This event has already taken place but you can scroll to the bottom of this page to watch vox-pop videos, read a write-up of the event and download the slides that were used.

Many thanks to Newgate Communications for hosting:

"The CMA's Investigation into Investment Consultants and Fiduciary  Managers – their Provisional Decisions on Reforms”

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?

From 10:30 to 17:00* on Thursday 26th July at:


Newgate Communications, Sky Light City Tower, 50 Basinghall Street, London EC2V 5DE.


*Note: The symposium itself ends at 17:00 but delegates can enjoy drinks, nibbles and networking until 18:30

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 investigation into the workings of the Investment Consulting and Fiduciary Management sectors. 


The CMA have published their provisional decisions in relation to its market investigation into the investment consultancy and fiduciary management sectors, launched last September. Their key report sets out their provisional findings into whether there are competition problems in these markets and the changes it proposes to address these issues.

The CMA has carried out their investigation following a reference from the Financial Conduct Authority (FCA) in September 2017 resulting from its own market study into Asset Management

The CMA’s independent investigation is seeking to determine whether there are any ‘adverse effects on competition’ in this sector and if any are found, whether remedial action should be taken to address these.

Feedback on its provisional decision is welcomed by the CMA, before it makes its final decision by March 2019.

The event will include a formal presentation by senior representatives of the Competition & Market Authority who will be outlining their provisional decisions for reforms. The CMS’s session will include Q&A. 


There will then be a response by at least one market participant (Aon); followed by several power panels that will create a first class opportunity for attendees to share their own thoughts as well as listen to the considered opinion of others. 


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 are the barriers to fair and open competition in this space?
  • Have any conflicts of interest been identified?
  • What changes are the CMA planning to make?
  • Are the CMA minded to bring investment consulting and fiduciary management inside the regulatory perimeter?
  • Does the idea of separating investment consulting and fiduciary management make sense?
  • 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 senior representatives from the CMA plus several hot topic Power Panels; both will be useful platforms for getting a valuable regulatory update, sharing thought leadership and enabling lively discussion and debate. 

Here's the programme thus far:



Registration, refreshments & networking. 





 - Welcome to Newgate Communications and the symposium; by Alistair Kellie, Partner, Newgate Communications


 - About the Transparency Task Force; by Andy Agathangelou, Founding Chair, Transparency Task Force



Talk by Donny Hay, Director, IC-Select on “Taking the CMA Report forward – a vision of transparency”



The CMA explain their provisional decisions on reforms for investment consultants and fiduciary managers, with Q&A


  • Emily Chissell, Assistant Project Director, CCMG, Competition & Markets Authority
  • Alex Moore, Assistant Director, Economics, Competition & Markets Authority



Presentation of the Transparency Trophy – who’ll be this symposium’s winner?



Lunch and networking



Talk by Aon; their response to the CMA’s provisional decisions, presented by Andy Cox, Global Business Officer and Head of EMEA/APAC Investment; Aon EMEA Regional Managing Director



Talk by Tim Jenkinson, Professor of Finance, Said Business School, Oxford University. Tim will be presenting the key conclusions from an academic paper that has just been published by himself and fellow Oxford University academic Howard Jones; plus Jose Vicente Martinez of the University of Connecticut; and Gordon Cookson of the Financial Conduct Authority.


The paper covers analysis on performance data provided by six investment consultants.  



Power Panel #1, Market Participants 



Refreshment break and networking



Power Panel #2, Other Key Stakeholders



Key conclusions, wrap-up and close



Drinks, nibbles and networking



Final close 

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 those 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!

About the key participants thus far:

(Others being added; and get in touch if you would like to be considered for inclusion in the programme) 

Alistair Kellie,

Managing Partner,

Newgate Communications


Alistair is a Founding Partner of Newgate Communications and heads the Corporate Reputation Practice, focused on financial and professional services.


He has over 22 years' experience advising financial services organisations both in the UK and internationally and has worked on many high-profile transactions and award-winning campaigns.


Clients have ranged from boutiques and family offices to international fund managers, pensions and annuity providers and trade associations.


Alistair is currently advising the Board of Trustees of a number of FTSE100 pension schemes, as well as a leading pension covenant advisory firm.


Alistair will be welcoming delegates to Newgate Communications and the symposium. 

Donny Hay,


IC Select


Donny Hay is a Director of IC Select. He is a pensions and investment professional with 30 years’ experience of investment markets, fiduciary management and working with pension schemes.


His recent experience, prior to joining the business in 2018, both as a professional trustee and working in fiduciary management, provides an insight into the current thinking and actions of UK pension funds and investment consultants.


Donny is a qualified chartered accountant, who has held senior positions across pensions and investment firms. Donny helps develop the business and ensure that the Fiduciary Management Performance Standard and other initiatives are rolled out successfully.


Donny will be presenting the session entitled “Taking the CMA Report forward – a vision of transparency”

Emily Chissell,

Project Director,



Emily has worked at the CMA and previously the Competition Commission for more than ten years.


She has led several major high profile markets cases including banking and aggregates, as well as working on various mergers at both phase 1 and 2.


She recently led the review into market investigation processes which resulted in a number of significant reforms.


Previously she has been in a number of senior policy and communications roles working in government, local government and charities.


Emily will be presenting the CMA's provisional decisions. 

Alex Moore,

Assistant Economic Director, CMA


Alex joined the CMA in 2015 and has worked across a wide range of markets and merger cases.


Previously Alex worked as an economist at the World Bank and Experian Group.


He has a PhD in Economics from LSE.


Alex will be presenting the CMA's provisional decisions. 

Andy Cox,

Global Business Officer and Head of EMEA/APAC,


Aon EMEA Regional Managing Director


Andy is a member of the Aon Global Retirement & Investment Executive Committee and has three management responsibilities:

  • He is the CEO of the Investment Business in EMEA which covers consulting and delegated investment solutions for pension's insurance companies and wealth managers.
  • He Chairs the Global Investment Executive and has direct responsibility for a variety of operations for the Global Investment Business.
  • Andy is also the Aon EMEA Regional Managing Director, with responsibility for representing and coordinating all the Aon businesses in the region.

Finally, Andy devotes as much time as he can to clients. He has been a consultant with Aon for over 25 years, after joining Bacon & Woodrow from Equity & Law. He continues to advise a variety of high profile clients on all aspects of pensions and investments.


He is a Fellow of the Institute & Faculty of Actuaries and graduated in Money Banking and Finance from Birmingham University.


Andy will be presenting Aon's thoughts on the CMA's provisional decisions.

Tim Jenkinson

Professor of Finance,

Said Business School, Oxford University


Tim Jenkinson is Professor of Finance at the Said Business School, Oxford University.


One of the leading authorities on private equity, IPOs, and institutional asset management, Tim is renowned for his ability to collect critical, previously inaccessible, data by building strong links with institutional investors, regulators and other players in the financial industry. His research is widely quoted and has been published in the top academic journals.


He is Director of the Oxford Private Equity Institute, and is one of the founders of the Private Equity Research Consortium.


Tim is a renowned teacher and presenter, and teaches executive courses on private equity, entrepreneurial finance, and valuation. He is a frequent keynote speaker at practitioner conferences and his research has won many awards, including the 2016 Harry Markowitz Prize (from the Journal of Investment Management for his work on private equity), the 2015 Commonfund Prize (for the paper with the most relevance to institutional investors) and a 2014 Brattle Group Prize (awarded by the American Finance Association for the best research on corporate finance). Outside of academe he is a partner at the leading economics consultancy Oxera.


Tim joined Said Business School in 2000. He previously worked in the economics department at Oxford, which he joined in 1987.


He studied economics as an undergraduate at Cambridge University, before going as a Thouron Fellow to the University of Pennsylvania. He then returned to the UK and obtained a DPhil in Economics from Oxford. 


Tim will be presenting important recent research on consultants' performance. 

JB Beckett,

UK Director, Association of Professional Fund Investors


Affectionately known as 'JB', a thought leader in the fields of fund strategy, research and governance. Author of the book '#NEWFUNDORDER' and co-author of ‘The WealthTec Book’.


A fund selector and strategist for around two decades, a gatekeeper for one of the UK's largest insurance platforms, with a portfolio of senior roles including; think tanks, advisory board, lecturing, columnist and global presenter.


Beyond Madoff, JB explores the ‘human condition’, the dichotomy of the Industry’s technological advancement versus the psychological dysfunctions of participants within it.


In doing so he focuses on inefficiencies, poor competition, malfeasance and innovations. JB is Director for the Association of Professional Fund Investors (APFI). His NFO consultancy seeks to enable Fintechs and boutiques whilst empowering fund selectors through new technologies.’ 


JB is a member of several Transparency Task Force Teams and is also a TTF Ambassador.


JB will be participating in our Power Panel on The Market Participants.

Sam Gervaise- Jones

Senior Director, 

Head of Client Consulting UK & Ireland,



Sam Gervaise-Jones is head of client consulting for the UK and Ireland. Sam has over 15 years of experience in financial markets.


He joined bfinance in 2004. As a Senior Associate in the research team, Sam advised clients on manager selection in a wide range of asset classes. Since 2007 Sam has been responsible for relationships with many of bfinance’s largest Corporate and Local Authority Pension clients in the UK. Sam is also leading the expansion of bfinance in to the US.


Prior to bfinance, Sam spent 4 years with Standard & Poor’s in their fund rating business.


Sam holds the CFA charter, IMC and Series 7, 24, 62 and 79 designations in addition to an MA (Oxon) in Mathematics from the University of Oxford.



Sam will be participating in our Power Panel on The Market Participants.

Dan Mikulskis 

Head of DB Pensions, Redington


Dan heads Redington’s DB Pensions business, having joined the firm in 2012. In this role Dan is responsible for overseeing a business with over 80 investment professionals that provides investment advice to DB schemes, on both a retained and project basis, with over £350bn in total assets and pay the pensions of nearly a million underlying members.


Dan’s focus is steering this business strategically, bringing together multiple underlying teams to deliver Redington’s services effectively, with the end goal of helping more members reach financial security in retirement.


As a member of Redington’s investment committee Dan also has joint oversight for the investment strategy process, from investment modelling assumptions to fund manager recommendations.


Previously Dan held derivatives-trading focused roles at Deutsche Bank in Sydney, Macquarie Bank and a macro hedge fund.


Dan began his career in the Investment Consulting business within Mercer in London, where he qualified as a Fellow of the Institute of Actuaries in 2007, and where he became a member of the Financial Strategy Group.


Dan holds a BA(Hons) in Mathematics from the University of Cambridge.


Dan will be participating in our Power Panel on The Market Participants.



Barbara Saunders,

Managing Director,

River and Mercantile Solutions


During her time at R&M Solutions Barbara has held a variety of positions, starting out in the derivatives team structuring hedging solutions, then as an investment consultant advising some of our largest clients and now as a senior member of the investment management team.


She is a leading member of the Investment Strategy Committee, which interprets the house view on investment strategy for all advisory clients. She is also a member of the Multi-Asset Committee which translates the house view into the implementation actions required for all fiduciary management clients.


Barbara has significant experience of providing advice across the full range of investment considerations. This demands a grasp of detail, and the ability to understand that detail in its proper context; and the decisiveness to make definite recommendations on the basis of that understanding. But it also requires an aptitude for conveying that understanding to others, and for persuasion. This can prove crucial when significant investment decisions are required within a fairly short timeframe, but it relies on her ability to develop trust with her clients over the long-term.


Barbara has a particular depth of understanding of liability hedging, having spent the early part of her career modelling and trading LDI strategies for DB pension schemes.


In 2012 she was identified by Financial News as one of the “Rising Stars” in European Capital Markets.


Barbara is a qualified actuary - she graduated in 2004 with first class degree in Mathematics from Royal Holloway, University of London, and obtained a Post Graduate Diploma in Actuarial Science from Cass Business School.


Barbara will be participating in our Power Panel on The Market Participants.

Simon Harrington

Senior Policy Advisor,

Public Policy,



Simon joined PIMFA (The Personal Investment Management and Financial Advice Association) in November 2017 as a Senior Policy Adviser with a focus on public policy and long term savings.


He has previously worked at the National Employment Savings Trust (NEST) and the Treasury in a variety of roles working on a number of issues including automatic enrolment, pension freedoms and the UK’s response to the financial crisis.


Simon has a strong interest in long term savings issues with a particular focus on overcoming behavioural barriers and the support structures that can be put in place in order to help and encourage a thriving savings culture in the UK.


Simon will be participating in our Power Panel for Other Key Stakeholders.

Caroline Escott

Policy Lead, Investment & DB, Pensions and Lifetime Savings Association


Caroline has been Policy Lead for Investment and Defined Benefit at the PLSA since June 2017. Her role includes leading the Association’s work on the CMA investigation into the market for investment consultancy and fiduciary management services, as well as broader investment policy issues.


Previously, Caroline led on pensions policy at the Personal Investment Management and Financial Advice Association (PIMFA) and was Head of Government Relations at the UK Sustainable Investment and Finance Association (UKSIF). 


She has also held roles undertaking fixed income research for a large asset management firm and providing financial policy analysis to Members of Parliament.


Caroline has a Master’s degree in International Political Economy (with Distinction) from the LSE, where she graduated top of her year, and a degree in Economics with Politics from the University of Warwick.


Caroline will be participating in our Power Panel for Other Key Stakeholders.

Neil Esslemont,

Head of Industry Liaison,

The Pensions Regulator


Neil and his team are responsible for engaging with suppliers of products, services and advice, as well as employers, regarding their understanding and readiness for workplace pensions reform.  


Our aim is to help them fully understand their own or their client’s duties, including the duty to automatically enrol eligible workers into a pension scheme; and the duties of trustees in both the public and private sector.


Neil has over 30 years’ experience in dealing with large companies in both private and public sector.  Neil has previously worked as a client director for BT and Siemens, and as a management consultant for PriceWaterhouseCoopers.


Neil has a technology background in computer software engineering, gained after graduating from Exeter University with a Maths & Physics BSc.


Neil will be participating in the Other Key Stakeholders Power Panel.

Dr. Anna Tilba

Associate Professor in Strategy and Governance,

Durham University Business



Dr. Anna Tilba is an Associate Professor in Strategy and Governance in Durham University Business School. She joined Durham University having previously spent five years in Newcastle University Business School where she was a researcher in Strategy and Corporate Governance and a Director of Corporate Engagement.


She holds a PhD in Corporate Governance from the University of Liverpool Management School. Her main research interests are in pension fund governance, accountability and transparency within the UK Financial Services and institutional investor compliance with the codes of best practice.


Anna has been a member of the Advisory Committee on Fiduciary Duties of Investment Intermediaries for the Law Commission. She has also been conducting a research project for the UK Financial Conduct Authority (FCA) into the effectiveness of the oversight committees, which is published alongside the FCA's Asset Management Market Study.


Dr. Tilba also advises on strategy to UK’s largest pension funds and she is an Ambassador for the Transparency Task Force. 


Anna will be participating in our Power Panel for Other Key Stakeholders.

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 our collaborative, campaigning community which is built on the idea that 'Sunlight is the Best Disinfectant'. 


Since 6th May 2015 he has recruited, organised and mobilised over 300 volunteers around the world into 13 Teams: 


 - The Banking Team

 - The Foreign Exchange Team

 - The Market Integrity Team

 - The Costs & Charges Team

 - The Scams & Scandals Team

 - Team PAM (Progressive Asset Managers)

 - Team PISCES (Purpose; Impact Investing; Sustainability; Corporate Social Responsibility; Environment, Social & Governance; Socially-Responsible Investing)

 - The Financial Stability Team

 - Team APAC

 - Team EMEA

 - Team Americas

 - Team GTI (Global Transparency Index)

 - The AE Team 


Our 13 Teams 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 completely voluntary basis to develop and implement strategies to overcome those challenges.


 Andy is also:

  • Founding Chair, the Technology Task Force
  • Chair, the Interoperability Steering Group
  • Governor, Pensions Policy Institute
  • Fellow, the RSA
  • Chair, Pensions BIB,
  • Member, Investment Association Advisory Board on Cost Disclosure
  • 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 symposium.

Slides used at the Transparency Symposium held on 26th July 2018
TS London 26th July 2018.pdf
Adobe Acrobat document [74.6 MB]


Please click on the button below to watch vox-pop videos, read a write-up of the event and see some pictures; all kindly put togethor for the TTF by Newgate communications who did a great job hosting our 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:

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