The Role of Financial Services in Society

The role of the financial services industry has become the subject of public dialogue and policy debates worldwide. The Role of Financial Services in Society initiative was launched among a group of public and private sector leaders to agree on and demonstrate the social value of the system and its core activities. 

As a foundation for this work, the initiative’s steering committee published the Multistakeholder Compact, a shared view of the financial activities that a healthy and prosperous society requires. Following the release of the Compact in 2013, the committee has broadened its engagement with policy-makers and regulators to align the financial system more closely with society’s needs. A number of themes have emerged and are being discussed, such as “optimal” levels of credit and responsible financial innovation.