Optimising the Regulatory Approach to Approving Financial Promotions

Online symposium using interactive Zoom.

Wednesday, October 14th from 6:00pm until 8:00pm, UK time

If you are ready to book your place, use the button below; 

Otherwise read on for further details…

Once your place is secured, you will be Emailed the details you need to access the event through Zoom.
 

For any queries please contact us.

Sponsorship opportunities available – please get in touch

Executive summary; scroll down for the programme

In this symposium we will be discussing the HM Treasury consultation paper “Regulatory Framework for Approval of Financial Promotions”.

The consultation paper, released in July, is looking to improve and strengthen how the Financial Conduct Authority deal with financial promotions for unauthorised firms by introducing a new “regulatory gateway.” 

Under the current rules, any authorised firm  can approve a financial promotion of an unauthorised firm without having to pass a specific test of suitability or competence before it does so. 

The Financial Conduct Authority has recently identified a number of cases where authorised firms have either failed to undertake adequate due diligence to ensure that the approved promotions meet their requirements; or approved financial promotions which relate to products beyond their sphere of expertise and which, as a result, fail to comply with the rules.

It is the Government’s view that the current rules are not enough of a safeguard to ensure promotions are fair, clear and not misleading

The introduction of a “regulatory gateway” as proposed by the Treasury, would force firms to obtain approval from the FCA first if it wants to approve an unauthorised firm’s promotions. 

The paper identifies two options for delivering this gateway:

Option 1: Restricting approval of the financial promotions of unauthorised firms through the imposition of requirements by the FCA

Option 2: Specifying the approval of financial promotions communicated by unauthorised persons as a ‘regulated’ activity under FSMA

We will also be discussing what we think needs to be done in order to strengthen the protection of the consumers in relation to the approval of advertising. 

The big question is: 

Will the new measures put forward by HMTS be enough to protect consumers from harm?

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 insights, ideas and initiatives 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 conversation.

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:

  • Think Tanks and Civil Society Groups with an interest in the financial ecosystem
  • Industry Observers, Commentators; the Media in General
  • Policymakers
  • Regulators
  • Politicians interested in the financial services sector
  • Market Conduct Professionals
  • Risk Management Professionals
  • Compliance Professionals
  • Pension Professionals
  • Financial Planners
  • Fiduciaries
  • Financial Services Trade Bodies and Professional Associations
  • Academics and researchers in governance, stewardship, ethics, conduct and compliance throughout the financial services sector.

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*

6:00pm 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” by 

Andy Agathangelou FTTF FRSA

Founder, Transparency Task Force; Governor, Pensions Policy Institute; Chair of the Secretariat Committee for the All Party Parliamentary Group on Pension Scams; former Founding Chair, Friends of Automatic Enrolment; former Founding Chair, Association of Member Nominated Trustees

6:20pm BST 

Presentation #1, for 10 minutes + 5 minutes Q&A with facilitated discussion, by

Mark Taber

Professional Fixed Income Investor, Campaigner, Researcher, Writer

Qualified Chartered Accountant turned consumer finance champion and campaigner, Mark has started and led several successful high profile campaign on behalf on tens of thousands of retail investors in recent years and is currently campaigning for the legal and regulatory changes and actions necessary to address the epidemic of pensions, savings and investment fraud.

https://www.linkedin.com/in/mark-taber-57125a18/

6:35pm BST

Presentation #2, for 10 minutes + 5 minutes Q&A with facilitated discussion, by

Peter O’Donnell

Director, New South Law Solicitors

For the first 11 years Peter was an army infantry officer serving in South Vietnam, the Australian Special Air Service and an instructor at the Officer Cadet School Melbourne. H left to join IBM as a marketing representative before starting his first business in computer industry search and selection.

He moved to the UK in 1991 and in 1994 opened the first European computer consultancy dedicated to Microsoft technologies for large firms. After selling the company in 1999, he worked as a management consultant for IT and recruitment companies until starting New South Law, where he is currently the commercial director and chairman.

Peter was a victim of a Ponzi scheme recommended to him by his bank manager in 2001, from which he became familiar with how banks and financial advisers work the system and its loopholes to defraud unsuspecting people into trusting but losing their entire retirement savings, generating billions for happy scammers who know they are inviolate.

He has dedicated the remainder of his working life to helping victims of pension fraud and changing how large scale white-collar crime is viewed and corrected.

https://www.linkedin.com/in/pododonnell/

6:50pm BST

Short leg-stretch and comfort break, for 15 minutes

7:00pm BST

Presentation #3, for 10 minutes + 5 minutes Q&A with facilitated discussion, by

Mark Bishop

Leader, Connaught Action Group

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/

Mark’s slides are available to download below:

7:15pm BST

Presentation #4, for 10 minutes + 5 minutes Q&A with facilitated discussion, by

Mark Hambling

Retired

Before retiring Mark was a fully qualified Accountant and for seven years a Licensed Insolvency Practitioner with Price Waterhouse.

Latterly he served on the board of a construction company as Finance Director for 11 years before retiring early in 2005. Since then he has done a series of property developments before moving to the Algarve in 2019.

Mark has a substantial amount invested in GPG/Red Rock (over £1.4million outstanding). Recovery of monies owed by GPG has become a full time job for Mark.

7:30pm 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
Brian Radbone
Head of Technical Services, Transact
 
Diane Weitz

Director, Ashlea Financial Planning Ltd

https://www.linkedin.com/in/dianeweitz/

Edward Black

Partner – Financial Services, Funds & FinTech, gunnercooke

https://gunnercooke.com/people/edward-black-financial-services-lawyer/

7:20pm BST

Open discussion & debate, 15 minutes

7:55pm BST until 8:00pm BST

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

However, for those that want it…

8:00pm BST until 8:30pm BST

…informal, unstructured networking and informal conversation; fireside chat” amongst friends as it were.
 

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.