Are Regulators Rushing to Minimise Complaints and Compensation for their Failings?

Online symposium using interactive Zoom. 

Wednesday, September 2nd, from 18:00 until 20:00 BST

Sponsorship opportunities available – please get in touch

Executive Summary; scroll down for the speakers and to make bookings

This special TTF symposium has come about because of a development that will be of huge interest to those keen to keep a watchful eye on the conduct of the UK’s Financial Regulators.

The background is that the Financial Conduct Authority, the Bank of England and the Prudential regulatory Authority have recently issued a consultation about making changes to the system the public can use to complain and seek compensation if a Financial Regulator’s conduct has led to financial loss.

There has, for many years  been concern that the complaints scheme currently being operated is not effective, and in particular that constraints have been imposed on the Complaints Commissioner’s scope to recommend the payment of compensation in cases where regulatory actions and inactions have led to financial loss by consumers.

Interestingly, on the surface, and at first glance, the proposals in the new Consultation (CP 20/11) seem like a progressive and pro-consumer step forward by the regulators, but when you read the detail it is possible to look at it all very differently indeed.

To be precise, we think there is a risk that the consultation may actually lead to changes that:

  • Restricts consumers’ right to have complaints considered by the Regulators
  • Prevent investigators being free at all times to act independently of the Regulators
  • Materially, and adversely reduce the scope of the complaints scheme
  • Limit the scope for the amount of payment of compensation to complainants
  • Discourage people with legitimate complaints from making a complaint
  • Cause regulated firms to carry more than their fair share of the compensation burden
  • Undermine the development of good governance within the financial regulatory framework itself

This issue is of great interest to the TTF because we want to do all we can to help protect consumers’ interests, hence our symposium and of course we’ll also be responding to the consultation itself.

Please do join us for what promises to be an interesting, engaging and thought-provoking event.

There will be a range of stakeholders involved, including some of our Ambassadors and members of our TTF International community. 

We’ll also be touching on a range of perspectives that are referenced in our new book, entitled

“Why we must rebuild trustworthiness and confidence in financial services; and how we can do it.”

Please get involved and be part of the solution.

Scroll down for further info, speaker details and to make bookings

Who should participate?

This online event will be of particular interest to individuals and organisations that authentically align with the idea that the financial services sector is important and that there is scope for improvement in how it works.

You can expect to be ‘amongst’ progressively minded and collaboratively minded people.

On the basis that “progress begins with realism” we’ll be running the event as a forum to enable everybody to “say it as they see it.” We will be facilitating the kind of candid yet constructive discussion that is needed to help move matters forward.

We don’t think any one person or organisation has all the answers; and we also think that all answers are worth listening to, so if you’ve got a point of view that you’d like to share, and are keen to hear the views of others, this is definitely an event for you.

This symposium will cover important topics that will be of particular interest to:

  • Victims of financial scams and scandals
  • Regulators
  • Policymakers
  • Parliamentarians interested in the financial services sector
  • Think Tanks and Civil Society Groups with an interest in the financial ecosystem
  • Industry Observers, Commentators; the Media in General
  • Financial Conduct Professionals
  • Bankers and representatives of Banking organisations
  • Risk Management Professionals
  • Compliance Professionals
  • Pension Professionals
  • Financial Planners
  • Fiduciaries
  • Academics and researchers in governance, stewardship, ethics, conduct and compliance in the banking, investment and pensions space; and more

Format

We will be using Zoom.

We will be structuring the event in such a way that it will be as engaging and as interactive as we can possibly make it. We’ll  be working hard to create as “life-like” an event as possible, with every opportunity taken to create interaction and engagement.

There will be several presentations with Q&A sessions and an open discussion and debate session towards the end.

Here’s the programme and timings, so far*

18:00 BST

Welcome to the symposium, introductions and initial exploration of the main issues; plus “Why we must rebuild trustworthiness and confidence in financial services; and how we can do it” 

Andy Agathangelou FTTF FRSA

Founder, Transparency Task Force; Governor, Pensions Policy Institute; former Founding Chair, Friends of Automatic Enrolment; former Founding Chair, Association of Member Nominated Trustees.

https://www.linkedin.com/in/andy-agathangelou-0295311

18:15 BST

Presentation #1, for 15 minutes + 5 minutes Q&A with facilitated discussion

Mark Bishop

Having entered the world of financial services consumer advocacy in 2012 as de facto leader of the Connaught Action Group and member of the liquidators’ committee of the Connaught Income Fund Series 1, Mark now works with the principals of other action groups and lobbies regulators and politicians to improve the regulatory environment. Having worked as a journalist, media company executive, strategy consultant and corporate finance advisor, Mark holds an MBA from Cranfield University School of Management (where he is now a Visiting Fellow) and sits on the Advisory Board of the MBA programme at Sussex University, where he gained his first degree. He is also the author of a business book, The Future of Private Equity – Beyond the Mega Buy-Out.

Mark also advises the Transparency Task Force leadership team on strategy matters.

https://www.linkedin.com/in/mark-bishop-6ab18b/

 

You can download Mark’s slides below:

18:35 BST

Presentation #2, for 3 minutes

Anthony Stansfeld

Police and Crime Commissioner for Thames Valley, Office of the Police and Crime Commissioner for Thames Valley; Councillor, West Berkshire Council; former Non-Executive Chairman, ELS; former Managing Director, Pilatus Britten Norman

https://www.linkedin.com/in/anthony-stansfeld-72100a37/

 

18:38 BST

Presentation #3, for 15 minutes + 5 minutes Q&A with facilitated discussion, by 

Nikki Turner

Former Chair of SME Alliance; Non-Exec, Business Banking Resolution Service

Nicolette Turner was previously a Trustee of Whistleblowers UK and Co-Founder and Director of SME Alliance Ltd. She has been a strong supporter and advocate for a number of SME groups since her involvement in exposing the HBOS Reading fraud. 
 
She was an active member of the Implementation Steering Group formed to design and create the Business Banking Resolution Service (BBRS) where she now sits as a Non-Executive on the Board.
 

18:58 BST

Short comfort break

 
19:00 BST

Presentation #4, for 15 minutes + 5 minutes Q&A with facilitated discussion

Gina Miller & Alan Miller, SCM Direct; 
and the True and Fair Campaign

Gina Miller has been a multi-business owner having started her first company in 1987.  In the world of investments, she started her first Financial Services marketing agency in 1996, and is focused on improving outcomes against contemporary realities, as well as improving customer outcomes.

Alan Miller is an accomplished investment manager whose 34 years expertise in fund management puts him amongst a handful of the highly respected UK fund managers.

He has managed money for a wide range of clients – retail, institutional and private clients. And very unusually, he has managed a wide range of asset classes – equities, property, fixed interest and alternative assets.

Alan and Gina launched the True and Fair Campaign in 2012 which has been successful in highlighting and changing behaviours in respect of research costs, closet index tracking, hidden fees, fund labelling, investment and holdings transparency and regulatory failings.  Their works has resulted in contributions to three EU Directives – Article 24 of MiFID II, PRIPS and The Shareholder Directive.

https://scmdirect.com/about-us/

19:20 BST

The “Just a Minute” Round

Inspired by the BBC Radio 4 programme, we have asked a selection of our attendees to spend just a minute sharing their thoughts on what has been covered during the symposium. 

But unlike the Radio 4 programme our speakers won’t be penalised for hesitation, repetition or deviation!

hand holding stopwatch
Sue Lewis
Independent Board Member and Consultant

https://www.linkedin.com/in/sue-lewis

Alex Varley-Winter
Freelance writer; Head of Media Outreach & Investigative Reporting at Transparency Task Force

https://www.linkedin.com/in/alex-varley-winter

Terry Bignall
Independent Financial Advisor, Bespoke IFA’s Ltd

https://www.linkedin.com/in/terry-bignall

Philip Meadowcroft
Independent Shareholder / Consumer Activist, Brandmasters Ltd

https://www.linkedin.com/in/philip-meadowcroft

Heather French
Professional Classical Singer


19:35 BST

Open discussion & debate, 20 minutes

19:55 BST until 20:00 BST

Final conclusions; suggested next steps and close to the formal proceedings. 

However, for those that want it, from 

20:00 BST until 20:30 BST

…we have informal networking and conversation; a lightly facilitated  fireside chat” amongst friends and acquaintances, old and new…
 
* The programme will continuously evolve so is subject to change

Please click below to book your place

Once your place is secured, you will be automatically Emailed the details you need to access the event through interactive Zoom – please be sure to enter your Email address correctly. 
 

For any queries please contact us.