Many thanks to Morningstar for hosting this important event.

This event is part of the '10 years after' series of events. See here for further information.

"It must never happen again!"

This important event is taking place exactly 10 years after (to the day) that Northern Rock collapsed. 

 

It is on 13th September at:        

 

Morningstar,

1 Oliver's Yard,

55 City Rd,

London EC1Y 1HQ 

If you have already decided that you wish to attend you can book your place by using 'CLICK AND REGISTER' below or read on to learn about the event's content and our cracking line-up of speakers. 

 

Please note: If the ticket price of £150 is genuinely beyond your budget please Email me at andy.agathangelou@transparencytaskforce.org and we'll look to sort something out for you if you're not too late - we don't want cost to prevent people genuinely engaged with the subject matter from being able to participate - but please be quick as we only have a limited number of reduced price tickets available.

13th September 2007 was the day that the shocking news broke that Northern Rock had sought emergency funding from the Bank of England in its capacity as ‘lender of last resort”.

Reckless risk-taking by banks around the world magnified the market failings of the financial impact, globally. Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible complete collapse of the world financial system. The crisis was nonetheless followed by a global economic downturn, the Great Recession and a catastrophic crisis in the banking system of the European countries using the euro.

 

Capitalism was in complete crisis; just as communism had been some 18 years earlier.

In the USA, the Dodd-Frank Act was enacted in the aftermath of the crisis to "promote the financial stability of the United States" and the Basel III capital and liquidity standards were adopted by countries around the world.

 

There is so much to be looked at when considering the causes and consequences of the Global Financial Crisis; and even more importantly the big question: 

 

“Has enough been done to ensure that it cannot happen again?”

Consider these factors, that most agree played a part in the disaster:

 - Over-easy credit conditions

 - Weak and fraudulent underwriting practices

 - Predatory lending

 - Growth of the housing bubble

 - The subprime mortgage bubble

 - Financial over-innovation and over-complexity

 - Collateralized debt obligations

 - The commodities boom

 - Over-leveraging by institutions around the world

 - The ‘Too big to fail’ mind-set

 - Deregulation

 - Incorrect pricing of risk

 - Boom and collapse of the shadow banking system

 - The inherent instability and systemic risks of crises within capitalism

 - Widespread failure of economic forecasting - economists ‘asleep at the wheel’

 - The shouts by those who did see it coming not being heard; or perhaps even worse - heard but completely ignored

 - Governance failures

 - Conflicts of interests

 - Debt dependancy

 - The human conditions of fear and greed; behavioural finance issues

 - Opaque credit markets and the shadow banking system

 - A misunderstanding of the organic nature of contagion risk

 - The role of the media

 - Short-termism

 - Poor stewardship of capital

 - Over-leniency towards those who are to blame

 - A lack of court proceedings and prosecutions

 

Here's an interesting question: 

 

"How many of those factors have a lack of transparency as an integral part?"

The socio/political fallout of the Global Financial Crisis has been staggeringly impactful. Consider these issues:

 

 - The freeze on public sector pay

 - Austerity

 - Trump

 - Brexit? ...and so much more.

 

The consequences of the Crash have been unimaginably far-reaching, with a devastating impact on many aspects of life around the world. 

 

We'll be taking a look at key questions such as:

 

 - What really caused the crash?

 - Who/what was to blame?

 - What actually happened?

 - Have the lessons been learned?

 - Have the Regulators done enough to prevent a repeat?

 - Who is actually responsible for preventing another Crash?

 - Could it happen all over again?

 - Could greater transparency reduce the chances of it happening again?

 - Will it happen again?

This really is shaping up to be an absolutely cracking event. You can book your place through 'CLICK AND REGISTER' below or read on to learn about the speaker line-up. 

 

If the ticket price of £150 is genuinely beyond your budget please Email me at andy.agathangelou@transparencytaskforce.org and we'll look to sort something out for you if you're not too late - but please be quick as we only have a limited number of reduced price tickets available.

Here are your speakers:

Jackie Beard,

Director of Manager Research

Services, EMEA,

Morningstar 

 

“The Primary Drive for Transparency Across Financial Instruments & Markets"

 

Jackie Beard is the Director of Manager Research Services for Europe, the Middle East and Africa at Morningstar. She leads Morningstar’s engagement with the due diligence teams of institutional investors who engage with Morningstar for external support in the evaluation of active and passive funds, investment strategies and asset management firms.

 

Jackie joined Morningstar in September 2008 as Director of Fund Research for Morningstar UK, leading the roll out of Morningstar’s qualitative fund research and ratings for funds available for sale to UK investors.

 

From mid-2010, Jackie focused on the UK investment trust market, and in 2012 led the launch of Morningstar’s qualitative research and ratings on closed-end funds for the UK. She is a leading industry voice on investment trusts and has pioneered greater transparency from closed-end funds on their holdings, authoring the paper “Investment Trusts: Why Transparency Matters”. She is a regular presenter to fund boards, investors and advisors.

 

Before joining Morningstar, Jackie spent seven years at Forsyth Partners where her role included fund research, the management of the group’s broker client funds, and the development of proprietary research and information tools.

 

Jackie started out in the financial services industry in 1991, initially at private bank Hill Samuel before moving to stockbrokers Albert E Sharp and Quilter, where she switched from private client management into fund research.

 

Jackie is a fellow of the Chartered Institute of Securities and Investment and an MSI Diploma holder. 

 

Jackie is also an Ambassador of the Transparency Task Force

Andrew Clare,

Professor of Asset

Management and Associate Dean,

Cass Business School; and former Senior Research Manager in the Monetary Analysis wing of the Bank of England.

 

“The GFC – was it different this time?”

 

Financial innovation seemed to be at the heart of the GFC.  Some commentators laid the blame for the chaos and global recession on relatively new and untested financial instruments like CDOs and CDSs, and on the unregulated hedge fund industry.  But how accurate is this as a narrative?  An alternative narrative is that the crisis had the same characteristics as nearly all previous financial crises.  If we can accept the alternative narrative that we will discuss in this session, I believe that we will be in a better position to avoid a repeat of those dark days of ten years ago.”

 

As well as the roles outlined above, Andrew also spent three years working as the Financial Economist for Legal and General Investment Management (LGIM), where he was responsible for the group's investment process and where he began the development of LGIM's initial Liability Driven Investment offering. He is the co-author of “The Trustee Guide to Investment”, and has published extensively in both academic and practitioner journals on a wide range of economic and financial market issues.  Andrew serves on the investment committee of the GEC Marconi pension plan; he is a trustee and Chairman of the Investment Committee of the Magnox Electric Group Pension Scheme; and he also serves as an independent member of Old Mutual’s Investment Oversight Committee.

Tony Greenham,

Director of Economy,

Enterprise and Manufacturing,

RSA.

 

 

 

“Finding GOD – Governance, Ownership and Diversity in the UK banking system”

 

One plausible way of understanding the financial crisis is as a catastrophic failure of governance. If this was an important factor, have we sufficiently transformed governance to make the system more safe and deliver better against its fundamental purpose? What is the relationship between ownership and governance, and which models are best suited to banking? Last but not least, what is the significance of diversity, or lack thereof, within the UK domestic banking system and what can we do about it?

 

Tony is a chartered accountant and former investment banker with experience both in business and with social and environmental NGOs. Tony's career has ranged from blue-chip professional services and banking experience with PwC, Barclays Bank and Credit Suisse, through small business start-ups and environmental NGOs to economic policy research. He is author and co-author on many books and reports on economic social reform including People Powered Prosperity: Ultra-local approaches to making poorer places wealthier; The Reality of Now: How social processes drive organisational behaviour; Stakeholder Banks: the benefits of banking diversity and the best-selling economic textbook Where Does Money Come From - A guide to the UK Monetary and banking system

Tony holds a number of positions in addition to his role at the RSA including: Non-Executive Director at the Greater London Mutual, Senior Fellow at the Finance Innovation Lab, Advisory Committee for Lion Trust Investments, Trustee of Solidarity Economics Education and Research, Trustee of Transition Network, a global grassroots movement for social and environmental change.

David Pitt-Watson,

Executive Fellow,             

London Business School. 

David is Co-Author of ‘The Purpose of Finance’, ‘What they do with your Money’ and several other books. He Co-Chaired the United Nations Environment Programme Finance Initiative, and led the Royal Society of Arts Tomorrow's Investor Project. David is the Treasurer of Oxfam, a Board-member at NESTA and is recognised globally as a leading thinker and practitioner in the field of responsible investment and business practice. David is a winner of the Transparency Trophy and his ground-breaking work on 'Purpose' was the initial inspiration behind the creation of the Transparency Task Force's Team PISCES.

 Markus Krebsz - FRSA, GCRP and Chartered MSCI.

 

Markus is a seasoned Risk specialist and Government advisor with 25 years’ experience in global financial markets, thereof almost 20 years in managing risk.

 

Executive director and Board member of a new UK challenger bank. Previously, as Interim CRO, instrumental in launching/ establishing a high-profile capital markets/ lending institution start-up for the UK government and playing a pivotal role in achieving its strong investment-grade ratings. Current member of a United Nations working party on risk & regulation; previously advising the World Bank, the European Commission, the European Central Bank (ECB) and the Securities & Exchange Commission (SEC).

 

Co-Founder and acting Chairman of the Culture & Conduct Group, Chairman (ex-officio) of the Chartered Institute for Securities & Investment (CISI) FinTech Forum. Ambassador of the Transparency Task Force, member of its Banking team and contributor to the All Party Parliamentary Group (APPG) on Fair Business Banking. Mentor/ member at Google Campus.

 

Well regarded thought-leader and lecturer with some of the world’s best academic institutions and frequent appearances at Industry’s top speaking circles. Published author/ editor of several books, incl. on the Global financial crisis as well as other technical publications. Fellow of the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA).

Leandros Kalisperas

 

"Has the Global Financial Crisis Served to Obscure Rather than Illuminate the Nature of the System?"
 
Much of the work looking at the Global Financial Crissi either links it theoretically to the long-term nature of finance generally (Minsky type arguments about systemic instability) or to the shorter-term policy trends that were a consequence of globalisation and debt accumulation etc. There is a need to blend these two - some actual theory about the 'plumbing' within finance, as well as consideration about what accommodated the crisis. The GFC reveals a commercial banking crisis first and foremost: it is here that leveraged purchasing power is transparently created but seemingly hidden in plain sight, with layered derivatives being merely amplifiers of that original sin. The sin was only possible because of the changes in the international monetary system in the 1970s, which allowed the basic plumbing of finance to assert itself without resort to questions of excess savings gluts and loose monetary policy. There is a danger that focusing on interesting headlines has served to obscure the duller truth: GFC is a fairly natural result of the end of the Bretton Woods framework, which was not adequately replaced.  
 

Leandros has worked in banking, asset management and pension fund environments over the last 15 years. He was most recently Head of Credit at USS, the largest UK occupational pension scheme. Leandros decided last year to take some time to reconnect with academic research and policy work, and has just written The Two Tap State: Rewriting the Left's Political Economy. Leandros holds an MBA from INSEAD and an MA in PPE from Oxford.

Andrew Mills,

Expert Financial Analyst

and Writer;

Founder,

Insight Financial Research

 

 

 

 

"Rock of Ages - History may not Repeat itself, but it Rhymes" 

 

The collapse of Northern Rock was the defining moment of the financial crisis in the UK. Whilst in some ways it was a very ‘old school’ bank failure, in other ways it had unique and distinctive features. 

 

Whether a similar crisis is imminent is anybody's geuss but many of the same underlying factors that led to the Global Financial Crisis are with us today, and that's got to be a concern. 

 

Once again we have cheap money, excessive complexity, misunderstanding of liquidity, herd behaviour and huge balance sheet risk.

 

Have been a banking/asset management analyst for nearly 20 years Andrew now works as a freelance consultant with a range of clients including global banks, major consultancies, and investment managers both large and small. It is worth noting that Andrew conducted expert analysis for a major lawsuit relating to the financial crisis.

Martin White BSc FIA,

Board Director,

UK Shareholders Association.

Martin studied electrical engineering at university, then decided to become an actuary. He started work at a life insurance and savings company, followed by a consulting actuarial firm advising on final salary pensions (yes, it was some time ago). Then he moved into general insurance, being the first actuary to be employed by the Corporation of Lloyd’s, and has worked in general insurance ever since. He is an active contributor to the research work of the actuarial profession.

Some time in 1992 Martin spotted a letter in the FT by Donald Butcher about a small new working group of private investors, contacted Donald and joined the working group which subsequently became the UK Shareholders’ Association. His experience within the financial sector has taught him what a bad deal individual savers get, unless they are particularly well informed and know how to avoid or minimise expenses and charges. Martin believes that this situation is not going to improve unless these messages are more widely understood and acted on. Apart from this, his other big concern is the lack of real pressure on company managements to act in the long term interest of their underlying owners. Martin’s own investment style is to try and identify a limited number of companies he likes and to hold them for as long as possible, not worrying about market ups and downs.

Geoff Tily,

Senior Economist,

Economics and Social Affairs Department,                                 TUC.

 

 

 

Geoff Tily has been the TUC’s senior economist since 2014, following 25 years in the government’s economics and statistical services (including HM Treasury macro under George Osborne). He is the author of Keynes Betrayed, and has a PhD from UCL.

Here are your Panellists in the Panel, Discussion & Debate session:

Marloes Nicholls,

Innovation Programme Manager,

Finance Innovation Lab.

 

@MarloesNicholls
@TheFinanceLab

 

Marloes is Innovation Programme Manager at the Finance Innovation Lab, where she runs the Lab Fellowship - supporting financial entrepreneurs with a social or environmental mission.

 

Before working at the Lab, Marloes worked at the think tank Meteos. There, she led the research for BankingFutures, a unique, multi-stakeholder dialogue that asks: how can we rebuild a healthy banking sector in the UK? She also directed Money Comms Lab, a collaborative research project to understand the most effective ways to engage and communicate with the public on issues relating to money and the financial system.

 

Marloes has a wealth of experience working in social change, including co-founding the campaign Move Your Money UK and working at Oxfam on global campaigns and policy.

 

Marloes continues to participate in grassroots, creative activism in the UK, and is particularly interested in drawing on the arts and community organising to create accessible ways for the public to engage with money and the financial system. 

 

An economist by training, Marloes graduated from Nuffield College, University of Oxford, with a Masters of Philosophy in 2011 and received a first class bachelors in Philosophy and Economics from the University of Bristol in 2008.

In our view that's a first class line-up of speakers and panellists, we're sure you'll find their insight highly illuminating.

 

Please use 'CLICK AND REGISTER' below to book your place or read on for suggestions about who should attend.

 

If the ticket price of £150 is genuinely beyond your budget please Email me at andy.agathangelou@transparencytaskforce.org and we'll look to sort something out for you if you're not too late.

Who should attend?

 

This event will appeal to a very broad range of people including:

 

 - Economists

 - Asset Managers

 - Investment Consultants

 - Retail and Institutional Investors

 - Industry Observers, Commentators, the Media in general

 - Academics and Researchers

 - IFA's

 - Campaign and Civil Society Groups

 - NGOs

 - Parliamentarians and their research colleagues

 - Policymakers

 - Fiduciaries, Trustees, Fiduciary Managers 

 - Members of the Department for Work & Pensions

 - Members of the Financial Conduct Authority

 - Members of the Competition & Markets Authority

 - Members of the Prudential Regulation Authority

 - Members of the Bank of England

 - Members of the Department for Business, Energy and Industrial Strategy

 - Bankers and representatives of Banking organisations

 - Risk Management Professionals

 - Compliance Professionals

 - Legal Professionals

 - Pension Professionals 

 - Actuaries; and many more....

What value new connections?

 

Of course, as well as the value of the presentations and the discussions that they will initiate the event represents a tremendous opportunity to make new friends, contacts and acquaintances, and who knows what dialogue and opportunities that might lead to...

Use 'CLICK AND REGISTER' below to secure your place. If you have any difficulties making your booking contact me through andy.agathangelou@transparencytaskforce.org

 

Remember, if the ticket price of £150 is genuinely beyond your budget get in touch quickly.

 

Thank you!

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