"Ideas to help reduce the chance of another Global Financial Crisis"
This very special meeting took place in Committee Room 3 at the House of Commons, kindly made available for the Transparency Task Force by Lord Cromwell.
The meeting was an opportunity for members of the Transparency Task Force’s Financial Stability Team to present elements of our White Paper entitled "Ideas to help reduce the chance of another Global Financial Crisis," with a view to helping initiate the creation of a new All Party Parliamentary Group on Financial Stability.
The new APPG is being launched to create a useful forum for ongoing discussion and debate amongst Parliamentarians, Regulators, Government Departments, Academics, Civil Society Groups and so on.
This comment from Lord Lindsay sums up our APPG initiative very nicely:
“There is universal shared interest in avoiding another Global Financial Crisis so I am pleased to play my part in supporting the new All Party Parliamentary Group on Financial Stability. We wish to consider ideas from a wide range of stakeholders; the strongest ideas will be developed into fledgling policy proposals for consideration by Regulators, Government Departments and so on. Hats off to the Transparency Task Force for their compelling White Paper on the topic and for suggesting the new APPG be formed.”
…and here’s another explanatory comment, from Baroness Sally Greengross, President of the Pensions Policy Institute:
“Greater transparency around financial transactions is a critical component to avoiding any repetition of the Great Crash. On a human level we need to develop far more effective values-based, rather than rules-based, Codes of Conduct, that are rigorously enforced and give greater consideration to individual’s attitudes to risk individually and also seek to properly incorporate the “social capital” element to market behaviour and reduce short-termism.”
The meeting was successful - with various parliamentarians in attendance. Speakers included Sir Vince Cable who shared his thoughts on the last Global Financial Crisis and what might cause the next one.
As well as participating parliamentarians there was also senior representation from the Bank of England, the Financial Conduct Authority, the Financial Reporting Council, The Pensions Regulator, the Department for Business Energy and Industrial Strategy, the Department for Work and Pensions, the TUC and the Government Actuary’s Department.
Several members of the Transparency Task Force’s Financial Stability Team provided their insight on how the chance of another Global Financial Crisis can be reduced -
The other speakers were:
You can view the slides, pictures from the event and those that were booked to attend below:
Pictures from the event:
Details of the individuals that were booked to attend can be downloaded below:
For further information on how this initiative started and to read our White Paper click here