The original inspiration for Team PISCES came from David Pitt-Watson (an Ambassador of the Transparency Task Force) and his work on 'The Purpose of Finance'. David spoke at a Finance Innovation Lab & St. Paul's Institute event in January 2017. His talk was inspiring, thought-provoking and challenging in equal measure; if you've had the fortune to listen to David speak on 'Purpose' you'll know exactly what we mean.
'What's the purpose of finance?' is a question of profound importance. It helps to focus the mind on what really matters and it can shape your entire outlook on the financial services industry - it's many shortcomings but also it's potential for good as well.
The way that money is utilised can have an enormous impact on the behaviour of individuals, organisations, markets, societies and countries.
Team PISCES is for those that like the idea of the world's capital markets becoming a 'force for good' and at worst want the financial ecosystem to 'do no harm'.
P is for Purpose;
I is for Impact Investing;
S is for Sustainability;
C is for Corporate Social Responsibility;
E is for Environment, Social and Governance;
S is for Socially Responsible Investing.
If you believe there is scope to improve the way the financial services sector influences what happens in our world then you may well be on the same wavelength as the many volunteers in Team PISCES. Please don't 'stand by', please 'stand up' - we need all the help we can get and the more members we have the greater our colective impact, so get in touch.
What are the Team PISCES Squads?
To maximise the impact of Team PISCES it makes sense to enable its members to put their energies into the campaign ideas they feel most strongly about and aligned with.
To facilitate this we have organised Squads, with each Squad focused on a particular issue.
Squads are to be led by ideally two or more Squad Leaders. Squad Leaders are individuals that want to take on extra responsibility for driving the work of their Squad in terms of strategy, tactics, defining campaign targets, defining good outcomes, defining time-frames and so on.
Here's some information on each of our Squads:
The Purpose Statements Squad
This Squad will be campaigning to collect 'Purpose Statements'? i.e. "I believe the Financial Services sector ought to develop a greater sense of Purpose because........." (or similar, exact wording to be finalised). Take a look at the Transparency Statements part of the TTF website to see the kind of output we are after.
The Purpose Meta-Study Squad
This Squad will be collating existing Purpose-related materials, and possibly conducting a Meta-Study of those materials.
The Mandatory Fact-Finding Squad
This Squad is led by Juia Dreblow, Founder of sriServices and Fund EcoMarket.
It will be campaigning for Mandatory Fact-Finding, such that professional advisers (such as IFA's for the Retail Market and Investment Consultants for the Institutional Market) are required to establish if the products and solutions they recommend are truly suited to their client's values-based preferences (i.e. they properly take into account views regarding Impact Investing, Socially-Responsible Investing, investing Sustainably and so on) This campaign will align with and support the Regulatory concepts of 'Suitability' and 'Know Your Client'.
The Concept Map Squad
This Squad is led by Hamish Stewart, Head of Investor Engagement at ET Index Research.
This Squad will work together to create a 'Concept Map' that shows the inter-relationship and inter-dependencies between the various concepts relevant to this space. ...and describes them, to aid understanding and avoid unnecessarily problematic and essentially trivial semantic differences. This Squad may also go onto create a Taxonomy such that vocabulary, terms, phrases, language used and so on is better understood and better defined/standardised wherever possible.
The Standardised Reporting Squad
This Squad will work together to campaign for better reporting and will push for greater standardisation of reporting. It may go on to campaign for the UK to have something similar to Article 173 in France which is about reporting on climate change by Asset Managers by institutional investors.
The Measurement of Impact Squad
This Squad will campaign for better 'Measurement of Impact'.
The Tools for Trustees Squad
This Squad will work together to provide Trustees (and similar) with practical tools, guidance, process steps and so on to enable them to carry out their duties more effectively.
The Response Team Squad
This Squad will work together to provide TTF Team PISCES' response to the EU Consultation on Sustainable Finance, see: http://europa.eu/rapid/press-release_IP-17-2022_en.htm
Who are the members of Team PISCES?
Although Team PISCES was only launched at our Transparency Symposium on 17th May 2017 it has attracted a great deal of interest from many high-calibre individuals who have a tremendous appetite for driving change in the world's capital markets.
As individuals, they and their organisations already have the ability to positively influence developments; but as a cohesive, collaborative, campaigning community they will have even more impact.
You can see who is already involved and which individuals are aligned with which Squads by downloading the Excel spreadsheet below, noting that individuals from The Department for Work & Pensions, The Pensions Regulator and the Financial Reporting Council participate as interested observers:
How does Team PISCES operate?
That's a simple one to answer:
Members of Team PISCES have a monthly conference call, but there is no expectation that you will join every call - just make the ones that are convenient for you. These calls are always held on the first Thursday of the month, starting at 14:00 and ending at 15:00 (UK times). The dial-in details for the calls are always as follows:
Dial in: 0333 44 33 44 3 Room number: 78371389# PIN: 7188#
We use a very inexpensive facility called WhyPay.
Let us know if you want to participate so we know to expect you on a call.
Downloads relating to Team PISCES
The downloads and items below are hoped to be useful items for those already involved in Team PISCES or who might be interested in joining it. Feel free to supply others items for inclusion, connect through email@example.com
Clarion call for members of Team PISCES
The video below shows our clarion call for people to join TTF's Team PISCES. It was made at the RSA in London on 5th June 2017 and it resulted in several new members getting involved. Thanks to all that did. The Transparency Task Force's Team PISCES had been formed just a couple of weeks before the presentation and it has grown rapidly since. We are very pleased to report that it is becoming a very worthwhile 'force for good' and has tremendous potential. If you are into Purpose, Impact Investing, Sustainability, Corporate Social Responsibility, Environment, Social & Governance or Socially Responsible Investing in any way please connect through firstname.lastname@example.org and we can explore how you would most like to get involved.
Thank you very much.
The Purpose of Finance Report
The Report below was produced by David Pitt-Watson, Dr. Hari Mann and Pension Insurance Corporation. It's a great piece of thought leadership and deals with a question of profound importance: 'What is the Purpose of Finance?'