We are initiating a global push for transformational reform to help rebuild trust and confidence in financial services.
Regardless of what you think the underlying causes of the trust deficit might be, there is clear consensus that the trust deficit costs the finance industry a fortune in lost revenues.
For example, in the UK we now have the lowest savings ratio since records began in 1963, according to the UK’s Office of National Statistics; and that means a fortune in lost business for the banks, pension companies, asset managers, financial planners and pretty much the whole value chain.
We are confident of its success of our initiative because our clarion call for collaboration is being well-received everywhere we go; there have already been special meetings across Europe and the USA; and others are being held in the Far East and Australia.
The Trust deficit is a problem for government departments and policymakers around the world who want a trustworthy financial services industry; and of course, the sector itself would benefit enormously if it were to be trusted.
It is clear that the trust deficit is a problem for all stakeholders; and that’s why we believe that bringing all stakeholders together to work collaboratively to drive up trust and confidence in the sector makes complete sense.
The Transparency Task Force is working very hard to help deal with these issues, especially given our severe resource constraints. We believe we are “punching well above our weight”.
- Initiating and facilitating “a global conversation” about the trust deficit
- Bringing togethor all types of stakeholders including:
- Financial regulators
- Leaders from financial trade bodies
- Leaders from professional associations
- Academics, thought leaders and think tanks
- Pension schemes and their trustees
- Plus, senior representatives from commercial organisations and corporate entities, because for-profits are also key stakeholders in the project. We have people involved from all sectors including banking, insurance, pensions, asset management, investment, private equity, hedge funds, foreign exchange, wealth management, financial planning, Fintech and so on. More and more commercial organisations understand that trust and confidence are commercial virtues.
- Running special meetings around the world in every major financial centre to build a global network of like-minded people who want to be part of the solution
- Harnessing the goodwill amongst progressively-minded people from right around the world who are volunteering to play their part in this major international effort.
- Working in a collaborative, collegiate, consensus-building and coordinated way, internationally
- Creating “A Framework for Finance Reform”
- At the heart of our framework for finance reform are “the 12 Finance Development Goals” each of which deals with an underlying problem that must be addressed before the transformational change that is needed can occur
- Publishing an annual “book that is much more than just a book” – it will be the methodology through which we can collectively drive the change that is needed
- Identifying and engaging with the 1,000 VIPs that, in effect, govern the way the financial system operates
It is widely accepted that the public at large, right around the world, are becoming increasingly distrusting of society’s once-respected institutions. This is a problem on many fronts, including financial services, particularly since the Global Financial Crisis.
In fact, according to The Edelman Trust Barometer, the banking and financial services sectors are routinely ranked as the least trustworthy of all industry sectors.
That’s a huge problem for a sector that has to be trusted to function succesfully. The problem is so bad that many believe that we are in the “last chance saloon” as far as the public’s perception of the financial services sector is concerned.
It is becoming increasingly clear that there is a very real danger that the persistent drip, drip, drip, of adverse publicity caused by the persistent malpractice, malfeasance and miss-conduct by the “mischievous minority” means that the public at large are getting dangerously close to “the point of no return” whereby, regardless of what we subsequently do, the situation may not be salvageable.
Our project is so important because in effect, the trust deficit has been a troubling “elephant in the room” issue; perhaps even a taboo subject.
As a consequence there has never, been, until now, a concerted international effort involving key stakeholders to attack the problem head on.
Our White Paper and Supporting Videos
We are very grateful to
for working with us so supportively to produce the special White Paper on “How can we accelerate the rebuilding of trust and confidence in financial services?” which can be downloaded here:
How can we Accelerate the Rebuilding of Trust and Confidence in Financial Services
…and also for producing these videos, filmed at our London 16th May symposium, kindly hosted by Newgate Communications.
Thank you also to all the participants for providing great input through the video interviews.
Video 1: https://youtu.be/Ky0Qg9IpjCA
Video 2: https://youtu.be/Is7N5DqjfXM
We are also very grateful to
for producing this video that so succinctly explains this issue we are dealing with.
Video link: www.mdemo.ch/tfs
The outputs that we expect to achieve by the end of 2020 are summarised here:
- A detailed project plan for a well-organised initiative post the initial establishment phase
- A global network of subject-matter experts that have opted in to be part of the project
- A minimum of a further 12 international meetings specifically dedicated to the project
- Identification of and initial engagement with the 1,000 VIPs that, in effect, govern the way the financial system operates
- A global network of Scientific Committee members; world-class academics
- Fully-developed Finance Development Goals
- The first edition of the book
- The beginnings of a transformational change process of immeasurable value, worldwide
- The creation of an opportunity for many spinoff research and activities
It is crystal clear that:
- The Trust Deficit in financial services is a serious and systemic problem that adversely effects the wellbeing of society, economic stability and political stability
- Our initiative is the first serious attempt to do something about the Trust Deficit on a coordinated, international basis
- Our approach is wholly inclusive and has the potential to create a motivated movement for change involving all the key stakeholders necessary including politicians, policymakers and regulators; right around the world
- Our approach is purposeful and pragmatic; we are happy to consider any alterations to our approach that would enable us to improve our chances of success
If you like the idea of becoming “part of the solution” and being included in this breakthrough initiative, please connect.
The way that we work is to establish the easiest and best way for people to become part of the global network of like-minded people that we are creating.
We believe that teams work best when people get the chance to play to their strengths and contribute in whichever way they would most like to.
So please reach out and let’s explore what’s best for you:
Thank you !