TTF's Strategy for Driving Change

The Transparency Task Force is an informal but increasingly influential forum that operates in a collaborative, collegiate and consensus-building way; focusing on solutions not blame.

 

To help solve the many problems that exist in the finance industry we seek to drive the change that the damaged reputation of the sector so desperately needs and poorly served consumers so desperately deserve.

 

Our primary strategy for driving change is to bring together two types of people:

 

#1, Those with a sense of ‘passion & purpose’ about what needs to change, such as:

 

  • The thought-leaders that speak at our many Transparency Symposium events
  • The ethically-minded financial services professionals, enlightened market participants and leading academics who are involved with our 12 teams of volunteers
  • The TTF volunteers that work together to produce important Consultation responses and challenging White Papers
  • The many subject-matter experts who publish their progressive thinking in our online monthly magazine, the Transparency Times
  • The leaders of the many campaign and advocacy groups that are closely-aligned to the TTF's overall objectives to create a finance industry that serves its markets as it should - efficiently, ethically, honourably and transparently

 

#2, Those with the ‘power & position’ to make change happen, such as:

  • Government officials, for example:
    • The UK's Members of Parliament and their equivalent around the world
    • The Lords in the UK's Upper House; and their equivalent around the world
    • Members of various All Party Parliamentary Groups and their equivalent around the World
    • Senior Civil Servants at The Department for Work & Pensions; and at The Department for Business, Energy and Industrial Strategy; and their equivalent around the world
  • Financial Regulators, such as:
    • The UK's financial regulators, particularly The Financial Conduct Authority, The Pensions Regulator, The Prudential Regulatory Authority, The Competition & Markets Authority, The Financial Reporting Council and The Payment Systems Regulator
    • The USA's financial regulators, particularly The Securities & Exchange Commission, The Commodity Futures Trading Commission, The Federal Reserve System, The Federal Deposit Insurance Corporation, The Financial Crimes Enforcement Network, The Financial Industry Regulatory Authority and The Office of the Comptroller of the Currency
    • Mainland Europe's numerous financial regulators, particularly The European Central Bank, The European Banking Authority, The European Securities and Markets Authority, The European Insurance and Occupational Pensions Authority, The European Systemic Risk Board, The Financial Market Authority, The Financial Services and Markets Authority, Netherlands' Authority for the Financial Markets; The Swiss Financial Market Supervisory Authority plus the numerous national Central Banks
    • Canada's financial regulators particularly The Canada Deposit Insurance Corporation, The Office of the Superintendent of Financial Institutions, The Canadian Securities Administrators, The Investment Industry Regulatory Organization of The Mutual Fund Dealers Association
    • Australia's financial regulators, particularly The Australian Prudential Regulation Authority, The Australian Securities and Investments Commission
    • South Africa's financial regulators including the South African Reserve Bank, The National Credit Regulator and The Financial Services Board
    • The many and varied financial regulators in the Far East, particularly The Hong Kong Monetary Authority, The Hong Kong Securities and Futures Commission, The Monetary Authority of Singapore, Japan's Financial Services Agency and The Securities and Exchange Surveillance Commission
    • Other financial regulators around the world 

 

Based on what has been happening in the UK in recent years, our strategy for driving change seems to be working well and we are looking to become a positive influence internationally because 'opportunistic opacity and obfuscation' in financial services is a global problem.  

 

That's a very important point because financial services markets and many of the most influential organisations are global, so there is no point in trying to fix the problems one country at a time. 

 

Regulatory arbitrage would just move 'opportunistic opacity and obfuscation' and malfeasance to 'the path of least resistance', so a global approach is what's needed. 

 

That's why we are making such a huge effort to globalise our community as quickly as possible. 

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