In a large pot, heat oil over medium heat. Add onion, garlic, chorizo and bacon and cook, stirring regularly, until bacon has caramelised and onion is soft. Add capsicum and cook for 3–4 minutes until softened. Add tomatoes, Italian seasoning, stock concentrate and water and stir to combine. Bring to the boil then reduce heat and simmer for 10–15 minutes, until sauce thickens.
Once sauce has thickened, stir in cannellini beans. Bring back to the boil then reduce heat and simmer for a further 5 minutes. Stir through parsley and serve immediately.