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"How can we accelerate the rebuilding of trustworthiness and confidence in financial services?"
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When and where is the symposium?
Registration is at 9AM for a 9:30AM start; ending at 4:00PM but followed by optional "drinks on the terrace" hosted by RPC; on Thursday 10th October at:
38/F, One Taikoo Place,
979 King's Rd,
If you already know you want to attend
Click on the button below to secure your place and note that there are 3 ticket options: Standard, Discounted and Complimentary; the notes you get to will provide all the information you need about the ticket options but feel free to get in touch if you have any enquiries about the ticket options or any other matter, by sending an Email to: firstname.lastname@example.org
What can you expect at the symposium?
You can expect to be amongst progressively minded and collaboratively minded people who are keen to explore how best to reform financial services so that consumers get a better deal; and trust & confidence in the system can be restored.
You will learn about the major international effort that is now underway - in particular, you will get to understand how people around the world are working together to create a new “Framework for Finance Reform” at the heart of which are the “The 12 Finance Development Goals.”
The 12 Finance Development Goals are a similar concept to the United Nations' Sustainable Development Goals but instead of dealing with issues such as hunger, climate change, access to clean water and gender equality; they deal with well-known financial services problem areas such as conflicts of interest, the “profits before principles” mindset, the need for better governance and the desperate need for greater transparency.
The development of the Finance Development Goals (FDGs) is bringing together a wide cross-section of stakeholders, right around the world, including politicians, policymakers, financial regulators, financial trade bodies and professional associations; plus, many commercial organisations, leading academics and think tanks etc.
There will be presentations from individuals with interesting insights and experiences to share; plus, a panel session and ample scope for discussion and debate so that all attendees will be able to share their views and ideas.
You can expect the meeting to function as a highly interactive and highly engaging workshop, where everybody gets the opportunity to participate as much as they would like to.
We know that using that approach we will be able to harness the camaraderie, collegiality and willingness to collaborate that the project is already cultivating, right around the world.
In essence, this is a rare and perhaps even unique opportunity to become “part of the solution” so will be particularly appealing to people that want to help make a difference.
Here's the programme, so far*
Registration, refreshments and networking
Welcome to the symposium
Jonathan Crompton, Partner, RPC
Andy Agathangelou, Founder, Transparency Task Force; Governor at the UK’s Pensions Policy Institute; Chair, The Interoperability Steering Group
Mark Gochnour, Head of Global Client Services, Dimensional Fund Advisors
Refreshments and further networking
Jonathan Crompton, Partner, RPC; Member of the Advisory Board, Justice Without Borders
Raphael Douady, Holder of the Robert Frey Endowed Chair for Quantitative Finance at Stony Brook, New York; Fellow of the Centre d’Economie de la Sorbonne, Paris; Academic Director of the Laboratory of Excellence on Financial Regulation.
Jeff Nie, Co-Chair, Absolute Return Investment Management Association, China; Chief Risk Officer, Keywise Capital Management
“What are the consequence of low levels of trust and confidence in financial services; for
Presentation of the Transparency Trophy; a special trophy is awarded to a champion of transparency and finance reform at each of our symposia around the world
Lunch and further networking
The Power Panel, where selected participants will have the opportunity to share their thoughts on our primary question:
"How can we accelerate the rebuilding of trust and confidence in financial services?"
- Janet Li, Asia Wealth Business Leader, Mercer; Chairman of the Executive Committee, a member of the Members Communications Sub-Committee and a member of the Business Strategy Sub-Committee of the Hong Kong Retirement Schemes Association.
- David Piesse, Chairman of the International Insurance Society Ambassadors; Global Insurance Evangelist and advisory board of Guardtime; Advisory Board of Ultimate Risk Solutions; former Global Insurance Lead for SUN Microsystems, Asia Pacific Chairman for Unirisx, United Nations Risk Management Consultant.
- Mary Leung, Head, Advocacy, CFA Institute, Asia Pacific; The Asia-Pacific Research Exchange (ARX) and formerly with Coutts & Co and UBS AG
- Panellist to be added
The Open Debate; where all attendees, panellists and speakers will have the opportunity to freely discuss the key issues raised through the course of the symposium.
Andy Agathangelou, Founder, Transparency Task Force; Governor at the UK’s Pensions Policy Institute; Chair, The Interoperability Steering Group to cover off key conclusions and suggested next steps
Refreshments and further networking, with "drinks on the terrace" hosted by RPC
*The programme will continuously evolve so is subject to change
For more detail about the project...
Click on the button below to get to a web page dedicated to providing a full and detailed explanation of the project:
Places are limited; to secure yours:
Click on the button below to secure your place and note that there are 3 ticket options: Standard, Discounted and Complimentary.
We are a not-for-profit and we desperately need funds to cover our costs and keep our many finance reform initiatives alive - we’re just about surviving.
Therefore, unless you genuinely cannot afford it, please select the Standard Ticket Option (2,450HKD).
However, if that is genuinely beyond your budget, select the Discounted Ticket Option and choose the amount you wish to pay; please be as generous as you can afford to be.
Furthermore, if you genuinely need to apply for a Complimentary Ticket Option, please Email email@example.com but note any complimentary places must be agreed in advance and are by arrangement only.
If any of the above requires clarification, please don’t hesitate to get in touch.
You can pay through PayPal or invoice.
Further information about the TTF
You can click on the button below to read about the 130+ Transparency Task Force Ambassadors. The list includes world class academics and highly respected thought leaders from right around the world.
You can click on the button below to read about the Transparency Task Force Advisory Board, which is Chaired by the former Chair of the Financial Conduct Authority's Financial Services Consumer Panel.
Bios of key participants
provided thus far*
Andy Agathangelou FRSA,
Transparency Task Force
Andy will be Chairing the Symposium. His overall objective is to galvanise support for the idea that greater transparency in financial services can drive positive, transformational change for the benefit of all.
Andy formed the Transparency Task Force following a meeting he led at Senate House, University of London on 6th May 2015. The meeting was the about the trust deficit that is impacting financial services and how harnessing the transformational power of transparency can drive the change that is needed.
That meeting set off a chain of events that led directly to the creation of the collaborative, campaigning community that is the Transparency Task Force.
Our activity is is built on the idea that 'Sunlight is the Best Disinfectant' and our guiding "North Star" question is "what is best for the consumer?"
The mission of the Transparency Task Force is
"To help protect consumers' financial interests by reforming the financial services industry around the world, through harnessing the transformational power of transprency"
We have many Special Interest Groups made up of subject-matter experts working collaboratively:
We are building a global network of Ambassadors:
We are working hard to rebuild trust and confidence in financial services through creating a Framework for Finance Reform built on the Finance Development Goals:
We have a highly credible Advisory Board:
Andy is also:
Mary Leung, CFA
Head, Advocacy, Asia Pacific,
Mary is Head, Advocacy, Asia Pacific at CFA Institute.
She leads the team that is responsible for building market integrity in APAC by developing and advocating capital markets policy positions that raises investor protection and fosters sustainable industry growth. She also oversees the promotion and development of Asia-Pacific Research Exchange (ARX), a research hub through which we engage with societies, members, governments, regulators, academia and other industry stakeholders to advance the wider CFA Institute mission.
Mary has over 20 years of experience in the global financial industry, having worked in corporate finance, wealth management advisory and fund management. She joined from Coutts & Co, where she was Director of Business Development and Management for North Asia.
Prior to that she was Executive Director at UBS AG, where she led the Corporate Advisory Group in Hong Kong. With experience in both the buy- and sell-sides, Mary has a strong understanding of the drivers and dynamics of different investor groups, including institutional investors, corporates, family offices, asset owners, and high net worth individuals.
Mary graduated from Peterhouse, Cambridge with a degree in Engineering. She has been a CFA charterholder since 1997 and speaks English, Putonghua and Cantonese.
Specializing in Data Science, Financial Mathematics & Chaos Theory,
University of Paris I-Panthéon-Sorbonne
Raphael Douady is a French mathematician and economist specializing in data science, financial mathematics and chaos theory at the University of Paris I-Panthéon-Sorbonne.
He formerly held the Frey Chair of quantitative finance at Stony Brook University and was academic director of the French Laboratory of Excellence on Financial Regulation.
He earned his PhD in Hamiltonian dynamics and has more than 20 years of experience in the financial industry. He has particular interest in researching portfolio risks, for which he has developed especially suited powerful nonlinear statistical and data science models, as well as macroeconomics and systemic risk.
Raphael founded fin tech firms Riskdata (risk management for the buyside) and Datacore (quantitative portfolio of ETFs) and is Chief Science Officer of Matrics (AI for the buy-side). Douady is a member of the Praxis Club, a New York-based think tank advising the French government on its economic policy and sits on the board and the investment committee of Friends of IHES, a foundation supporting the Institut des Hautes Etudes Scientifiques (the French brother of Princeton IAS).
He is an alumni of Ecole Normale Supérieure in Paris and was awarded a gold medal at the International Mathematical Olympiads.
Absolute Return Investment Management Association of China
Mr. Jeff Nie started his career in fund of hedge funds (FOHF) at Goldman Sachs Hedge Fund Strategies Group (formerly Commodities Corp.) in early 1998.
He was one of the earliest Chinese worked in the FOHF space. He was the Head of Risk Management & Quantitative Analysis at Merrill Lynch Alternative Strategies Group. He also served at the largest FOHF company in Asia, SAIL Advisors, as Board Member, core member of the Investment Committee, Managing Director, and Chief Risk Officer. In addition, he held various senior management roles at different asset management firms based in Hong Kong.
He has seasoned first-hand experience in investing global hedge funds as well as Asia-focused hedge funds and he helped to manage multi-billion USD AUM. Mr. Nie is a senior financial engineer and has been trading options for over 20 years. He authored the book Decrypt Fund of Hedge Funds and is a frequent keynote speaker on various large hedge fund conferences as well as derivative forums.
Mr. Nie was the founding Chairman and is a Co-Chairman of Absolute Return Investment Management Association of China. He also serves as a Vice-Chairman of China Private Equity Investment Industry Association; a Vice-Chairman of Overseas Chinese Asset Management Association; Advisor of CHFRC of SAIF; Chief Investment Advisor of Hengqin New District Financial Service Office; Guest professor of a few top universities in China.
The International Insurance Society Ambassadors
Global Insurance Evangelist and advisory board of Guardtime a leading cybersecurity company and blockchain provider specializing in cryptography for data integrity. Their keyless signature infrastructure (KSI) is utilized across the defence industry and into the supply chain, insurance, healthcare and manufacturing verticals. They have an underlying application for data privacy laws such as GDPR. In May 2018 EY, Guardtime and Maersk with members of the insurance industry launched InsurWave the first global commercial insurance blockchain backed platform to enter production commencing with marine insurance.
Advisory board of Ultimate Risk Solutions and previous Asia Pacific Lead assisting URS introduce Risk Explorer into emerging market and inter operate with new innovations such as InsurWave.
Chairman of the International Insurance Society Ambassadors (IIS) he assists the management introduce new programs to extend membership and introduce localized content.
He has held numerous positions in a 40 year career including Global Insurance Lead for SUN Microsystems, Asia Pacific Chairman for Unirisx, United Nations Risk Management Consultant, Canadian government roles and staring career in Lloyds of London and associated market.
He is currently involved in numerous startups for exponential technologies for blockchain and AI across multiple vertical industries.
He is an Asia Pacific specialist having lived in Asia 30 years with educational background at the British Computer Society and the Chartered Insurance Institute. On July 2017 he received the Kenneth Black Jr Distinguished Service Award from the International Insurance Society.
Asia Wealth Business Leader,
Janet Li, CFA, is the Asia Wealth Business Leader at Mercer. She oversees and is responsible for Mercer’s Wealth (Investment and Retirement) Business in Asia. In her role, she leads and drives business strategy as well as managing the team across Asia.
Janet has vast experience working with institutional clients (sovereigns, pension, insurance, corporate and wealth management). Her experience also spans across a wide range of investment services (asset liability review and strategy, portfolio construction, manager review, selection and monitoring, investment governance and transformation, discretionary management, member communication and education and related tools’ developments) and a diverse range of asset classes (public equities and fixed income, private equities, illiquid credit, real estate and infrastructure).
Before joining Mercer, Janet was the Director of Investments, Greater China at Willis Towers Watson where she was also a core member of the Asia leadership team.
Janet is the Chairman of the Executive Committee, a Member of the Members Communication Sub-committee and a Member of the Business Strategy Sub-committee of the Hong Kong Retirement Schemes Association (“HKRSA”). She has been a delegate and a supporter to the annual cross Straits Pension Forum (this year is the 11th anniversary), which the HKRSA has ben one of the key organizers, for the past 9 years. Janet is also a Management Committee Member and a member of the Research and Development Sub-committee of the Taiwan Pension Fund Association. In addition to these, she is serving as Advisory Committee Member of the FTSE Taiwan Index Committee, Mentor of the HKU Mentorship Programme, SSB Manager on a School Board and Member of the Hong Kong Academy of Finance (AoF).
Janet graduated with Bachelor Degree of Economics and Finance from The University of Hong Kong and is Chartered Financial Analyst.
The Great Divide
You can read the speech by Andrew G. Haldane, FAcSS (the Bank of England's Chief Economist and Executive Director of Monetary Analysis and Statistics) that he gave on 18th May 2016 at the New City Agenda Annual dinner.
The speech is entitled The Great Divide and it is a first class explanation of why the trust deficit really matters and why it makes sense to try to do something about it.
Please click on the green button to access it; if you're not convinced of its relevance to our initiative, here's part of it:
..."The most important and compelling message the Bank received at the Open Forum came in the first session. The Bank had conducted some polling of perceptions of the financial sector – for example, by asking people what one word best described the future of financial markets. Among the Bank’s usual contacts, including those in the financial sector, the most used word was “regulated”. Many of us will have heard that message from financial insiders concerned about the perils of over-zealous regulators.
For me, the more revealing responses came from the general public, from the customers, rather than the producers, of financial services. The word most used by them when describing financial markets was a rather different one: it was “corrupt”. Not far behind were words like “manipulated”, “self-serving”, “destructive” and “greedy”. I am sure many of you have heard those messages too. They are certainly ones I have encountered frequently on my visits around the country."...
Please click the green button below to access the full speech. If you need to read another piece first, here it is:
..."At least until recently many economists like me, when faced with this evidence, might have shrugged our shoulders. Social capital had no real role in our models of economic growth, unlike physical capital and human capital. Trust did not butter our parsnips and nor did it enter our production functions.
Recently, however, that orthodoxy has changed and the importance of trust has become clearer.
Evidence has emerged, both micro and macro, to suggest trust may play a crucial role in value creation. At the micro level, there is now ample evidence the degree of trust or social capital within a company contributes positively to its value creation capacity.
At the macro level, there is now a strong body of evidence, looking across a large range of countries and over long periods of time, that high levels of trust and co-operation are associated with higher economic growth.
Put differently, a lack of trust jeopardises one of finance’s key societal functions – higher growth.
Those social capital effects appear to be particularly potent when it comes to financial decisions. Evidence suggests that a lack of trust leads people to retreat from the stock market and banks and to move towards cash holdings and informal sources of credit, such as payday lenders and loan sharks. That jeopardises the second key benefit of finance to society – improved risk-sharing by households and companies.
So a lack of trust in finance potentially hobbles both economic growth and financial stability.
That lack of trust is the mirror-image of the perception gap between the financial sector and wider society, the Great Divide.
The Great Divide matters because it signals a pronounced and protracted erosion of social capital. It puts finance on notice for losing its social licence. And, unaddressed, that jeopardises future wealth and well-being."...
Please click on the green button to access the full speech. If you're not yet convinced you should, here's a final snippet:
..." As a survey in 2013 of financial professionals found, rather remarkably, that over half believed their competitors engaged in illegal or unethical behaviour. A smaller, but still high, fraction of 24% believed their own company engaged in such practices. Similar percentages believed their industry did not fulfil its fiduciary function of putting clients’ interests first.
The significance of these findings is not the precise percentages, as striking as these are.
More fundamentally, it is because of what they reveal about finance’s perception of itself, the mirror it holds to the social identity of finance."...
Click onto the button below to access the full speech; you'll be glad you did, it's profoundly thought-provoking for anybody interested in the future of the financial services industry:
If you are not already on the right page and want to read about our major international project to help rebuild trustworthiness and confidence in financial services, click on the orange button below: