing the UK Financial"},{"startTime":3257.67,"endTime":3261.0,"body":"Inclusion Commission,"},{"startTime":3261.0,"endTime":3262.77,"body":"and I just wanted to endorse"},{"startTime":3262.77,"endTime":3264.93,"body":"everything you said, Lord Mayor."},{"startTime":3264.93,"endTime":3268.2,"body":"I think it's a absolutely"},{"startTime":3264.93,"endTime":3268.2,"body":"outstanding lecture."},{"startTime":3268.2,"endTime":3271.47,"body":"I hope you send it to the"},{"startTime":3268.2,"endTime":3271.47,"body":"prime minister, the chancellor,"},{"startTime":3271.47,"endTime":3274.62,"body":"the leader of the opposition,"},{"startTime":3271.47,"endTime":3274.62,"body":"and Rachel Reeves."},{"startTime":3274.62,"endTime":3278.55,"body":"And I wanted also to endorse"},{"startTime":3274.62,"endTime":3278.55,"body":"everything that Andy said,"},{"startTime":3278.55,"endTime":3283.47,"body":"because what's happened,"},{"startTime":3278.55,"endTime":3283.47,"body":"and which breaks my heart,"},{"startTime":3283.47,"endTime":3285.54,"body":"is we are treading water."},{"startTime":3285.54,"endTime":3288.18,"body":"Lots of good things are"},{"startTime":3285.54,"endTime":3288.18,"body":"being done by Sacha,"},{"startTime":3288.18,"endTime":3291.87,"body":"by Patrick, by all the"},{"startTime":3288.18,"endTime":3291.87,"body":"different charities,"},{"startTime":3291.87,"endTime":3295.38,"body":"but things aren't really"},{"startTime":3291.87,"endTime":3295.38,"body":"fundamentally improving."},{"startTime":3295.38,"endTime":3299.67,"body":"And what we need is a"},{"startTime":3295.38,"endTime":3299.67,"body":"national drive, bipartisan."},{"startTime":3299.67,"endTime":3302.22,"body":"We need the Treasury to get behind this."},{"startTime":3302.22,"endTime":3305.7,"body":"They set up a financial inclusion forum"},{"startTime":3305.7,"endTime":3307.65,"body":"driven by my commission,"},{"startTime":3307.65,"endTime":3310.41,"body":"but forum is the Latin for talking shop."},{"startTime":3310.41,"endTime":3313.92,"body":"It's not really for getting stuff done."},{"startTime":3313.92,"endTime":3318.33,"body":"We need legislation, we need"},{"startTime":3313.92,"endTime":3318.33,"body":"it in the national curriculum."},{"startTime":3318.33,"endTime":3321.57,"body":"We need a minister for"},{"startTime":3318.33,"endTime":3321.57,"body":"financial inclusion,"},{"startTime":3321.57,"endTime":3324.0,"body":"and we need a financial health service"},{"startTime":3324.0,"endTime":3325.74,"body":"or the equivalent thereof."},{"startTime":3325.74,"endTime":3328.56,"body":"And it needs ministers to drive this,"},{"startTime":3328.56,"endTime":3330.12,"body":"not just leaving it to people"},{"startTime":3330.12,"endTime":3333.387,"body":"like Sacha and Patrick and"},{"startTime":3330.12,"endTime":3333.387,"body":"Andy and you, Lord Mayor."},{"startTime":3333.387,"endTime":3336.51,"body":"And I hope your summit in April"},{"startTime":3336.51,"endTime":3338.88,"body":"really does hammer this point home."},{"startTime":3338.88,"endTime":3341.4,"body":"You've hit on an absolutely crucial."},{"startTime":3341.4,"endTime":3344.07,"body":"I'll just end by the"},{"startTime":3341.4,"endTime":3344.07,"body":"thought, when I was a boy,"},{"startTime":3344.07,"endTime":3347.91,"body":"the Access card came out,"},{"startTime":3344.07,"endTime":3347.91,"body":"and the slogan for Access"},{"startTime":3347.91,"endTime":3351.81,"body":"was \"Access takes the"},{"startTime":3347.91,"endTime":3351.81,"body":"waiting out of wanting.\""},{"startTime":3351.81,"endTime":3355.02,"body":"And there was some bishop"},{"startTime":3351.81,"endTime":3355.02,"body":"who attacked this as being,"},{"startTime":3355.02,"endTime":3359.34,"body":"but there is a cultural problem"},{"startTime":3355.02,"endTime":3359.34,"body":"in the Anglo-Saxon countries"},{"startTime":3359.34,"endTime":3364.32,"body":"about attitudes to money"},{"startTime":3359.34,"endTime":3364.32,"body":"and thrift and saving"},{"startTime":3364.32,"endTime":3367.53,"body":"that needs to be addressed"},{"startTime":3364.32,"endTime":3367.53,"body":"by summits like yours"},{"startTime":3367.53,"endTime":3370.773,"body":"and by national action,"},{"startTime":3367.53,"endTime":3370.773,"body":"so thank you, Lord Mayor."},{"startTime":3371.76,"endTime":3375.69,"body":"What you're doing is for"},{"startTime":3371.76,"endTime":3375.69,"body":"hundreds of thousands of people"},{"startTime":3375.69,"endTime":3379.298,"body":"across this country, and it"},{"startTime":3375.69,"endTime":3379.298,"body":"couldn't be more important."},{"startTime":3379.298,"endTime":3384.298,"body":"- Thank you."},{"startTime":3379.298,"endTime":3384.298,"body":"(audience applauding)"},{"startTime":3388.137,"endTime":3391.98,"body":"- Hi, thank you, very interesting"},{"startTime":3388.137,"endTime":3391.98,"body":"range of topics covered."},{"startTime":3391.98,"endTime":3394.713,"body":"Professor Atul Shah, City"},{"startTime":3391.98,"endTime":3394.713,"body":"University of London."},{"startTime":3395.94,"endTime":3400.38,"body":"What about the enabling role"},{"startTime":3395.94,"endTime":3400.38,"body":"of financial institution"},{"startTime":3400.38,"endTime":3403.5,"body":"in terms of exploiting customers"},{"startTime":3403.5,"endTime":3405.483,"body":"who are illiterate in finance?"},{"startTime":3406.38,"endTime":3408.99,"body":"Last week at the Treasury"},{"startTime":3406.38,"endTime":3408.99,"body":"Select Committee,"},{"startTime":3408.99,"endTime":3410.91,"body":"I think the chief executives of the banks"},{"startTime":3410.91,"endTime":3412.92,"body":"were brought forward, and they were asked"},{"startTime":3412.92,"endTime":3414.66,"body":"about savings interest rates,"},{"startTime":3414.66,"endTime":3417.993,"body":"and the answers were absolutely appalling."},{"startTime":3418.92,"endTime":3422.31,"body":"Credit card interest rates start at 24%,"},{"startTime":3422.31,"endTime":3426.473,"body":"and they are the same when"},{"startTime":3422.31,"endTime":3426.473,"body":"savings interest rates were 0%."},{"startTime":3428.34,"endTime":3430.32,"body":"And I can go on, right?"},{"startTime":3430.32,"endTime":3434.133,"body":"Simple things like lending,"},{"startTime":3430.32,"endTime":3434.133,"body":"and these same banks,"},{"startTime":3435.15,"endTime":3438.36,"body":"I think today the news is"},{"startTime":3435.15,"endTime":3438.36,"body":"they made record profits"},{"startTime":3438.36,"endTime":3441.63,"body":"at the expense of all that"},{"startTime":3438.36,"endTime":3441.63,"body":"you've been talking about,"},{"startTime":3441.63,"endTime":3443.82,"body":"that the country is in dire straits,"},{"startTime":3443.82,"endTime":3446.64,"body":"and these banks have made record profits."},{"startTime":3446.64,"endTime":3450.96,"body":"So if we talk about the good"},{"startTime":3446.64,"endTime":3450.96,"body":"things these banks are doing"},{"startTime":3450.96,"endTime":3453.0,"body":"and about the good intelligence"},{"startTime":3453.0,"endTime":3457.89,"body":"when they are quite often"},{"startTime":3453.0,"endTime":3457.89,"body":"fraudulent criminal organizations"},{"startTime":3457.89,"endTime":3461.7,"body":"and they have been in"},{"startTime":3457.89,"endTime":3461.7,"body":"and out of the courtroom"},{"startTime":3461.7,"endTime":3466.7,"body":"for years and years, are we being nice,"},{"startTime":3466.98,"endTime":3468.87,"body":"or are we being realistic?"},{"startTime":3468.87,"endTime":3469.703,"body":"Thank you."},{"startTime":3470.7,"endTime":3472.738,"body":"- Well, good challenge."},{"startTime":3472.738,"endTime":3474.93,"body":"(audience applauding)"},{"startTime":3474.93,"endTime":3479.93,"body":"And I think, I hope that you"},{"startTime":3474.93,"endTime":3479.93,"body":"took away from what I said"},{"startTime":3480.6,"endTime":3482.1,"body":"that this is not something"},{"startTime":3482.1,"endTime":3485.31,"body":"where I think the banks are without fault."},{"startTime":3485.31,"endTime":3488.16,"body":"By contrast. I'm actually saying"},{"startTime":3488.16,"endTime":3492.78,"body":"that there is a real dearth of service"},{"startTime":3492.78,"endTime":3495.243,"body":"that the banks are not providing."},{"startTime":3496.2,"endTime":3499.71,"body":"But we also have to recognize"},{"startTime":3496.2,"endTime":3499.71,"body":"that we have to create"},{"startTime":3499.71,"endTime":3503.88,"body":"the environment to encourage"},{"startTime":3499.71,"endTime":3503.88,"body":"financial institutions"},{"startTime":3503.88,"endTime":3507.764,"body":"to provide these services,"},{"startTime":3503.88,"endTime":3507.764,"body":"and banks are not,"},{"startTime":3507.764,"endTime":3509.7,"body":"you know, are not going to,"},{"startTime":3509.7,"endTime":3513.43,"body":"we can't look at the banks"},{"startTime":3509.7,"endTime":3513.43,"body":"as the lenders of last resort"},{"startTime":3515.91,"endTime":3518.7,"body":"to groups of people who, you know,"},{"startTime":3518.7,"endTime":3521.13,"body":"who are not going to"},{"startTime":3518.7,"endTime":3521.13,"body":"be able to repay loans."},{"startTime":3521.13,"endTime":3524.34,"body":"The banks are not there"},{"startTime":3521.13,"endTime":3524.34,"body":"for charitable purposes."},{"startTime":3524.34,"endTime":3527.43,"body":"We have to shape something"},{"startTime":3524.34,"endTime":3527.43,"body":"in a way that makes sense."},{"startTime":3527.43,"endTime":3529.83,"body":"So wat I was suggesting there"},{"startTime":3529.83,"endTime":3534.303,"body":"is that Sacha used these"},{"startTime":3529.83,"endTime":3534.303,"body":"statistics that of this group,"},{"startTime":3535.14,"endTime":3540.14,"body":"90% managed to repay their loans,"},{"startTime":3540.81,"endTime":3545.67,"body":"of this group of what are"},{"startTime":3540.81,"endTime":3545.67,"body":"otherwise hard to bank."},{"startTime":3545.67,"endTime":3549.78,"body":"That means 10% are not, and"},{"startTime":3545.67,"endTime":3549.78,"body":"what the banks are doing"},{"startTime":3549.78,"endTime":3552.09,"body":"is they're charging, they're"},{"startTime":3549.78,"endTime":3552.09,"body":"putting a charging structure"},{"startTime":3552.09,"endTime":3556.77,"body":"in place that looks at"},{"startTime":3552.09,"endTime":3556.77,"body":"that segment of 100,"},{"startTime":3556.77,"endTime":3558.6,"body":"and it increases the cost for everybody."},{"startTime":3558.6,"endTime":3560.25,"body":"What I'm suggesting is that actually"},{"startTime":3560.25,"endTime":3562.41,"body":"they should look at that 10%"},{"startTime":3562.41,"endTime":3565.11,"body":"and spread the cost of"},{"startTime":3562.41,"endTime":3565.11,"body":"those non-performing loans,"},{"startTime":3565.11,"endTime":3568.11,"body":"at that 10% across the whole"},{"startTime":3565.11,"endTime":3568.11,"body":"of their banking population."},{"startTime":3568.11,"endTime":3570.57,"body":"Now, that can only happen"},{"startTime":3568.11,"endTime":3570.57,"body":"if everybody does it."},{"startTime":3570.57,"endTime":3573.36,"body":"Otherwise you end up in a"},{"startTime":3570.57,"endTime":3573.36,"body":"situation where, you know,"},{"startTime":3573.36,"endTime":3576.0,"body":"one bank does it and ends"},{"startTime":3573.36,"endTime":3576.0,"body":"up with poorer performing-"},{"startTime":3576.0,"endTime":3578.88,"body":"- Yes, well, and Patrick perhaps,"},{"startTime":3578.88,"endTime":3581.01,"body":"there's a question hidden behind that,"},{"startTime":3581.01,"endTime":3583.53,"body":"which is how much can"},{"startTime":3581.01,"endTime":3583.53,"body":"the man in the street"},{"startTime":3583.53,"endTime":3585.15,"body":"trust the banking system?"},{"startTime":3585.15,"endTime":3588.24,"body":"Because trust is a key part of this."},{"startTime":3588.24,"endTime":3593.24,"body":"If you're wanting to"},{"startTime":3588.24,"endTime":3593.24,"body":"trust that group of people"},{"startTime":3593.28,"endTime":3596.67,"body":"to give you money, and then"},{"startTime":3593.28,"endTime":3596.67,"body":"they're not going to nick it"},{"startTime":3596.67,"endTime":3598.423,"body":"and run off and get richer."},{"startTime":3598.423,"endTime":3599.626,"body":"- [Audience Member] It's not trust."},{"startTime":3599.626,"endTime":3600.837,"body":"It's active exploitation,"},{"startTime":3599.626,"endTime":3600.837,"body":"knowing exploitation,"},{"startTime":3604.303,"endTime":3606.9,"body":"people with knowledge and expertise"},{"startTime":3606.9,"endTime":3610.5,"body":"structuring savings contracts, mortgages,"},{"startTime":3610.5,"endTime":3615.12,"body":"credit card loans to exploit"},{"startTime":3610.5,"endTime":3615.12,"body":"(indistinct), car loans,"},{"startTime":3615.12,"endTime":3618.492,"body":"you name it, every kind"},{"startTime":3615.12,"endTime":3618.492,"body":"of financial fraud,"},{"startTime":3618.492,"endTime":3621.87,"body":"including pensions, pensions"},{"startTime":3618.492,"endTime":3621.87,"body":"are worst for fraud."},{"startTime":3621.87,"endTime":3623.122,"body":"- Let's-"},{"startTime":3621.87,"endTime":3623.122,"body":"- Nobody is doing"},{"startTime":3623.122,"endTime":3623.955,"body":"anything about that."},{"startTime":3623.955,"endTime":3626.284,"body":"- Let's let them answer that, I think."},{"startTime":3626.284,"endTime":3629.117,"body":"- Yeah, well, I would respectfully say"},{"startTime":3631.62,"endTime":3636.27,"body":"that I don't agree with"},{"startTime":3631.62,"endTime":3636.27,"body":"what you're claiming."},{"startTime":3636.27,"endTime":3638.613,"body":"I think there are absolutely,"},{"startTime":3639.48,"endTime":3641.52,"body":"we have a very strong regulatory system"},{"startTime":3641.52,"endTime":3644.85,"body":"in this country with the PRA and the FCA."},{"startTime":3644.85,"endTime":3646.65,"body":"All of our financial institutions"},{"startTime":3646.65,"endTime":3651.0,"body":"have a very high bar"},{"startTime":3646.65,"endTime":3651.0,"body":"that they need to reach,"},{"startTime":3651.0,"endTime":3653.91,"body":"and I can tell you from"},{"startTime":3651.0,"endTime":3653.91,"body":"having sat on the boards"},{"startTime":3653.91,"endTime":3655.743,"body":"of financial institutions"},{"startTime":3653.91,"endTime":3655.743,"body":"for the last 20 years"},{"startTime":3655.743,"endTime":3659.46,"body":"that the quality of oversight"},{"startTime":3655.743,"endTime":3659.46,"body":"from non-executive directors"},{"startTime":3659.46,"endTime":3662.19,"body":"on boards is of an"},{"startTime":3659.46,"endTime":3662.19,"body":"exceptionally high level."},{"startTime":3662.19,"endTime":3664.38,"body":"I believe that the governance structure"},{"startTime":3664.38,"endTime":3666.81,"body":"that we now have in this"},{"startTime":3664.38,"endTime":3666.81,"body":"country in financial services"},{"startTime":3666.81,"endTime":3668.91,"body":"is as good as any in the world."},{"startTime":3668.91,"endTime":3670.11,"body":"I'm not saying for a moment"},{"startTime":3670.11,"endTime":3672.3,"body":"that there aren't egregious situations"},{"startTime":3672.3,"endTime":3674.1,"body":"where certain customers end up"},{"startTime":3674.1,"endTime":3675.99,"body":"being significantly disadvantaged,"},{"startTime":3675.99,"endTime":3680.07,"body":"and you may very well be right"},{"startTime":3675.99,"endTime":3680.07,"body":"in particular circumstances."},{"startTime":3680.07,"endTime":3681.51,"body":"There are organizations"},{"startTime":3681.51,"endTime":3684.6,"body":"that are taking advantage"},{"startTime":3681.51,"endTime":3684.6,"body":"of people like that."},{"startTime":3684.6,"endTime":3687.36,"body":"I don't think that is a common feature"},{"startTime":3687.36,"endTime":3689.88,"body":"of our regulated industry."},{"startTime":3689.88,"endTime":3692.22,"body":"I think it is a feature and a risk"},{"startTime":3692.22,"endTime":3695.31,"body":"of the unregulated financial"},{"startTime":3692.22,"endTime":3695.31,"body":"institutions in this space,"},{"startTime":3695.31,"endTime":3697.283,"body":"which is one of the reasons"},{"startTime":3695.31,"endTime":3697.283,"body":"why we need to address that."},{"startTime":3697.283,"endTime":3699.09,"body":"I think we should."},{"startTime":3699.09,"endTime":3699.923,"body":"- Thank you very much."},{"startTime":3699.923,"endTime":3701.91,"body":"I'm afraid we're all going to have to stop"},{"startTime":3701.91,"endTime":3703.17,"body":"so we can have a drink,"},{"startTime":3703.17,"endTime":3706.05,"body":"but I would like to invite Loyd Grossman,"},{"startTime":3706.05,"endTime":3707.97,"body":"who's chairman of Gresham Council,"},{"startTime":3707.97,"endTime":3709.653,"body":"to come and close the evening."},{"startTime":3710.79,"endTime":3713.58,"body":"- Thank you very much, Martin, thank you."},{"startTime":3713.58,"endTime":3716.1,"body":"I have the awesome responsibility"},{"startTime":3716.1,"endTime":3718.953,"body":"of standing between you and happy hour,"},{"startTime":3719.94,"endTime":3721.47,"body":"so I'll be very brief."},{"startTime":3721.47,"endTime":3723.333,"body":"Firstly, I want to thank you all."},{"startTime":3724.23,"endTime":3726.27,"body":"In the finest tradition of Gresham,"},{"startTime":3726.27,"endTime":3731.27,"body":"that was stimulating,"},{"startTime":3726.27,"endTime":3731.27,"body":"challenging, even alarming,"},{"startTime":3732.69,"endTime":3735.18,"body":"but it was a fantastic hour's performance."},{"startTime":3735.18,"endTime":3736.68,"body":"So thank you all very much, indeed."},{"startTime":3736.68,"endTime":3738.68,"body":"Will you join me in thanking our guests?"},{"startTime":3739.89,"endTime":3741.728,"body":"- [Lord Mayor] Thank you, thank you."},{"startTime":3741.728,"endTime":3745.31,"body":"Thank you very much."},{"startTime":3741.728,"endTime":3745.31,"body":"(audience applauding)"},{"startTime":3748.152,"endTime":3749.58,"body":"- I hope for those of you"},{"startTime":3749.58,"endTime":3751.98,"body":"for whom this is the first"},{"startTime":3749.58,"endTime":3751.98,"body":"experience of Gresham"},{"startTime":3751.98,"endTime":3754.44,"body":"that it will encourage you to participate"},{"startTime":3754.44,"endTime":3757.443,"body":"more frequently in what we have to offer."},{"startTime":3758.7,"endTime":3762.363,"body":"Tomorrow is Valentine's Day."},{"startTime":3763.53,"endTime":3767.88,"body":"And if you really want"},{"startTime":3763.53,"endTime":3767.88,"body":"to crank up the romance,"},{"startTime":3767.88,"endTime":3769.65,"body":"there is no better way"},{"startTime":3769.65,"endTime":3773.49,"body":"than joining Professor Victoria Baines"},{"startTime":3773.49,"endTime":3777.429,"body":"for her talk on the problem"},{"startTime":3773.49,"endTime":3777.429,"body":"of encryption in IT."},{"startTime":3777.429,"endTime":3780.117,"body":"(audience laughs)"},{"startTime":3780.117,"endTime":3781.023,"body":"I do recommend it."},{"startTime":3781.89,"endTime":3785.16,"body":"Next week, we have the first"},{"startTime":3781.89,"endTime":3785.16,"body":"in our series celebrating"},{"startTime":3785.16,"endTime":3789.18,"body":"the citywide tercentenary"},{"startTime":3785.16,"endTime":3789.18,"body":"of Sir Christopher Wren,"},{"startTime":3789.18,"endTime":3792.84,"body":"who by the way was Gresham"},{"startTime":3789.18,"endTime":3792.84,"body":"professor of astronomy,"},{"startTime":3792.84,"endTime":3796.92,"body":"and his successor Professor"},{"startTime":3792.84,"endTime":3796.92,"body":"Katherine Blundell"},{"startTime":3796.92,"endTime":3801.3,"body":"will be discussing Wren's"},{"startTime":3796.92,"endTime":3801.3,"body":"conception of the cosmos."},{"startTime":3801.3,"endTime":3803.34,"body":"Next month we have Philip Mould"},{"startTime":3803.34,"endTime":3805.83,"body":"kicking off our series on art history,"},{"startTime":3805.83,"endTime":3810.45,"body":"talking about portraits"},{"startTime":3805.83,"endTime":3810.45,"body":"of Queen Elizabeth II."},{"startTime":3810.45,"endTime":3815.43,"body":"There is a huge, huge range"},{"startTime":3810.45,"endTime":3815.43,"body":"of subjects and activities"},{"startTime":3815.43,"endTime":3820.43,"body":"which we consistently strive"},{"startTime":3815.43,"endTime":3820.43,"body":"to bring you inspiration"},{"startTime":3820.86,"endTime":3823.89,"body":"and education and entertainment,"},{"startTime":3823.89,"endTime":3825.78,"body":"because rather like Marshall McLuhan,"},{"startTime":3825.78,"endTime":3828.63,"body":"I think that anyone who"},{"startTime":3825.78,"endTime":3828.63,"body":"thinks there's a difference"},{"startTime":3828.63,"endTime":3830.88,"body":"between education and entertainment"},{"startTime":3830.88,"endTime":3833.7,"body":"doesn't know anything"},{"startTime":3830.88,"endTime":3833.7,"body":"about either of them."},{"startTime":3833.7,"endTime":3838.17,"body":"So please do come to our"},{"startTime":3833.7,"endTime":3838.17,"body":"website and see what's on offer,"},{"startTime":3838.17,"endTime":3840.33,"body":"and actively support us in our mission"},{"startTime":3840.33,"endTime":3841.98,"body":"of spreading the best of learning,"},{"startTime":3841.98,"endTime":3845.37,"body":"which we've been doing since 1597."},{"startTime":3845.37,"endTime":3847.83,"body":"Before we adjourn to the Livery Hall"},{"startTime":3847.83,"endTime":3851.19,"body":"for our libations and celebrations,"},{"startTime":3851.19,"endTime":3855.06,"body":"would you please join me"},{"startTime":3851.19,"endTime":3855.06,"body":"in thanking the Lord Mayor,"},{"startTime":3855.06,"endTime":3858.51,"body":"Andrew, Patrick, and Sacha,"},{"startTime":3855.06,"endTime":3858.51,"body":"and thank you all, indeed,"},{"startTime":3858.51,"endTime":3861.454,"body":"for joining us this evening"},{"startTime":3858.51,"endTime":3861.454,"body":"for this special event."},{"startTime":3861.454,"endTime":3866.454,"body":"Thank you."},{"startTime":3861.454,"endTime":3866.454,"body":"(audience applauding)"},{"startTime":3867.196,"endTime":3869.287,"body":"- [Lord Mayor] Thank you very much."},{"startTime":3869.287,"endTime":3871.954,"body":"- Thank you."},{"startTime":3869.287,"endTime":3871.954,"body":"- Thank you so much."}]}