About the Transparency Task Force

IN THE INTERESTS OF TRANSPARENCY...

 

First of all, here's a quick Q&A to cover some important points:

 

Q. What is the Transparency Task Force?

 

A. It is a Limited Company; Transparency Task Force Ltd, that is wholly owned and controlled by Andy Agathangelou, its Founder. 

 

For Companies House information, see here: https://beta.companieshouse.gov.uk/company/09698368

 

The Transparency Task Force is being converted to a Community Interest Company, in keeping with the advice given by its Advisory Board, see here: 

 

https://www.transparencytaskforce.org/about-1/advisory-board/

 

Community Interest Companies are regulated by the Office of the Regulator of Community Interest Companies, which places responsibilities on Community Interest Companies to operate in line with their stated purpose, see here:  

 

https://www.gov.uk/government/organisations/office-of-the-regulator-of-community-interest-companies

 

The Transparency Task Force operates as a not-for profit with the sole purpose of driving positive, progressive and purposeful finance reform. 

 

Q. How does the Transparency Task Force operate?

 

A.The Transparency Task Force operates through our 21 Special Interest Groups, see here: https://www.transparencytaskforce.org/teams-of-volunteers/…all of which operate in a democratic and consensus-based way. We do not have a top-down command and control structure; we have a bottom-up, respond-to-input structure i.e. we put our energies into what our members want to focus on.

 

We also have a wonderful network of supportive Ambassadors, many of whom are also involved with our Special Interest Groups; see here: https://www.transparencytaskforce.org/ttf-ambassadors/

 

Q. How do the finances of the Transparency Task Force work?

 

A. Badly! TheTransparency Task Force can operate on just £100,000 per annumwe run a very tight ship. Considering the Transparency Task Force is a community of over 650 aligned individuals and we are an increasingly potent force for good, we believe we represent incredibly good value for money.  

 

£100,000 per annum covers all of the following:

  • Salary for Andy Agathangelou, Founder; full time
  • Salary for Tina Kenyon, Head of Operations, part time
  • Salary for Briony Crook, Head of Outreach, part time
  • All costs of running our office at 113A London Road, Waterlooville
  • All travel including international; all overnight accommodation
  • All event costs such as our Transparency Trophies (venues are given free)
  • All other operating costs such as accounting, subscriptions, IT, software etc.

We can generate roughly £50,000 through ticket sales at our events (where we have a donation-type model so nobody is unable to attend if they cannot afford the Standard Ticket Price).

 

That leaves a shortfall of roughly £50,000 that we need to raise through donations. 

 

We have received £20,000 so far in 2019 (as at 1stMay 2019) 

 

  • £5,000 from Triodos Bank
  • £5,000 from Hermes Investment Management 
  • £10,000 from Orbis Investments

…so we have got a long way to go. If you or organisations/people you know might want to donate please get in touch, we are desperate for financial support. 

 

We received roughly £25,000 of donations in total during 2019. 

 

Please note the Founder has already used his life savings (other than his pension fund) to get the Transparency Task Force to where it is now. 

 

If you wish to have a fully breakdown of all donations received to date, just ask.

 

If you wish to know anything else about the finances of the Transparency Task Force, just ask; as explained here: https://www.transparencytaskforce.org/reporting/finances/

 

Q. I have more questions; how do I get answers?

 

A. If you wish to know anything about the Transparency Task Force, please get in touch through andy.agathangelou@transparencytaskforce.org

 

You are welcome to publish any question you put to us and the answer you receive, in any way you wish; including social media. 

 

We are happy to be investigated in any reasonable way and we have a policy of full disclosure and full transparency in all that we do. If ever you suspect that we might be falling short of those policies please let us know straight away and we’ll put things right  straight away.  

 

OTHER INFORMATION

 

We believe the financial services sector is profoundly important to the wellbeing of society, economic stability and political stability.

 

We are huge fans the sector and what it does, when it is behaving properly.

 

However, there is ample reason for concern about the "mischievous minority" whose malpractice, misconduct, malfeasance and miss-selling leads to bad publicity in the newspapers and on the TV.

 

Poor behaviour by a few people and organisations results in a tarnished reputation for the industry as a whole.

 

The self-inflicted reputational damage the industry has been suffering manifests in many ways – a lack of engagement, a lack of trust and much lower levels of saving, investing and insurance protection than there should be.

 

For example, in the UK we have the lowest level of savings since 1963. This is systemic and structural problem that needs fixing, especially as it leads to poor outcomes for consumers. 

 

The Transparency Task Force is all about "doing our bit" to drive the change we want to see by focusing on encouraging the sector to behave in a more transparent, truthful and trustworthy way, for the benefit of all.

 

Since 6th May 2015 and with very little financial backing we have been building an international community of like-minded people who are working together to encourage positive change.

 

It is crystal clear to us that there is much wrong in financial services that desperately needs fixing, so bit by bit, one person at a time, we have been establishing a collaborative, campaigning community that is working together to make a difference.

 

Here are the sorts of issues we are working hard to tackle:

  • The Trust Deficit
  • The Engagement Deficit
  • The Understanding Deficit
  • Conflicts of interest
  • Regulatory capture
  • Hidden costs
  • Hidden risks
  • Opportunistic opacity
  • Opportunistic obfuscation
  • Opportunistic complexity
  • Vested interests
  • Short-termism
  • Scalping
  • Inadequate client-centricity
  • Skewed incentives
  • Asymmetries of information
  • Scams and scandals
  • Gouging
  • Rent extraction
  • Malpractice
  • Malfeasance
  • Egregious abuses 
  • Reputational damage
  • Contrived complexity; and so on.

 

Consensus has been forming that ‘transparency’ is far more than just a powerful watchword; it can be the zeitgeist that could drive the change that the consumer deserves and the reputation of the sector desperately needs.

 

The Transparency Task Force is the collaborative,  campaigning community dedicated to driving up the levels of transparency in financial services, right around the world. 

 

There are now over 650 people involved and they are organised and mobilised into Special Interest Groups.

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