The TTF Fellowship Initiative

Introduction

 

Our Fellowship initiative is for people that authentically align with what the Transparency Task Force is all about, are engaged with what we do and want to help support the cause financially, in line with whatever amount is financially comfortable for them.

 

Our thinking for the Fellowship has taken into account all the ideas we have received from various stakeholders over the years about how to try to create firmer financial foundations for the Transparency Task Force, so that we can continue our work. 

 

You would have complete control over the amount of monthly contribution you pay; and applying to become a Fellow is not in any way a requirement to - it’s for people that want to help us financially in this way.

 

We remain very grateful to all concerned for the help we’ve received in developing the blueprint for the Fellowship.

If you already know you want to apply to become a Fellow of the TTF, please click on the button below to get to the application process. 

If you'd like to know more before deciding please read on...

For our Fellows, we will:

 

1. Authorise use of the title Fellow of the Transparency Task Force; but it is not compulsory that the title be used

 

2. Authorise use of the letters FTTF to be put after their name, to show they are a Fellow of the Transparency Task Force; but again, it’s not compulsory for those letters to be used

3. Authorise use of the new TTF shield logo on websites, Email Signatures, marketing collateral and so on; if they wish. We are using the shape of a shield because the TTF is all about protecting consumers’ financial interests.

4. Authorise use of the TTF words logo on websites, Email Signatures, marketing collateral and so on; if they wish:

5. Authorise use of the TTF Mission Statement on websites, Email Signatures, marketing collateral and so on:

 

Helping to protect consumers’ financial interests by reforming financial services, so the public get a better deal; and trustworthiness and confidence can be restored.

 

Our Mission Statement will evolve from time to time as we continue to grow and develop.

 

6. Provide a “Fellows of the TTF” price for our events. This is to be a 25% discount against the Standard Ticket Price

Who should apply?

 

As explained, our Fellowship initiative is for people that authentically align with what the Transparency Task Force is all about, are engaged with what we do and want to help support the cause financially, in line with whatever amount is financially comfortable for them.

 

Becoming a Transparency Task Force Fellow isn’t right for everybody – all of the items below need to apply to Fellowship applicants:

 

  1. The applicant must belong to at least one of our Special Interest Groups

 

  1. The applicant must provide a Transparency Statement to be placed on our website. Transparency Statements begin with the words “I believe there ought to be greater levels of transparency in financial services, because……...” and is completed however the individual chooses. We already have many Transparency Statements provided; some of them are particularly good - you can see for yourself here. 

 

  1. The individual has provided a note of introduction; which we will place on the TTF Fellowship web page to be built on the new TTF website which is already under construction. 

 

The note of introduction and explanation is to be limited to 250 words and include:

 

  • An introduction to who the individual is and what they/their organisation does*
  • A brief explanation of why they decided to apply to become a part of the Transparency Task Force and a TTF Fellow
  • If they wish, a link to their online bio e.g. their LinkedIn profile
  • If they wish, a link to their organisation’s website

 

*Note that if for any reason the individual wants to be recognised as a Fellow of the TTF in their personal capacity only, there is no compulsion to provide any information about the organisation they are a part of. 

 

  1. The individual is making a monthly financial contribution to the Transparency Task Force. The Standard Payment is to be £40 per month (or the equivalent alternative currency), however the individual can pay more or less than this - there is no maximum payment and there is no minimum payment, so the applicant can select whatever amount he/she feels comfortable with. 

 

The amount paid will not alter that status of the Fellow within the Fellowship in any way, or the likelihood of the application for Fellowship being successful. 

 

The financial contributions received are a very necessary step in helping to stabilise TTF’s finances. We desperately need to create a firmer financial foundation for what we are doing now and what we plan to do in the future. All payments, however large or small will be very gratefully received. 

 

No contractual period will apply i.e. the individual can choose to discontinue payment and therefore discontinue being a TTF Fellow at any time. 

 

Furthermore, TTF reserves the right to discontinue granting TTF Fellowship status.

 

Payments can be made by Standing Order or through Paypal. 

 

6.   The individual has completed a TTF Fellowship Application, which we’ll provide – it’s very straightforward and designed to provide a simple framework for the basic information we need

 

7.   The individual’s application to become a Fellow has been accepted i.e. we reserve the right to decline an application. We expect to only decline applications in unusual circumstances.

As explained earlier, all payments, however large or small will be very gratefully received and there is no contractual period i.e. the individual can choose to discontinue payment and thereby discontinue being a Fellow at any time. 

 

We do hope that many of our members will choose to support us in this way, especially as whilst we have a Standard Payment of £40 per month, we have taken the bold step of setting no minimum amount whatsoever; and are forever-hopeful that some may wish to pay more, if they are comfortable in doing so.

If you know you want to apply to become a Fellow of the TTF, please click on the button below to get to the application process; and thank you!

If you have any thoughts, ideas or questions about our Fellowhip initiative please Email 

 

tina.kenyon@transparencytaskforce.org

 

Thank you!

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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