Thank you for downloading this programme. In this edition of the bottom line, Evan Davis and guests

consider how to reform financial services for today's consumer. Hello and welcome to the

programme. Today, a financial services special because financial services are special. They have the

power to enrich an economy or to ruin it completely.

My guests and I will be talking about what kind of makeover financial services need to get them fit for the 21st century.

Do we want the industry to be more innovative and clever or just old-fashioned and simple?

Well, my three guests all work in financial services.

I hope that have answers to at least some of those questions.

First up is Scottish entrepreneur and author David Pitt Watson.

And David, you were working in fund management.

You've worked in the city.

I've been a fund manager for the past 13 years.

But now most of what I'm doing is writing and involved in investigations into how is it that the financial system works and are there better ways of doing this?

Right. And specifically you're with this Tomorrow's Investor. There's a Tomorrow's Investor project

at the Royal Society of Arts, which I think is Britain's oldest think tank that I've been

leading for the last few years. Well, tomorrow's investor, bang on our topic for today because we are looking at making it fit for

tomorrow, a financial services sector. Well, my other two guests are Martin Gilbert,

who's chief executive of Aberdeen Asset Management, and Richard Ward, who's chief executive

of the insurance market, Lloyds of London. And so before we get into financial services, I'm going to spend a few minutes with you each,

because each of your organisations has had problems in the past and has, to some extent, got over those problems.

It might be interesting to just hear how things were turned around.

Martin, why don't you start, just tell us about the problems, about 10 years ago at Aberdeen

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