'How do we fix this mess?' Archbishop Justin Welby on restoring trust and confidence after the crash

Culture change in financial services will not be achieved by “light touch” or “heavy touch” regulation, Archbishop Justin said at a Westminster discussion organised by the Bible Society.

Instead the banking sector must adopt “an aim of service to society and not mere rent-seeking, and a culture of virtue based in the realities of daily life and not a fantasy nirvana,” he said.

Describing what this change of culture might look like, the Archbishop said it would require “a ruthless honesty and a deep willingness to be made very uncomfortable indeed through listening to things one does not want to hear”.

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Posted in * Anglican - Episcopal, * Culture-Watch, * Economics, Politics, --Justin Welby, Archbishop of Canterbury, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Ethics / Moral Theology, Euro, European Central Bank, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Law & Legal Issues, Personal Finance, Politics in General, Religion & Culture, Stock Market, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, Theology