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Accessing the White Paper
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Click on the PDF icon at the bottom of this web page to download the press release about Baroness Ros Altmann becoming out 100th Ambassador
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"How can we accelerate the rebuilding of trust and confidence in Financial Services?”
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When and where is the symposium?
Why are we running this event?
This symposium in London on 16th May is part of a major 5-year international effort to deal with a troubling “elephant in the room” issue; the lack of trust in financial services.
We believe our 5-year international project is the first serious attempt to deal with the trust deficit on an international basis, and we are bringing together key stakeholders to do it.
We will be tackling a question of immense importance:
“How can we accelerate the rebuilding of trust
and confidence in financial services?”
It is widely accepted that the public are becoming increasingly distrusting of society's once-respected institutions.
Many believe that we are in the “last chance saloon” as far as the public’s perception of the financial services sector is concerned.
There is a very real danger that the drip, drip, drip, of adverse publicity caused by the persistent malpractice, malfeasance and miss-conduct by the mischievous minority means that the public at large are getting dangerously close to “the point of no return,” whereby regardless of what we subsequently do the situation may not be salvageable.
If people lose all trust in the sector it may never be possible for us to earn it back again.
To be blunt, it is mission-critical that we do not sleepwalk into that situation because the long-term consequences to society and the commercial success of the sector would be dire.
The trust deficit issue is a significant problem for politicians, policymakers, regulators, market participants and the public at large too.
However, despite the magnitude of the problem, we do not believe there has ever been a concerted international effort involving key stakeholders to attack the problem head on; until now.
The overall purpose of our symposium in London on 16th May is to begin to galvanise support for the idea that the finance sector should accelerate the rebuilding of trust and confidence in an intelligently thought-through way i.e. as part of an organised programme of activity involving key stakeholders around the world. How else could the problem be solved?
We do not believe it will be possible to solve the problem in any other way; anything else would be to under-estimate the scale of the challenge and the trouble there will be if we do not solve it.
It's too big, complicated and serious an issue to be able to solve it without bringing the key stakeholders together; and that is exactly what our 5-year international project is designed to do.
People from right around the world are volunteering to play their part in this major international effort. The project is all about the harsh reality that the finance sector desperately needs changing. There are too many conflicts of interest, a lack of alignment of interests, too many asymmetries of information and ongoing reputational damage for the sector as a whole because of the continuous drip, drip, drip of poor market conduct.
We will be bringing together key stakeholders from around the world including politicians, policymakers, regulators, professional associations, trade bodies, thought leaders, academics, civil society leaders, campaign groups, progressive market participants and so on; in fact anybody that has a genuine interest in positive, progressive and purposeful finance reform.
The early signs are that people want to get involved, which is great because we need all the help we can get. Fixing the trust deficit is going to take a coordinated effort over a long period of time but the idea is that lots of people putting in a little bit of effort is a better approach than just a handful trying to carry the load themselves.
It’s all about working in a collaborative, collegiate, consensus-building and coordinated way, internationally.
We are going to be building a “dream-team” of subject-matter experts on 20+ topics; each topic is part of the solution.
In practical terms we are going to be running special meetings around the world. We are going to be holding them in every financial centre, building a global network of like-minded people who want to be part of the solution. We are looking for people that have a “stand up rather than stand-by” mindset; people that care of the wellbeing of the sector and the people it should be serving well.
In March there were special events in Boston and New York; in May there will be special events in London and Dublin, in June we have Amsterdam, Zurich and Brussels; and then it will continue to build month after month, city after city, right around the world.
We know we are being very ambitious but also very realistic. It is all about “the art of the possible” and our collective interest and experience tells us that by working together we can all make a worthwhile difference.
If you are ready to book your place use the button below; but if you want further information, do please read on:
We are a not-for-profit so it is vital that the Transparency Task Force raises sufficient funds to help us keep afloat. One of the ways we try to do this is through our events. The Standard Ticket Price is £245 but if the Standard Ticket Price is genuinely out of scope for anybody they can simply ask us to reduce the price and we'll do our best to help.
Here's the programme thus far*
Speaker photos and bios will be added towards the bottom of the page as they are added to the programme
Registration, refreshments and networking.
Welcome to the symposium by Alistair Kellie, Managing Partner, Newgate Communications; and presentation of the White Paper specially produced by Newgate Communications and the Transparency Task Force on "How can we accelerate the rebuilding of trust and confidence in financial services?" by Alistair Kellie, Managing Partner; and James Watson, Executive Consultant; at Newgate Communications
Andy Agathangelou, Founding Chair of the Transparency Task Force to introduce the Transparency Task Force and set the scene for the event, explaining the overall rationale for the major international project we have embarked on; and how we plan to make it work
Presentation by Matthew Taylor, Chief Executive, the RSA
Presentation by Janette Weir, Managing Director at Ignition House; on the state of distrust in the pensions sector and why we need to act with urgency
Power Panel, with panellists talking about the importance they place on having a trustworthy financial services sector.
- Sue Lewis, immediate past Chair of the Financial Conduct Authority's Financial Services Consumer Panel; member of the TTF Advisory Board and a whole lot more!
- John Howard, former Chair of the Financial Conduct Authority's Financial Services Consumer Panel; and presenter of BBC Radio 4's "You and Yours" consumer programme; Chair of the TTF Advisory Board, TTF Ambassador and a whole lot more!
- Sue Flood, Leader of the Ark Pension Scam Victims Group; member of the TTF Advisory Board and TTF Ambassador
- Antony Elliott OBE FCIB, Founder, the Fairbanking Foundation
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 networking; followed by Team Photo
Presentation delivered by Sander Eijkenduijn, Co-Founder at Scorpeo; a case study that will show the desperate need for culture reform and better alignment of interests in the financial services sector. as well as how technology is a friend of transparency
Presentation delivered by Dan Brocklebank, UK Director, Orbis Investments; a case study on the importance of alignment of interests in relation to fee structures
"Short Speaking Slots"
Several attendees will be sharing their thoughts and reflections on the trust deficit, contextualised as:
“If I had just 5 minutes to comment on how we can accelerate the rebuilding of trust and confidence in financial services, this is what I’d say…”
Each of their speaking slots and the ideas, insights and issues they articulate will form the basis of a subsequent Q&A and discussion session
The line-up for this part of the programme features the following:
- Dr Anna Tilba, Associate Professor in Strategy and Governance, Durham University Business School
- Professor John Wilson, Pro Vice-Chancellor for the Faculty of Business and Law at Northumbria University, Newcastle
- Mark Turner, Managing Director, Duff & Phelps
- Dr Scarlett Brown, Head of Research and Policy, Tomorrow's Company
- Professor Michael Mainelli, Executive Chairman, Z/Yen Group
- Corinne Carr, Responsible Pay Consultant, PeopleNet
- Sunil Chadda, Director, Cairn Consulting
- Henry Tapper, CEO, AgeWage
Refreshments and further networking
Continuation of our "Short Speaking Slots"
- Jennifer Tankard, Chief Executive, Responsible Finance
- Heather Buchanan, Director of Policy, All Party Parliamentary Group on Fairer Business Banking
- Tony Greenham, Executive Director, South West Mutual
- Graham Boyd, Founder, evolutesix
- David Stripp, Principal, David Stripp Consulting
- Brandon Horwitz, Principal Consultant, NomBon Consulting Limited
- Colin Baines, Investment Engagement Manager, Friends Provident Foundation
- Baroness Altmann, former Pensions Minister, to reflect on the afternoon's discussions and debates and to share her thoughts on the major international project we have undertaken.
Baroness Altmann will then formally close the symposium.
Further networking over drinks and nibbles.
*The programme will continuously evolve and is therefore subject to change
The other special meetings so far:
The Boston symposium; held on 12th March:
The New York symposium; held on 14th March:
Further Information about the Project
What do we believe?
We believe that there has been so much poor conduct in the sector that we are now at a critical point in time. The question to be asked is whether the financial services sector can do what is necessary to salvage its reputation; or whether it's more a case of “a leopard can’t change its spots”.
At the Transparency Task Force, we believe that:
Part of an international effort
This special meeting in London on 16th May is part of an international effort to help the finance sector get a grip with the trust deficit problem.
Here’s our programme of meetings for 2019:
Beyond those listed above our plan is to run events in any major City with a significant financial services community where we can find a room that takes 20+ people and facilities to use for free. We will take care of everything else including the speakers, promotions and marketing.
Please do let us know if you/any of your contacts might be able to provide a room we can use in any suitable City.
If you are ready to book your place use the button below; but if you want further information, do please read on:
Please note that the motivation for creating and leading the Transparency Task Force has never been about making money.
In fact a substantial reduction in income and earnings has been experienced as a direct result of moving from running a successful consultancy business built over 15 years to now running a collaborative, campaigning community dedicated to driving up the levels of transparency, truthfulness and trustworthiness in the financial services sector.
However, if the Standard Ticket Price (£245) is beyond your budget, no problem: just email firstname.lastname@example.org advising what you can afford and we'll do our best to help.
The Finance Development Goals
How could the Trust Deficit be solved?
We believe the best way to solve the trust deficit is to bring together the key stakeholders, internationally, and to embark on a well-organised and carefully coordinated programme of change.
Central to that well organised and carefully coordinated programme of change will be the creation of the Finance Development Goals.
Here's an overview of the topics from which the Finance Development Goals will be created:
The Finance Development Goals will be defined by the groups of subject-matter experts working on them – they will have responsibility for developing the best strategies to make the greatest difference in the most pragmatic way possible.
Each team of subject-matter experts will work collaboratively to pool their collective thought leadership, articulated within a chapter of a book that they will write; a book all about "How can we accelerate the rebuilding of trust and confidence in financial services?"
Do you or people you know have subject-matter expertise that can be put to good use in developing the Finance Development Goals?
Perhaps you or people you know would be credible contributors to the writing of a Chapter in the book? The book is important because once completed, the book will be the roadmap that can take the whole sector forward towards a state of greater transparency, truthfulness and trustworthiness.
The Scientific Committee
The Scientific Committee will be made up of academics, researchers and think-tank leaders who will have oversight and governance responsibilities for the technical development of the Finance Development Goals, the writing of the book and the technical integrity of the project as a whole.
Their thinking and decision-making will be guided by academically-robust evidence-gathering.
The First Five Years
It will take more than 5 years to solve the trust deficit but by the end of the first 5 years we believe we can:
Please become part of the solution by getting involved in what we are doing. The more good people we have involved the more progress we can make.
We're going to be trying very hard to make a difference. The cause is both necessary and noble; and we're not afraid to ask for help. That's what the symposium is all about.
If you are ready to book your place use the button below; but if you want further information, do please read on:
Background and Context
Why does this really matter?
The finance sector needs to be trusted to truly flourish but the harsh reality is that it isn’t trusted as much as we’d like it to be.
Within the Transparency Task Force we fully understand that “sunlight is the best disinfectant” and we have first-hand experience of succesfully harnessing the transformational power of transparency to help fix what's wrong.
Interestingly, some people think of the trust deficit problem as a cultural issue; some as a commercial issue; but many as both. Regardless of what you think the underlying causes might be, there is clear consensus that the trust deficit costs the finance industry a fortune in lost revenues.
For example, in the UK we now have the lowest savings ratio since records began in 1963, according to the UK’s Office of National Statistics; and that means a fortune in lost business for the banks, pension companies, asset managers, financial planners and pretty much the whole value chain.
Why should all stakeholders be asking..
“How can we accelerate the rebuilding of trust
and confidence in financial services?”
It is clear that the trust deficit is a problem for all stakeholders; and that’s why we believe that bringing all stakeholders together to work collaboratively to drive up trust and confidence in the sector makes complete sense.
An overview of the project
What is its purpose?
The project is about managing out the trust deficit in financial services, globally; because the trust deficit is a systemic problem that casts a long shadow over the financial services sector and it gets in the way of the sector realising its potential as a force for good in society.
The trust deficit is also a drag on the commercial success of the sector - it acts like a “ball and chain” and therefore constrains the profitability of the market as a whole.
It is a problem for everybody including policymakers, regulators and of course financial services companies; so whether you look at the problem from an altruistic or commercial perspective it adds up to the same thing - a problem that needs taking care of.
What is the project NOT about?
This initiative is NOT about pointing fingers or attributing blame for what has happened in the past. This is not about "banker-bashing" or anything like that.
We are future-focused. Yes, we will be referring to the past to make sure we learn lessons from it. We believe that “progress begins with realism” so it is vital we create a safe environment where we can have candid conversations about where we have been and where we really are; but the emphasis will be on looking forward and solving the problem, not looking back to place blame.
The whole approach is to be solution-orientated.
We need to collectively display the honesty, maturity and integrity to recognise where we are on the trust rebuilding journey and to explore how to get to where we all want to get to.
It’s all about moving from distrust and low confidence to trust and high confidence in financial services; and that can only be done if we find ways to move forward together.
What will get covered at the events?
What will we be doing at the events?
Our plan is to:
From 2020 and beyond
What is planned for the balance of the 5-year project after 2019. i.e. 2020 through to 2024?
We will be repeating the events in each location at least once a year, building momentum form year to year. There will also be ongoing activity with all engaged stakeholders throughout the period, with emphasis around supporting each of the work-streams being able to create worthwhile output that will make a difference.
Of course, we do not think the extensive reputational damage the sector has suffered over several decades will be repaired in just 5 years. Our realistic expectation is that in the 5 year period we will be able to:
What's the scope?
What questions and concerns will we be addressing?
Whilst the over-arching question is
“How can we accelerate the rebuilding of trust
and confidence in financial services?”
...within that that great big question, there are many issues and concerns to be dealt with including:
Who should be included?
For whom is this a not-to-be missed event?
We want to improve things for all right-minded market participants including financial planners, investment consultants, fiduciaries, asset managers, pension planners, bankers, brokers, custodians and so on.
Anybody that truly deserves to call themselves a “financial services professional” and who wants to “stand up rather than stand by” should want to put their weight behind this initiative.
If that includes you, then please be sure to attend and take part in the symposium – your views matter and we want to hear them.
Beyond market participants, this event will also appeal to:
- Retail and Institutional Investors
- Industry Observers, Commentators, the Media in general
- Academics and Researchers
- Campaign and Civil Society Groups
- Fiduciaries, Trustees, Fiduciary Managers
- Members of the Department of Labor
- Bankers and representatives of Banking organisations
- Risk Management Professionals
- Compliance Professionals
- Legal Professionals
- Pension Professionals
- Actuaries; and in addition, the initiative requires policymakers, politicians, trade bodies, professional associations and so on to get behind it; and the signs are very encouraging that they will.
Let’s not under-estimate the potential for like-minded people to drive transformational change so please do whatever you must to get to this event – just rearrange your schedule if you have to, because your input and response to what we're going to be covering might make the difference that makes all the difference; and if it is physically impossible for you to take part, at the very least make sure your organisation is represented – you are welcome to forward a link to this information to your colleagues and contacts if you personally are unable to attend.
The rest of the story so far
Please read on if you would like to know more about the Transparency Task Force and what we have been doing to get to this point.
The trust deficit is recognised as a serious and systemic problem that adversely impacts everybody. The trust deficit is a lose/lose situation and our ambitious international project is our contribution to solving that problem.
This is the first ever attempt to respond to the question “How can we rebuild the trust and confidence in financial services?” in a serious and coordinated way. It is an ambitious project that gets to the heart of the trust deficit problem; a problem that is a serious worry for politicians, policymakers and regulators right around the world.
We are initiating a global push for finance reform that will help to rebuild trust and confidence in the financial ecosystem as a whole and we are confident of its success because our message of “let’s all work together to drive the cultural transfusion the finance sector needs” is being well-received everywhere we go.
To fully understand the project it is necessary to first understand what the Transparency Task Force is all about…
What is the Transparency Task Force all about?
The Transparency Task Force is unique. We seek to operate in a collaborative, collegiate and consensus-building way; focusing on solutions not blame. We seek to effect the change that the financial services sector needs and the consumer deserves.
Here’s an overview of what we are about and what we have been doing:
#1, those with a sense of ‘passion & purpose’ about what needs to be done – such as the members of our Special Interest Groups and our Ambassadors. They are ethically-minded financial services professionals, enlightened market participants, pro-consumer campaigners and leading academics who are involved in our community; and...
#2, those with the ‘power & position’ to make change happen – such as the regulators, politicians, financial services leaders, trade bodies and professional associations.
About our Special Events at the
House of Commons
Our international project is very ambitious. We are very confident of its success in the UK because we have unusually high levels of connectivity and engagement with all the key stakeholders including regulators, politicians and the main financial services trade bodies and professional associations.
Of course, it is going to take time to build a similar supportive network in other countries but we have a plan to do that and our events outside the UK in 2019 are part of that plan.
We have run 3 special events in the UK at the House of Commons. They are being explained now to show that we have managed to convene successful meetings in the past:
We had approximately 50 people in attendance; here is a picture of some of them; and beneath that some pictures of the inquiry it led to:
We can bring people together, build consensus and campaign for positive, purposeful and progressive change
In many ways, a key success factor for the overall project is whether we can bring key stakeholders together. We believe we can do that very well, and one reason for that is we already have a good working relationship with a very extensive network of key people.
As Founding Chair of the Transparency Task Force, Andy Agathangelou has an extensive contact base of key stakeholders such as:
But in addition, the other roles he holds now or has held in the past also help to provide a large, natural network of interested parties, enabling the bringing together of many people including the key stakeholders who can drive positive, purposeful and progressive change that is in the interest of both the consumer and the finance sector itself.
The other relevent roles are:
If you want to read testimonials about our previous events see here: https://www.transparencytaskforce.org/upcoming-events/testimonials/
If you want to know anything else about this ground-breaking, pioneering project please connect through email@example.com
…or better still why not come get involved by attending one of our events!
Bios of key participants
provided thus far*
Transparency Task Force
Andy's overall objective for the event is to galvanise support for the idea that through bringing together good, collaborative people, who would "rather stand up than stand-by" it is possible to accelerate the rebuilding of trust and confidence in financial services.
Andy formed the Transparency Task Force following a meeting he led at Senate House, University of London on 6th May 2015. The meeting was about how the Financial Services sector seems to have a pre-disposition to reputational self-harm, through displaying untrustworthy behaviour; and the part that greater transparency could play in fixing some aspects of what is wrong in financial services. Andy believes that 'sunlight is the best disinfectant'.
Since 6th May 2015 Andy has recruited, organised and mobilised over 500 volunteers around the world into 21 Special Interest Groups, namely:
- Market Integrity
- Foreign Exchange
- Financial Planning
- Asset Management
- Financial Stability
- Global Transparency Index
- Investment Consulting & Fiduciary Management
- Compliance / Legal / Audit / Regulatory / Governance / Custodian / Risk Management
- Private Equity
- Hedge Funds
Our 21 Special Interest Groups are the 'engine room' of the Transparency Task Force's work. Each SIG 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:
Matthew Taylor has been Chief Executive of the RSA since November 2006. During this time the Society has substantially increased its output of research and innovation, has provided new routes to support charitable initiatives of its 29,000 Fellows and has developed a global profile as a platform for ideas.
In July 2017 Matthew published the report ‘Good Work’; an independent review into modern employment, which was commissioned by the UK Prime Minister.
Prior to this appointment, Matthew was Chief Adviser on Political Strategy to the Prime Minister. Previous roles include Labour Party Director of Policy and Deputy General Secretary and Chief Executive of the ippr the UK’s leading left of centre think tank.
Matthew is a regular media performer having appeared several times on the Today Programme, The Daily Politics and Newsnight. He had written and presented several Radio Four documentaries and is a panellist on the programme Moral Maze. He has posted over a thousand times on his RSA blog site and tweets as @RSAMatthew.
John Howard joined the BBC as one of the leading voices on Radio 4. He presented documentaries, phone-ins and discussion programmes, winning several awards. He became best known as the consumer’s champion on the daily magazine programme ‘You and Yours’, which he presented for 14 years.
In 1997 he was invited to join the Mortgage Code Compliance Board as an independent director. He subsequently became a member of the Financial Services Consumer Panel, which he chaired for 3 years until 2008.
Between 2006 and 2008 he was a member of the Market Participants Group of CESR, the European committee of securities regulators, and he also joined the Treasury’s Retail Financial Services Group. On stepping down from the Consumer Panel, he joined the Board of the Financial Ombudsman Service and also became a Non Executive Director of the energy Regulator, Ofgem.
In 2010 he was appointed as an Independent Commissioner by the Treasury for the Equitable Life Payments Commission. He served on the With Profits Committee and the Independent Governance Committee of Scottish Widows. He was a Trustee of the Thalidomide Trust. He is currently Vice Chair and Senior Independent Director of the Family Building Society and a Non Executive Director of the Banking Competition Remedies Company. He is Chief Executive of the company he founded, Consumer Insights, which provides advice on principles based regulation and fairness in the financial, energy and water sectors.
House of Lords
Ros Altmann is a pensions expert with over 35 years’ experience in all aspects of pensions. She was elevated to the House of Lords by David Cameron to become Minister of State for Pensions after the 2015 General Election and served until July 2016.
She was the UK Government’s Business Champion for Older Workers from 2014 to 2015 and was Director General of over-50s specialists Saga from 2010 to 2013. Ros was awarded a CBE in the Queen’s Birthday Honours in 2014 for services to Pensioners and Pension Provision.
For many years, Ros has championed pensions justice and led a successful campaign to help 150,000 people receive compensation when their occupational pension schemes collapsed. Her work was instrumental in setting up the system of UK pension protection.
She appears regularly in the media and writes and comments on economics, pensions, later life and consumer matters. She has won numerous awards, including Pensions Personality of the Year (twice) and Industry Guru of the Year.
Initially working as an academic analysing occupational pensions and pensioner income, she then began a City career managing pension fund assets. She ran the international equities investment operation at Chase Manhattan Bank, London and was a Director at N.M. Rothschild and NatWest.
After having her children, she started an independent consultancy, advising Governments, the pensions industry and pension funds on policy and investment strategy, including sitting on several pension fund boards and investment committees.
Ros has a Ph.D. in Economics from London School of Economics and was a Kennedy Scholar at Harvard. She also has two honorary doctorates awarded for her work on pension investment from Westminster University Business School and Newcastle University.
Henry is a blogger at henry.tapper.com, the Founder of Pension PlayPen (a fintech promoting confidence in workplace pensions) and a Director at First Actuarial.
He has campaigned for greater transparency in the pensions industry for many years and is very well known for his belief that there is a tremendous need to restore public trust in the pensions and investment industry, such that savers at large and ultimately the industry itself prosper in the long-term.
In particular, Pension PlayPen has long campaigned for greater transparency on what happens to the pension contributions created by auto-enrolment.
Henry sees social media as a key means to get messages out to the public. When he's not at work he is on a boat in the summer and supporting Yeovil Town if it’s not.
NomBon Consulting Limited
Brandon Horwitz is the Principal Consultant of NomBon Consulting, a boutique management consultancy helping firms with the design and delivery of engaging customer propositions for advised and non-advised distribution. His focus includes investment and pension products and the governance of these propositions both during change management programmes and business-as-usual.
Brandon’s previous roles include leading the launch of the Vitality Invest proposition, an exciting new entrant to the UK market combining managing wealth and health.
Prior to this Brandon was Head of Financial Planning at HSBC UK Retail Banking and Wealth Management, with responsibility for design and management of retail investment/retirement planning products and advice propositions. Other roles include: asset management Technical Specialist at the FSA (now the FCA), Relationship Manager and investment Portfolio Manager at Morgan Stanley and Morgan Stanley Investment Management as well as investment consulting Analyst at Watson Wyatt (now Willis Towers Watson).
Brandon is a qualified actuary and holds a M.Sc. in Finance and Economics from the London School of Economics as well as a B.Sc. (Honours) in Actuarial Science/Maths of Finance from WITS university.
Brandon’s Non-Executive Director experience includes being Chair of the Institute & Faculty of Actuaries Finance & Investment Board from 2014-2016 as well being a Board member since 2009.
Brandon is also a Non-Executive Director of a charity which specialises in helping unemployed people build confidence and skills to find work. Previously he has been a Non-Executive Director of a hospital school in North London for young people with severe eating disorders.
A qualified accountant, securities professional, computer specialist, and management consultant, educated at Harvard University and Trinity College Dublin, Michael gained his PhD at the London School of Economics where he was also a Visiting Professor.
He began his career as a research scientist, later becoming an accountancy-firm partner and a director of Ministry of Defence research. During a spell in merchant banking in 1994, he co-founded Z/Yen, the City of London’s leading commercial think-tank. He has led Z/Yen from creating smart ledgers (aka blockchains) through the Financial £aboratory, Taskforce 2000, Long Finance, Global Financial Centres Index, Global Green Finance Index, and Global Intellectual Property Index.
Michael is an Alderman of the City of London for Broad Street, a non-executive director of two listed firms and a regulator, Emeritus Professor at Gresham College, Fellow of Goodenough College, and Past Master of the Worshipful Company of World Traders. His third book, The Price of Fish: A New Approach to Wicked Economics and Better Decisions, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize.
SCORPEO US LLC
Sander Eijkenduijn is co-founder and board member of the SCORPEO Group and COO of Scorpeo US LLC.
He is responsible for directing and overseeing all financial, legal and operational activities of the firm. Before founding SCORPEO, he was responsible for Delta One Structuring at Nomura, having joined from Barclays Capital where he was Vice President.
Sander began his career at PWC in Amsterdam. He then moved to London as a senior manager in the PWC FS Tax Group where he advised on cross-border investment structures.
He also headed the Financing Sustainability initiative for FS Tax. Sander holds a Master’s Degree in Tax Law from the University of Amsterdam, and a post-doctoral in European Tax Law from the Erasmus University Rotterdam.
He has published various articles in Dutch law reviews. Sander is an FCA Approved Person.
Dr Anna Tilba,
Associate Professor in Strategy and Governance,
Durham University Business School
Dr. Anna Tilba is an Associate Professor in Strategy and Governance in Durham University Business School. She holds a PhD in Corporate Governance from the University of Liverpool Management School.
She is known for her research in pension fund governance, accountability and transparency within the UK Financial Services and institutional investor compliance with the codes of best practice. Dr. Tilba publishes in top tier international academic journals and has years of experience of working and advising the UK policy makers, including the UK Law Commission, FCA, CMA and the Pensions Regulator.
She is regularly invited to speak at the financial services industry events dedicated to improving governance and accountability standards within financial services. She presented her newly published research into pension fund fiduciary duties and intergenerational fairness at the Royal Society.
Dr Tilba advises on strategy to UK’s largest pension funds. She is an Ambassador for the UK Transparency Taskforce and a Policy Fellow at Cambridge University’s Centre for Science and Policy.
Professsor John Wilson,
Pro Vice-Chancellor for the
Faculty of Business and Law, Nothumbria University, Newcastle
Prof. John Wilson is a Pro Vice-Chancellor for the Faculty of Business and Law at Northumbria University, Newcastle. Professor Wilson joined from Newcastle University Business School where he has been the Director since November 2012.
With an academic record as a world-class researcher, his previous roles have included Professor of Strategy and Director of Programmes at the University of Liverpool Management School and Director of Research and Professor of International Business, University of Central Lancashire.
Professor Wilson has been researching British business history for almost forty years and has published fifteen books and over seventy journal articles and chapters, which offer a range of insights into the way British business has evolved over the last 250 years.
South West Mutual
Tony has over 25 years’ experience as a banker, company director, and policy researcher in sustainability and banking.
Tony supports the CDC Pensions Forum and the Fellow-led regional banks initiative.
He is a expert on banking reform, inclusive finance and sustainability and was the RSA’s Director of Economics from July 2015 to September 2018, before leaving to lead South West Mutual – one of the new regional start-ups seeking a banking licence.
Tony’s career has ranged from blue-chip professional services and banking experience with PwC, Barclays Bank and Credit Suisse, through small business start-ups and social and environmental NGOs to economic policy research.
He is author and co-author of many books and reports on economic reform including People Powered Prosperity: Ultra-local approaches to making poorer places wealthier, the Reality of Now: how social processes drive organisational behaviour, Stakeholder Banks: the benefits of banking diversity and the best-selling economic textbook, Where Does Money Come From? A guide to the UK monetary and banking system.
Tony is an alumni of Oxford University and the London School of Economics and a Fellow of the Institute of Chartered Accountants.
Janette is one of the founding directors of Ignition House. Ignition House is a specialist financial services research agency which has a reputation for excellence built around the skills, knowledge and experience of our senior team.
Janette has more than 30 years research experience and brings a broad range of research and consultancy skills from her previous roles. She started her career as an economist at the Department for Work and Pensions, where she spent five years advising ministers and policy makers. She moved to be Chief Economist at the Association of British Insurers. From there, she led a team of analysts covering all aspects of Financial Services as Head of UK Financial Services Research at McKinsey and Company.
As Managing Director of Ignition House Janette has built a solid practice of bespoke and syndicated work for financial services companies, economics consultancies, regulators, and trade associations. Janette is seen as an expert on asset management, savings, pensions and retirement saving, having worked on more than 50 projects in this area over the past three decades. She has also developed a strong skillset in behavioural economics.
Janette is an industry expert in conducting pension research with consumers, and has been actively involved in understanding consumers’ reactions to the pension liberalisation reforms announced in the 2014 Budget. She has personally spoken to over 1,000 people in depth about their intentions and actions.
Janette is regularly called upon to present her research at industry conferences and events.
Jennifer joined Responsible Finance from the Community Development Foundation, where she was Director of Advocacy and Research and Director of the Community Investment Coalition, which campaigns for access to fair finance.
From 2008 to 2013, Jennifer worked as an interim manager and freelance consultant in the public, private, not for profit and higher education sectors. In this time she advised organisations on a range of management issues, including reputation and crisis communications management.
Before this, Jennifer held senior roles at the Improvement and Development Agency for local government (IDeA), the Audit Commission and in private sector consultancy.
Director of Policy,
Heather Buchanan is the Director of Policy for the All-Party Parliamentary Group (APPG) on Fair Business Banking.
The APPG is one of the largest cross-party parliamentary groups, with over 120 members.The Group is currently campaigning to reform the dispute resolution landscape for businesses in the UK, including calling for the establishment of a Financial Services Tribunal, and for a public inquiry into the treatment of businesses in turnaround units.
Heather is also the lead on commercial finance for the Transparency Task Force’s (TTF) Banking Team and is a member of the panel of TTF’s Financial Stability Team. Heather was on the Steering Committee of the Banking Futures project and is a member of the UK Finance SME Advisory Group.
She has also contributed to the Lending Standards Board Standards of Lending Practice for Business Customers, and regularly advises MPs, peers, Government departments, regulators, trade bodies and civil society on the commercial relationships between businesses and their lenders.
Antony Elliott OBE, FCIB,
The Fairbanking Foundation
Antony Elliott is founder of The Fairbanking Foundation. He spent over ten years as Group Risk Director of a major retail bank having worked for UK and international banks previously.
He has been actively involved in researching the field of financial well-being (“FWB”) since 2004 and has many published reports. The Fairbanking Foundation was formed as a charity in 2008 to improve FWB through better financial products and services. It conducts research, provides advice and is the certification body for the Fairbanking Mark. The Foundation is the only accredited certification body for financial products in the UK.
He has worked on financial capability measurement and behaviour change with MAS and its predecessor body (CFEB), currently sitting on the Research and Evaluation Group.
Antony has a degree in Banking and International Finance from City University and a master’s in Operational Research from Imperial College, London. In 2014 he was awarded an OBE for services to bank customers.
CEO & Founder,
Graham has spent a decade looking at how to reinvent business, starting with a blank sheet of paper.
His original background is as an academic in theoretical particle physics research, followed by a management career with Procter and Gamble, so he brings an unusual perspective to corporate governance.
His key conclusion is that we need to add to changes in regulation changes in who has a voice and voting power in general meeting decisions.
Corinne Carr is an independent Remuneration Consultant based in London who specialises in ‘responsible pay’. She advocates that short and long-term incentives should extend beyond rewarding for ﬁnancial performance to incentivising positive societal impact.
She is a leading voice in the ﬁeld of responsible pay which forges a link between business, sustainability and remuneration strategies, ultimately in support of the UN Sustainable Development Goals.
Corinne’s bespoke E.A.R.T.H.® methodology (Evaluate, Ascertain, Realise, Tell, and Help) integrates ESG factors into incentive structures so that clients become investors, investees and employers of choice.
Corinne works closely with investors and corporates to promote better alignment on remuneration matters between asset owners, asset managers and corporates.
She established the remuneration consultancy, PeopleNet Ltd, in 1998 and her past clients include major international banks, asset managers and listed ﬁrms.
Bilingual in French and English, Corinne started her career with Bank of America in 1990 and holds an MBA from the EUA, San Francisco. She is a Fellow of the CIPD in London, the professional body for Human Resources specialists, and ﬁrst studied HR in Paris where she grew up. Further details about her background and services can be found at www.peoplenet.ltd.uk.
The People's Pension
Sue is an independent Board member and consultant. She is a Trustee Director at The People’s Pension, a leading UK multi-employer scheme. She is also a Trustee of UK national charities StepChange debt charity, the FairBanking Foundation and Surviving Economic Abuse. Until December 2018, Sue chaired the Financial Services Consumer Panel, an independent statutory body that advises the UK Financial Conduct Authority on consumer issues in financial services regulation.
Sue is a member representative on the EIOPA Occupational Pensions Stakeholder Group, and was previously a member of of the European Commission’s Financial Services User Group. She is also a consultant specialising in financial education, financial inclusion and consumer protection regulation, working with international organisations such as the OECD and Alliance for Financial Inclusion.
Sue was previously a senior civil servant, working in HM Treasury, the Cabinet Office and Department for Education.
Sue has a B.Sc degree in Mathematics and a Masters degree in Statistical Methods.
Leader of the Ark Pension Scam Group, A leader of the Transparency Task Force's Anti-Scams Special Interest Group, Director of Reborn Recycling
Sue Flood has worked in the Television Industry since 2001, starting out at Television Centre and progressing through a successful TV programme-making career that included various roles such as Researcher for Top of the Pops, Celebrity Guest Liaison, Location Sourcing, Production Budget, Sales and Promotions (including through BBC Worldwide with responsibility for selling all BBC Programmes to all 130 Global TV Stations Worldwide).
Her roles at the BBC meant she worked with a wide range of household name VIP celebrities including Muhammed Ali, Robert Redford, Mel Gibson, Richard Gere, Terry Wogan, Chevy Chase, Joan Collins, David Bowie, Cher, Bob Monkhouse, Madonna, Kylie Minogue, Tom Jones, Debbie Harry, Donna Summer, Linda Ronstadt, Stevie Nicks, Van Morrison, Seal, Bryan Adams, Bette Midler, Lenny Kravitz, Mariah Carey, Cliff Richard, Paul Weller, Bruce Springsteen, Jamiroquai, Robbie Williams, The Spice Girls, Rowan Atkinson, Kate Bush, Joanna Lumley, Queen, Elton John, UB40, The Who, Rod Stewart, various Presidents of the United States of America and many, many more.
Sue has also had senior roles at BUT Music Group, and her volunteer roles have included raising awareness for disabled models for inclusion in the Fashion, Industry and raising awareness for retired Polo Ponies with CEO Sarah Coleman.
More recently, Sue flood has become a key figure in helping to prevent people falling victim to pension fraudsters, having become a victim herself. Sue lost here entire pension fund; along with over 500 other victims of the Ark Pension Scandal. Her response was to set up a campaign group which she has tirelessly supported ever since. She is now also involved in supporting numerous other pension scam victims and pension scam support groups.
She has unique insight and experience in the pensions scam prevention and support space and her relentless campaigning has led to interaction with the House of Commons, the House of Lords and the Financial Conduct Authority – watch this space.
Sue is also highly supportive of the Transparency Task Force; for which she is a central figure in our Anti-Scams Special Interest Group, an Ambassador and a member of the Transparency Task Force Advisory Board.
Sunil is an Advisory Board member and Special Adviser to the Association of Professional Fund Investors (APFI).
Sunil has 32 years’ experience in the asset management sector and is regarded as a UK leader on the subject of investment costs and charges and the impact of regulation thereon.
Sunil is passionate about cost transparency and seeks better social and financial outcomes for consumers of financial services. An asset management subject matter expert with 32 years’ experience in the asset management sector here in the UK, and abroad.
Sunil has spent the last 17 years or so consulting at numerous asset management firms and was an Associate Principle, Investment Costs & Charges, at Grant Thornton.
Colin is the Investment Engagement Manager for Friends Provident Foundation, responsible for the integration of its endowment with its charitable objectives, including via impact investing, asset manager and shareholder engagement.
Previously, Colin worked for the Co-operative Bank and Group for 20 years, during which time he was responsible for the Co-op Bank Ethical Policy, Co-op Asset Management Ethical Engagement Policy and Co-op Group Social Goals campaigns.
Colin sits on the board of impact fund Snowball LLP, is on advisory boards to the LSE Grantham Research Institute and University of Manchester Tyndall Centre for Climate Change Research, and is a Trustee of the charity 10:10 Climate Action.
Master of Arts (Honours) in Politics, Philosophy and Economics (Brasenose College, University of Oxford), Chartered Accountant, Chartered Financial Analyst.
Dan joined Orbis Investments in 2002 as part of the investment team, focussing primarily on global industrial and energy companies. From 2006-16, he was responsible for building out and leading the global sector investment team in London. In 2016 he was appointed to lead Orbis' 160 staff and 2 UK offices as well as oversee Orbis’ client efforts in the UK.
Scarlett an experienced social researcher, and is passionate about encouraging organisations to function better and have a social impact.
She is director of research at Tomorrow’s Company; a non-profit think tank that works to inspire and enable business to be a force for good in society. They are currently undergoing a major inquiry into how businesses navigate and establish Truth, Trust, and Transparency. Scarlett has a PhD in Management and Business Research from King’s College London, where she studied gender difference in how non-executive directors are appointed.
Previously Scarlett was a Senior Governance Analyst at Grant Thornton Governance Institute and co-authored their annual Corporate Governance Review.
David is a Lead on the Market Integrity Team (MIT) of the Transparency Taskforce. He has project managed the MIT’s 18 month project on Codes of Conduct & Codes of Ethics in Financial Services which has resulted in their White Paper released in July 2018.
With a background in pensions & benefits David spent over twenty years with Marsh and Mercer managing the SW region of Mercer Employee Benefits, and latterly in a proposition development and project & change management role.
Since 2011 David has worked with leading banks, insurance companies and national IFA firms developing propositions that have focused on aspects of governance and bringing change to the delivery of financial services. Projects managed have included developing and bringing to market a new workplace pension offering for SME clients of Mercer; building a product governance framework for a leading insurance company; defining an Operational Risk Management model for a national IFA firm; developing a governance proposition for Auto Enrolment clients of Barclays Corporate & Employer Solutions; developing a DB to DC proposition for a leading IFA firm; and developing a benefit package to sit alongside Auto Enrolment.
David also acted as Co-Chair of the Friends of Auto Enrolment Governance Task Force, playing a large part in the drafting of their Guide to AE.
Mark is a Managing Director within Duff & Phelps’ Regulatory Consulting practice, specialising in risk management, control, governance and accountability within the financial services sector.
He has over 20 years of experience working in the financial services industry, in professional services and regulation.
Mark has advised financial services firms on regulatory matters since 2013, prior to which he was a Senior Risk Specialist at the PRA and FSA, working within the Risk Specialists Division. During his time as a regulator, Mark reviewed the control infrastructure at several leading international insurers and banking groups. Before joining the FSA, Mark had a career within investment banking for over eight years and spent six years as an entrepreneur in the retail sector.
Mark has become one of the UK industry’s leading advisors on individual accountability and the Senior Managers and Certification Regime (SMCR), having advised some of the largest banks, insurers, brokers and other financial services firms on both implementation and the ongoing expectations of Senior Managers and individuals subject to the Certification Regime.
Advising a number of major financial banking institutions on SMCR implementation, including leading the implementation working with the Compliance function at one of the UK’s largest banks.
Advising one of the UK’s largest insurers on their compliance with the requirements of the Senior Insurance Managers Regime
(SIMR), including a review of Statements of Responsibilities and the Governance Map.
Designing a risk management framework, policy framework, governance arrangements, Compliance structure, three lines of defence model and policy and process implementation at a large financial services firm.
Leading a review of front to back controls at a European investment bank, following accounting irregularities and regulatory challenge. Recommending control improvements, and advising management of regulatory expectations and industry best practice.
Reviewing the governance, risk, compliance and control arrangements at a major general insurer, providing a report with findings and recommendations for improvements.
As a regulator, following a high profile rogue trading incident, reviewing the control infrastructure at a large European investment bank, advising the Supervision team on remediation actions; supported the FSA enforcement team in formal enforcement interviews with senior management.
Fellow of the Institute of Chartered Accountants (FCA)
BSc (Hons), First Class, Mathematics, Imperial College
Attendees at the event
Accessing the White Paper
Click on the PDF icon below to download the White Paper on "How can we accelerate the rebuilding of trust and confidence in financial services?"
THE WHITE PAPER IS EMBARGOED UNTIL
07:00 LONDON TIME 16TH MAY 2019
Baroness Ros Altmann Press Release
Click on the PDF icon to download the press release about Baroness Ros Altmann becoming out 100th Ambassador
Please click on the PDF icon below to download the slides that were used at the event.
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: