This event has now taken place.
If you wish to download the slides scroll to the bottom of the page.
Many thanks to
"THE PERILS OF PENSION SCAMS"
and to our sponsors:
When and where is the symposium?
Tuesday 3rd December.
We start with registration, lunch and networking at 12:00; the meeting proper starts at 13:00 and we wrap up at 17:00; with drinks and further networking through to 18:00 for those that would like to chat informally afterwards.
The closest tube station is Liverpool Street.
If you know you want to attend...
...click on the button below to secure your place and note that there are 2 ticket options: Standard and Discounted. The notes you get to will explain the options.
For queries: email@example.com
But if you want to know more, read on!
What can you expect at the symposium?
At the Transparency Task Force, we believe that “sunlight is the best disinfectant” and also that “progress begins with realism” so what you can expect at this event is candid yet constructive conversations about what more can be done to mitigate the risk of pension savers being scammed; and what more could, should and arguably must be done to help ensure that pension scam victims are treated fairly and for what they are – victims of crime.
The topic of pension scams has attracted a great deal of attention from regulators, politicians, campaigners and the media at large. That’s very understandable, given the harsh reality that so many people have been robbed of their pension savings; sometimes literally all of it, with shocking life-changing consequences.
How much worse does it need to get before the whole pension scams situation is deemed to be a national disgrace? – or are we already there?
Without a doubt, pension scams undermine confidence in the pensions system and that makes this a priority topic for anybody wanting to help rebuild trust and confidence in the pensions and investments sector, particularly policymakers, politicians and regulators, as well as those keen to do all they can to prevent scams happening.
We believe that for many, this will be another not-to-be missed symposium. Ultimately, the solution has got to be about all of us working together to fix what needs fixing. The event is very likely to initiate some important follow-up activity and as always, we’ll be looking to build consensus on the best way to carry out our work. One way or another, don't miss it; or at the very least, make sure your organisation is suitably represented.
All the key stakeholders are being invited to participate, including:
Pensions scams are reaching epidemic proportions. If anything, the situation is actually getting worse not better; so much so that this issue remains “a festering and worsening sore on the face of pensions.” The Transparency Task Force approach is to look for solutions, not blame, and we’ll be exploring a range of initiatives that have the potential to improve the terrible situation we presently face.
There are some positive initiatives and worthwhile ideas coming together, such as:
“To be a forum through which Parliamentarians and other stakeholders can work together to better protect the public from the perils of pension scams and secondary scammers; give scam victims a representative collective voice; signpost victims to support; and facilitate the development of preventative and supportive policy initiatives.”
It’s going to be interesting to discover how strong the political will is to better protect the pensions-saving public from the theft of their pension savings. Hopefully, this will be one topic in which it is going to be relatively easy to build consensus amongst all kinds of parliamentarians.
We’ll also be looking into issues and questions such as:
We are hoping that “the authorities” will accept our invitation to participate and provide an update on their strategies for dealing with the pension scams issue. We would also encourage them to share their thoughts on what others, such as campaigners and industry bodies can do to help them achieve what we surely all want – a pensions market that is as free of the perils of pension scams as possible.
However, if for any reason they are unable to speak freely about their activity we do hope at least that they will engage with the event as “interested but passive observers” on the basis that at the very worst they’ll be able to gain valuable insights from a range of perspectives including those that have been scammed.
This meeting will be a unique opportunity for candid yet constructive conversations on a truly toxic topic; but if these conversations are not bravely entered into, is there any chance we will get to the bottom of what needs to be done? We think not.
It’s time for real transparency in this space, because transparency can drive transformational change.
Huge thanks in advance for all stakeholders that engage with us through this event; even if just as interested but passive observers. Solving the perils of pension scams is going to require a team effort and everybody’s got an important part to play.
Who’ll be on the pitch on December 3rd?
As mentioned earlier, we believe this will be another not-to-be missed symposium. Ultimately, the solution has got to be about all of us working together to fix what needs fixing. The event is very likely to initiate some important follow-up activity and as always, we’ll be looking to build consensus on the best way to carry out our work. One way or another, don't miss it; or at the very least, make sure your organisation is suitably represented.
Here's the programme, so far*
Registration, lunch and networking
Welcome to the symposium by
Jay Doraisamy, Partner, Co-Head, UK Pensions, Mayer Brown International LLP;
...and Andy Agathangelou, Founder, Transparency Task Force; Governor at the Pensions Policy Institute; Chair, The Interoperability Steering Group
Giles Bywater, Partner, UK Pensions, Mayer Brown International LLP; Education Secretary, London PMI Group; Member, Association of Pension Lawyers
Margaret Snowdon OBE, Chairman, Pension Scams Industry Group; Advisory Board Member, Moneyhub Enterprise; Advisory Board Member, Transparency Task Force, Independent Non-Executive Director, With Profits Committees, Phoenix Goup; Chairman, Pensions Standards Administration Association CIC; Independent Non-Executive Director, Xafinity; Independent Member, HM Treasury Pensions Dashboard Steering Group; Non-Executive Director, The Pensions Regulator
Susan Flood, Formerly, with the BBC (BBC Worldwide Executive Sales, BBC TV Marketing, BBV TV Production); Pension Scam Victim; Founder of the Ark Pension Scams Group; Member of the Advisory Board to the Transparency Task Force
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
Refreshments and further networking
Team photo, with the Transparency Trophy and its winner
Special Presentation about "The Enablers"
- Susan Flood, Formerly, with the BBC (BBC Worldwide Executive Sales, BBC TV Marketing, BBV TV Production); Pension Scam Victim; Founder of the Ark Pension Scams Group; Member of the Advisory Board to the Transparency Task Force
- Bob Ward, Consultant, Pascali; former Specialist Consultant, FCA; former Consultant, Smart Pension; former Pensions Operations Director; GenLife
- Richard Emery, Bank Fraud Consultant; former Senior Analyst; Microfin Systems; Ambassador of the Transparency Task Force
- Andy Agathangelou, Founder, Transparency Task Force; Governor at the Pensions Policy Institute; Chair, The Interoperability Steering Group
Power Panel on "The Perils of Pension Scams”
The format of this session will be an informal panel where key participants will have the opportunity to share their insights and experiences on pension scams; always with the intention of finding solutions rather than placing blame.
The session will morph into a free and open debate where all attendees will have the opportunity to suggest how the pension scams problem can be fixed
- Christopher Brooks, Senior Policy Manager, Age UK; former Political Affairs & Policy Manager, City & Guilds
- Michael Culver, Chairman, Solicitors for the Elderly; Partner, Bolt Burdon Solicitors
- Seb Elwell, Director, Switchfoot Teams
- Henry Tapper, CEO, AgeWage; Founder, Pension PlayPen; Former Director, First Actuarial,
- Ian Ashleigh, Business Owner, Compliance Matters; Former Director, UK Advisory Solutions; Former Compliance Manager, AES International
Key conclusions, suggested next steps and close to the formal proceedings
Andy Agathangelou, Founder, Transparency Task Force; Governor at the Pensions Policy Institute; Chair, The Interoperability Steering Group
Drinks and further networking
*The programme will continuously evolve so is subject to change
Who shoud attend?
This event will appeal to a broad range of people including:
- Pension scheme trustees
- Pension governance committees
- Pension managers
- Asset managers
- Pension providers
- Senior execs in financial services distribution
- Pensions investment consultants
- Pensions thought leaders
- Retail and institutional investors
- Industry observers and commentators
- Pensions academics and researchers
- Financial planners
- Social justice campaigners and civil society groups
- Parliamentarians and their research colleagues
- Pension consultants
- Advocacy groups
- Risk management professionals
- Compliance professionals
- Legal professionals
- Pension professionals
- Fiduciary managers
- All progressive market participants that want to put the pension savers’ interests first
- Media professionals that want to cover the event; and many more....
Places are linited; to secure yours:
Click on the button below to secure your place and note that there are 2 ticket options: Standard and Discounted. The notes you get to will explain the options.
For queries: firstname.lastname@example.org
Further information about the TTF
You can click on the button below to read about the 150+ Transparency Task Force Ambassadors. The list includes world class academics and highly respected thought leaders, from right around the world.
You can click on the button below to read about the Transparency Task Force Advisory Board, which is Chaired by the former Chair of the Financial Conduct Authority's Financial Services Consumer Panel.
If you want to read testimonials...
If you haven't been to one of our events before you can use the link below to read some testimonials:
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: