Marginalising the Third Pillar: How Private Finance Captured Policy, and What It Means for Society

In a revealing critique published on May 11, 2025, financial inclusion advocate Mick McAteer lays bare the overwhelming dominance of private finance lobbies in shaping financial policy in the UK.

Drawing on his review of six key task forces and working groups, McAteer exposes a stark imbalance: out of 130 total members across these groups, only 13 can be considered dedicated civil society representatives. Remove one committee—the Financial Inclusion Committee—and that number shrinks to four out of 116.

The picture McAteer paints is not one of inclusion or democratic representation, but of systematic exclusion. Civil society, the third pillar of a healthy, functioning society alongside government and markets, has been steadily marginalised from the very conversations that most affect it. McAteer’s data demonstrates that financial policy development has become an insiders’ game—one where the players represent finance, and the rules are written to serve their interests.

This skewed representation, however, is not just a statistical anomaly. It is a symptom of a deeper structural imbalance—one that thinkers like Professor Henry Mintzberg have long warned about.

The Evidence: Finance's Stranglehold on Policy

McAteer’s analysis covers six influential groups tasked with advising the UK government and regulators on a range of financial policy areas:

1. The Bank of England Artificial Intelligence Consortium (26 members): Only one member from civil society.

2. The CBDC Engagement Forum (28 members): Just three from civil society.

3. The BoE/HMT/FCA Productive Finance Working Group (28 members): Zero civil society representation.

4. The FCA ESG Data and Ratings Working Group (25 members): Again, no dedicated civil society voice.

5. The National Wealth Fund Taskforce (9 members): No civil society representatives.

6. The Financial Inclusion Committee (14 members): Better representation, with six civil society members—still a minority.

This lopsidedness extends beyond official membership. As McAteer notes, organisations such as Positive Money and Unchecked UK have documented the preferential access that private finance enjoys through off-the-record meetings with decision-makers. In other words, not only are civil society voices outnumbered in formal settings, they’re also sidelined in the informal corridors of influence.

Perhaps the most damning example is the Productive Finance Working Group, which recommended weakening pension protections—without a single civil society advocate at the table to question the long-term risks to savers. Similarly, the National Wealth Fund Taskforce is channeling massive public guarantees (up to £750 million) to private banks like Barclays and Lloyds, with no civil oversight.

The Bigger Picture: Markets and Government Marginalising Civil Society

The Enlightened Enterprise Academy views McAteer’s findings as a vivid illustration of a wider societal dysfunction.