This symposium has already taken place, but you can scroll down to the bottom of this page to download the slides used.

Many thanks to

for hosting:

"The CMA's Final Report on the Investment Consulting and Fiduciary Management Markets”

And thanks also to our event sponsors:


If you haven't been to a Transparency Symposium before you can use the link below to read some testimonials:

When and where is the symposium?

Registration is at 10:30 for an 11:00 start; ending at 17:00 followed by networking with drinks and nibbles through to 18:30; on Wednesday 16th January, at

Burges Salmon LLP,

6 New Street Square,

London EC4A 3BF

Why are we running this event?


This Transparency Symposium is an important thought leadership event dedicated to discussing and debating the work of the Competition & Market Authority who have been undertaking an extensive investigation into the workings of the Investment Consulting and Fiduciary Management sectors. 


The CMA carried out their investigation following a reference from the Financial Conduct Authority in September 2017.


The CMA have taken a close look at whether there are competition problems in these markets, in particular whether there are any ‘adverse effects on competition’ and what remedial action should be taken to address them.


Having recently published their Final Report, they are now ready to explain their conclusions and respond to questions and comments.


This symposium therefore provides an ideal opportunity for all types of stakeholders including market participants, asset owners, representatives of pension schemes, academics, subject-matter experts and the pensions and investment press to engage first hand with key people at the CMA who have been involved with deciding what the remedies should be; and who will have responsibility for implementing the remedies moving forward.


The senior executives from the CMA involved with the event are:


  • Alison Gold, Project Director
  • Alistair Thompson, Director of Remedies, Business and Financial Analysis
  • Corina Donohoe, Assistant Director 


All three CMA executives have been key to the investigation and/or have responsibility for taking forward the next phase of the investigation into the implementation of remedies stage.


Also, in the afternoon there will be presentations by key stakeholders including market participants; and after the mid-afternoon coffee break there will be a Power Panel that will start off a discussion and debate session.


Given the significance of the Final Report and the widespread implications to the way it will impact the pensions and investments sector, we expect the event to be particularly engaging and highly participative.


Our overall purpose for the event is to shine a very bright light onto this important topic; in keeping with the TTF’s mission which is to help fix what’s wrong in financial services by harnessing the transformational power of transparency. 


The underlying questions the event will seek to answer include:

  • What have the CMA decided are the barriers to fair and open competition in this space?
  • What have they concluded about conflicts of interest?
  • What exactly are the changes the CMA plan to make and how will they be introducing them?
  • What will bringing the investment consulting and fiduciary management sectors inside the regulatory perimeter mean in practical terms?
  • What has been the thinking on separating investment consulting and fiduciary management functions?
  • What might be the long-term consequences of what the CMA are planning to do?
  • Are there any unintended consequences that can be foreseen?

What's the format going to be?


To provide the maximum opportunity for all delegates to get fully involved we have structured the event around:


  • A keynote presentation by the CMA executives
  • Presentations by key stakeholders
  • A hot topic Power Panel
  • A discussion and debate session

As such, the symposium is ideally suited to those who want a valuable regulatory update, the opportunity to ask questions and give feedback, the chance to share opinions and participate in lively discussion and debate. 

Here's the programme thus far*



Registration, refreshments and networking.



Welcome to the symposium by Chris Worrall, Partner at Burges Salmon and Head of the Competition Team



Andy Agathangelou to introduce the Transparency Task Force and set the scene for the event, explaining the importance of the topic to the workings of the pensions and investment market



Presentation #1, delivered by the CMA; this will include Q&A.


Alison Gold, Project Director

- Alistair Thompson, Director of Remedies, Business and    Financial Analysis

- Corina Donohoe, Assistant Director



Presentation #2 by Iain McAra Director, Global Investment Performance Standards EMEA Region, CFA Institute.


Iain will be speaking about where the CFA Institute and IC Select are on the Fiduciary Management performace presentation standard that they would suggest would satisfy remedy 6.



Presentation of the Transparency Trophy; a trophy is awareded to a champion of transparency at each of our symposia



Lunch and networking.  



Several attendees, with a wide range of perspectives will be sharing their thoughts and reflections on the CMA’s Final Report in special “short and snappy speaking slots” that will all begin with words:


“If I had just 3 minutes to comment on the CMA’s Final Report, this is what I’d say…”


The line-up for this part of the programme features the following so far:


- Kevin Clark, Director of Business Development, Punter Southall Governance Services


- James Smith, Founder, First Actuarial

- Jim Brophy, Co-Founder, Verus




The Power Panel; featuring: 


- David Masters, Board Director and Partner, Lansons

- David Rae, Head of Strategic Client Solutions, Russell Investments

- Robert Davies, Appointed Representative, Valu-Trac Investment Management

- Martina Macpherson, President, Network for Sustainable Financial Networks

- Rory Maguire, Managing Director, Fundhouse



Refreshments and further networking



The Great Big Open Debate; where all attendees, speakers and panellists will have the opportunity to share their thoughts on the key issues raised by the symposium and ponder on what actions should be taken as a result of it.



Further networking; with drinks and nibbles.



Final close


*Detail of the programme will continuously evolve and is therefore subject to change

Who shouldn't miss this symposium?


This symposium is going to bravely attempt to deal with questions of immense importance to the investment consulting and fiduciary management sectors; so in many ways it's a not-to-be missed event for anybody that has an interest in those sectors and all the related areas that dove-tail into them, such as asset managers, pension scheme trustees and so on. 


We're expecting it to be a very stimulating, engaging and thought-provoking session. 


On that basis, this event will be especially valuable to:

  • Pensions Policymakers and Regulators; UK and overseas
  • Pension scheme trustees; professional and lay
  • Parliamentarians with an interest in pensions and investments
  • Senior representatives of the investment consulting, fiduciary management, asset management and pensions Trade Bodies, Professional Associations and Standards Boards
  • Pensions Thought Leaders
  • Risk management professionals
  • Academics and researchers in governance, stewardship, ethics, conduct and compliance in the investment and pensions space
  • Investment and Pensions Compliance and Conduct enforcement professionals
  • Pensions Consultants - DB and DC
  • Investment Consultants  
  • Pension Providers including MasterTrusts
  • Members of Independent Governance Committees
  • Think Tanks and Civil Society Groups with an interest in pensions and investment policymaking
  • The Investment and Pensions Press in the UK and overseas
  • ...and more!

Bios of key participants

provided thus far*

Chris Worrall,

Partner and Head of the Competition Team,

Burges Salmon


Chris has worked on numerous high profile antitrust matters and specialises in all aspects of EU and UK competition law, including antitrust investigations, cartels, abuse of market power, and merger control. 


Chris has extensive experience across a range of sectors, with a particular focus on financial services, media, transport, healthcare and retail.


Chris joined Burges Salmon from international law firm Clifford Chance.


His experience includes advising clients on:

  • EU and UK merger control filings, securing Phase I and Phase II clearances and advising on remedies
  • Market studies and market investigations conducted by the Competition and Markets Authority (CMA)
  • Financial Conduct Authority (FCA) market studies, and FCA investigations
  • EU and UK cartel proceedings, and abuse of dominance investigations
  • Dawn raids and antitrust investigations conducted by the European Commission and the CMA
  • Compliance issues, internal investigations and competition law audits
  • Antitrust issues regarding distribution arrangements, online sales and parallel imports, joint ventures and strategic alliances.

Corina Donohoe,

Assistant Director,

Competition & Markets Authority


Corina joined the CMA in 2014 and worked on a variety of mergers and market investigations, including Energy, Private Healthcare and most recently, Investment Consultants.


Corina is a chartered accountant and prior to joining the CMA she spent several years working in Corporate Finance, for Lazard and Barclays Capital. She specialised in the Consumer and Retail sectors.


Her experience includes advising clients on mergers, acquisitions, debt and equity raising and public listings, amongst others. 

Alison Gold,

Project Director,

Competition & Markets Authority


Alison is a project director at the CMA and led the market investigation into investment consultants on behalf of the CMA’s inquiry panel.


She joined the CMA in early 2017, having spent 13 years at the BBC, running the governance and regulatory system for its services.


Prior to working at the BBC, she worked as a management consultant for 10 years, initially at KPMG and then at a boutique firm.

Robert Davies,

Appointed Representative,

Valu-Trac Investment Maagement Ltd


Rob Davies worked as a professional geologist in Antarctica and Australia before joining the City as a mining analyst.


During his 15 years he worked for a number of brokers and investment banks including Smith New Court, Shearson Lehman Hutton and ING Barings. He was a speaker at the Financial Times Gold Conference in 1997 and worked on a number of capital market transactions in the mining industry including the IPO of Buenaventura on the NYSE. From 1999 to 2001 he was a writer at The Motley Fool.


In 2002 he joined the Private Client Department of Clydesdale Bank as Senior Investment Analyst where he remained until it was sold in 2006.


His experience of the stock market as an equity research analyst, personal finance writer and portfolio construction manager gave him a unique background which he used to craft a unique investment process that has been used to run the VT Munro Smart-Beta UK Fund for the last 11 years. 

Stephen Rowntree,

Industry Liaison Manager,

The Pensions Regulator


Stephen joined The Pensions Regulator (TPR) in 2013 after an extensive career in consultancy and systems administration for both Trust and Corporate pensions with some of the leading UK Benefit consultancies.


From late 2013, Stephen’s primary responsibility was to oversee the preparation of the accountancy and bookkeeping sector for automatic enrolment. More recently Stephen has been engaged with Public service pension schemes to help local pension boards understand their responsibilities.


As a member of the Industry Liaison Team at TPR, Stephen attends many speaking events as part of the TPR remit to engage with employers and professional groups. Stephen is a Fellow of the Pensions Management Institute.

Alistair Thompson,

Director of Remedies, Business and Financial Analysis,

Competition & Markets Authority


Alistair Thompson, Director of Remedies, Business and Financial Analysis.


Alistair has been at the CMA, and before that the Competition Commission, for 14 years covering a wide range of merger and market investigations in a variety of industries.


He previously worked in corporate finance at Lazard after training as an accountant with PwC.

Martina Macpherson,


Network for Sustainable Financial Networks


Martina is President, Network for Sustainable Financial Markets, leading a global network of sustainable finance and banking experts. She is a doctoral fellow at ICRMP UK, a visiting fellow at Henley Business School and a guest lecturer at University of Zurich. Martina teaches and trains industry professionals such as investors, corporates and regulators (e.g. the FCA) in sustainable finance, thematic, ESG and impact investing, responsible banking and insurance management. She sits on a variety of prestigious industry, media and academic working groups, boards and editorial panels to assess and report on the status of the market, policy, technology and product innovation.


In 2014, Martina founded her own ESG strategy consulting firm, SI Partners Ltd., an independent consulting firm specializing in Climate Risk and ESG / SDG advisory, research, products, investment content, and engagement services for the investment, banking and insurance industries.


Martina is a former chair of the NED board - and nowadays a mentor - at the Global Thinkers Forum (GTF). She also sits on UKSIF’s analyst committee board, Sedex’ Advisory Committee, is a member of WE – Women in ETF, and acted as an observer at ICMA – The Green Bond Principles. In addition, she is a member of the Institute of Directors, an affiliate member of ICSA: The Governance Institute and an alumni fellow of the German National Academic Foundation.


Martina has held a range of senior global research, product and business development roles for more than 17 years. She worked in ESG research, analytics and engagement roles at S&P Global, Hermes EOS, MSCI ESG Research, and within product strategy at Lloyds Banking Group/Insight Investment, RBS Asset Management, F&C (BMO) and Deutsche Bank.


She is a writer, (academic) lecturer and presenter on sustainable investment and green finance themes and contributes regularly to industry and academic publications. Her recent work includes contributions to the latest FCA consultation on climate change impacts on financial services, UNEP FI’s Responsible Banking Principles consultation, the EU Commission’s/ECMI’s Sustainable Finance working groups on ESG integration, asset allocation and benchmarking, and the Sustainable Stock Exchanges’ and City of London’s taskforce reports on green finance and social impact reporting. Martina also forms part of the IIF (Washington)’s working group on sustainable finance policy management, TCFD and regulatory oversight. She also closely collaborates with the European Banking Federation and other industry bodies. Most recently, she joined the Editorial Advisory Board of ESG Clarity, a content-led initiative by Last Word Media, a leading financial services  / media platform. 

Rory Maguire,

Managing Director,



Rory Maguire is the Managing Director of Fundhouse.  Fundhouse is a progressive firm and was formed in 2007, providing independent investment consulting to institutions and advisory firms. 


Fundhouse are uniquely regulated, they receive no fees from fund groups and they publish their fund manager selection track record on their website. 


Rory has been in the investment industry since 1997 and co-founded Fundhouse in 2007 and he is also an ambassador for the Transparency Task Force.


Before starting Fundhouse, he was CEO of a fund management firm. At Fundhouse he focusses his efforts on fund manager research, asset allocation and overall business strategy.

Iain McAra,

Director, Global Investment Perfromance Standards, EMEA Region

CFA Institute


Iain McAra is Director, Global Investment Performance Standards, focusing on the EMEA region. He joined CFA Institute in April 2012 in New York, relocating to the CFA Institute London office in August 2013.


Prior to joining CFA Institute, and for a little over 14 years, he was Vice President, US Performance Analysis Group for JPMorgan Asset Management, based in New York, where he also oversaw GIPS compliance. Originally from the UK, he worked in Performance Analysis for Citibank and Baring Asset Management, transferring to Baring’s Boston office in 1994 where he was also responsible for GIPS compliance.


He has served on and chaired various GIPS/AIMR committees since 1992 and, prior to joining CFA Institute, was the chair of the Investment Manager Subcommittee and member of the GIPS Executive Committee. As CFA Staff he has supported or continues to support the EMEA and Asia Pacific Regional subcommittee, Investment Manager and Interpretations sub committees as well as the Risk and Investment Reporting Working Groups.


Iain was a member of the PRIIPs KID consultative expert group and works with other industry groups in the UK and the EU. He has a BSc in Chemistry from University of London.

David Masters,

Board Director and Partner, Lansons


David is a Board Director and partner at Lansons, with over 25 years’ experience in the investment industry. David advises clients across a number of sectors covering, fund management, investment consultancy, alternatives, wealth management, private capital and impact investing. He is an expert in both positive corporate storytelling as well as managing difficult issues and crisis management.

David launched Vanguard into the UK, and the Netherlands, and is part of Lansons’ award-winning team working with the Co-op Bank. Prior to joining Lansons in 2000, David spent eight years with Standard & Poor’s and Micropal in London, Boston and New York as a qualitative and quantitative analyst.


David has a BA (Hons) in Business Studies from De Montfort University and has recently retired from football coaching (level 1).


David also blogs on issues in the asset management industry. His twitter handle is @davidcj

Kevin Clark,

Director of Business Development,

Punter Southall Governance Services


Kevin is responsible for managing new client relationships and holds several professional pension trustee appointments.  


Kevin’s pensions experience began in 1975 as an administrator at Hogg Robinson. He moved into consultancy in 1985 whilst at Antony Gibbs (HSBC). Kevin joined Guinness Mahon to serve on the boards of its new benefit consulting business and subsidiaries, James Hay Pension Trustees (the SSAS specialist) and Personal Pension Management (the UK’s first SIPP provider).


In 1997, he joined SBJ Benefit Consultants as Executive Director with responsibility for new client relationships, and remained throughout the integration into Bluefin and then Capita. Kevin’s experience includes advising defined benefit (DB) trustees to achieve a successful strategy and effective relationships with scheme sponsors and developing defined contribution (DC) pension strategies.


He has acted as a professional trustee and scheme secretary for over 25 years. Kevin regularly participates in charity fundraisers and also achieved a personal goal to study French Classics.


Qualifications: PMI Trustee Certificate, Certificate in Financial Planning 1-4

James Smith,


First Actuarial


James Smith is a founder of First Actuarial and the firm’s compliance officer. 


James is a Scheme Actuary and advises a portfolio of clients on actuarial matters and investment strategy. 


James is a member of the IFoA DPB Board.

David Rae,

Head of Strategis Client Solutions,

Russell Investments


David leads the team responsible for developing investors’ portfolio strategies in light of their specific circumstances.


David works with pension fund, insurance, and other clients across EMEA to build portfolio solutions to manage risks, including liability hedging, and generate the required level of returns.

Jim Brophy,




Jim Brophy is a co-founder of Verus, a Dublin based provider of independent oversight to trustees in Ireland who use fuduciary management.


Jim is a fellow of the Institute of Actuaries with many years experience advising trustees on investment in both Ireland and the UK.

Andy Agathangelou FRSA,

Founding Chair,

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?"


Since 6th May 2015 Andy has recruited, organised and mobilised over 400 volunteers around the world into 17 Special Interest Groups, namely:


 - Market Integrity

 - Foreign Exchange


 - Pensions 

 - Fintech

 - Communications

 - Banking

 - Financial Planning

 - Anti-Scams


 - Asset Management

 - Financial Stability

 - Global Transparency Index


 - Americas

 - Investment Consulting & Fiduciary Management

 - Compliance / Legal / Audit / Regulatory / Governance / Custodian / Risk Management


Our 17 SIGs are the 'engine room' of the Transparency Task Force's work. Each Team is focused on a particular set of opacity-related challenges whereby subject-matter experts work together on a voluntary basis to develop and implement strategies to overcome those challenges.


 Andy is also:

  • Chair, the Interoperability Steering Group
  • Governor, Pensions Policy Institute
  • Fellow, the RSA
  • Chair, Pensions BIB,
  • Former Founding Chair, Friends of Auto Enrolment
  • Former Founding Chair, Friends of the Association of Member Nominated Trustees

Please click on the PDF icon below to download the slides that were used at the event.

Slides used at: "Time for Transparency - The CMA's Final Report on the Investment Consulting and Fiduciary Management Markets”
TS London 16th January.pdf
Adobe Acrobat document [3.4 MB]

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:

Print Print | Sitemap
© Transparency Task Force