Many thanks to

for hosting:

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:

When and where is the meeting?

 

Registration is at 9AM for a 9:30AM start; ending at 4PM on Thursday 12th September at:

 

First Republic Bank, 

160 Federal Street,

Boston, MA 02110 

If you already know you want to attend

 

Click on the button below to secure your place and note that you have 3 ticket options: Standard, Reduced and Free. 

 

To explain:

 

The Transparency Task Force is a not-for-profit and we are desperate for funds to help keep our efforts going - we’re just about surviving, but it isn’t easy. 

 

If you can afford it, please select the Standard Ticket Price ($245) but if that is genuinely beyond your budget, not to worry - select the Reduced Ticket price option and pay what you are comfortable with. Furthermore, if for any reason you do not want to make a contribution at all, select the Free Ticket option.

 

Regardless of which ticket option you select you'd be equally welcome to attend.

 

You can pay through PayPal or invoice. 

 

Thank you!

What can you expect at your meeting?

 

You can expect to be amongst progressively-minded and collaboratively-minded people who are keen to understand how they can get involved with a truly pioneering project that is dedicated to reforming the financial services industry.

 

We are working together to help rebuild trust and confidence in financial services and help consumers get a better deal.

 

You will learn all about the project - how it started; what has happened so far; what is going to be happening in due course and so on. 

 

In particular, you will be able to learn about and feed into the creation of a “Framework for Finance Reform.” At the heart of the “Framework for Finance Reform” are “The 12 Finance Development Goals.”

 

The 12 Finance Development Goals are a similar concept to the United Nations' Sustainable Development Goals but instead of dealing with issues such as hunger, climate change, access to clean water and gender equality; they deal with well-known financial services problem areas such as conflicts of interest, the “profits before principles” mindset, the need for better governance and the desperate need for greater transparency.

 

The development of the Finance Development Goals (FDGs) is bringing together a very wide cross-section of stakeholders, right around the world, including politicians, policymakers, financial regulators, financial trade bodies and professional associations; plus many commercial organisations, leading academics and think tanks etc. 

 

You will learn how the project is gaining traction amongst a wide cross-section of stakeholders including policymakers, politicians, regulators, professional associations, trade bodies, academics, thought leaders, commercial organisations; plus investment, insurance, banking and pension professionals, and so on.

 

There will be presentations from individuals with interesting insights and experiences to share; plus a panel session.

 

There will be ample scope for discussion and debate so that all attendees will be able to share their views and ideas.

 

You can expect the meeting to function as a highly interactive and highly engaging workshop, where everybody gets the opportunity to participate as much as they would like to.

 

We know that using that approach we will be able to harness the camaraderie, collegiality and willingness to collaborate that the project is already cultivating, right around the world. 

Here's the programme, so far*

 

09:00 

Registration, refreshments and networking

 

09:30

Welcome to the event by 

To be advised, First Republic Bank

 

09:35

Andy Agathangelou, Founder 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. 

 

This part of the programme will include an explanation of the Finance Development Goals that are being created:

  • Be transparent
  • Be Evidence-Based
  • Govern well
  • Create a client-centric culture
  • Design products that deliver
  • Communicate authentically
  • Act with purposefulness
  • Incentivise responsibly
  • Manage risk
  • Stabilise the ecosystem
  • Raise awareness through education
  • Protect consumers from harm

You will also hear about:

  • What the trust deficit is and why it must be dealt with
  • Why all stakeholders should want to get involved
  • "The Framework for Finance Reform"
  • "The 12 Finance Development Goals"
  • "The book that is much more than just a book"
  • "The Subject-Matter Experts"
  • "The Scientific Committee"
  • How you can get involved, if you wish
  • Output so far from meetings in Europe and the USA

 

10:40

Presentation by

David H. Webber, Professor of Law and Associate Dean for Intellectual Life, Boston University School of Law; Published Author

 

11:00

Refreshments and further networking

 

11:30

Presentation by

Stefan Pagacik, Founder, AI 4 Impact; Ambassador of the Transparency Task Force

 

11:50

Presentation by

Bernie Nelson, President for Style Analytics in North America; Ambassador of the Transparency Task Force

 

12:10

Presentation by

To be advised

 

12:30

Presentation by

To be advised

 

12:50

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

 

13:00

Lunch and networking

 

13:55

Team Photo, optional

 

14:00

The Power Panel leading to the Open Debate; where all attendees and speakers will have the opportunity to freely discuss the key issues raised through the course of the meeting and explore what action can be taken in response to the question:

 

"How can we accelerate the rebuilding of trust and confidence in financial services?"

 

This is perhaps the most important part of the whole meeting!

 

Our Power Panellists are:

 

 - Aivars Lode, Chairman, IT Capital LLC; Published Author; Ambassador of the Transparency Task Force

 

 - Panellist to be added

 

 - Panellist to be added

 

 - Panellist to be added

 

15:20

Andy Agathangelou, Founder of the Transparency Task Force to cover off key conclusions and suggested next steps

 

15:30

Refreshments and further networking

 

16:00

Final close

*The programme will continuously evolve so is subject to change

For more detail about the project...

 

Click on the button below to get to a special web page that provides a full and detailed explanation of the project:

Places are limited; to secure yours:

 

Click on the button below to secure your place and note that you have 3 ticket options: Standard, Reduced and Free. 

 

To explain:

 

The Transparency Task Force is a not-for-profit and we are desperate for funds to help keep our efforts going - we’re just about surviving, but it isn’t easy. 

 

If you can afford it, please select the Standard Ticket Price ($245) but if that is genuinely beyond your budget, not to worry - select the Reduced Ticket price option and pay what you are comfortable with. Furthermore, if for any reason you do not want to make a contribution at all, select the Free Ticket option.

 

Regardless of which ticket option you select you'd be equally welcome to attend.

 

You can pay through PayPal or invoice. 

 

Thank you!

Bios of key participants

provided thus far*

Andy Agathangelou FRSA,

Founder, 

Transparency Task Force

 

Andy will be Chairing the Symposium. His overall objective is to galvanise support for the idea that greater transparency in financial services can drive positive, transformational change for the benefit of all.

 

Andy formed the Transparency Task Force following a meeting he led at Senate House, University of London on 6th May 2015. The meeting was the about the trust deficit that is impacting financial services and how harnessing the transformational power of transparency can drive the change that is needed.

 

That meeting set off a chain of events that led directly to the creation of the collaborative, campaigning community that is the Transparency Task Force.

 

Our activity is is built on the idea that 'Sunlight is the Best Disinfectant' and our guiding "North Star" question is "what is best for the consumer?"

 

The mission of the Transparency Task Force is

 

"To help protect consumers' financial interests by reforming the financial services industry around the world, through harnessing the transformational power of transprency"

 

We have many Special Interest Groups made up of subject-matter experts working collaboratively:

https://www.transparencytaskforce.org/teams-of-volunteers/

 

We are building a global network of Ambassadors:

https://www.transparencytaskforce.org/ttf-ambassadors/

 

We are working hard to rebuild trust and confidence in financial services through creating a Framework for Finance Reform built on the Finance Development Goals:

https://www.transparencytaskforce.org/rebuilding-trust-confidence-in-financial-services/

 

We have a highly credible Advisory Board:

https://www.transparencytaskforce.org/about-1/advisory-board/

 

Andy is also:

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

Aivars Lode,

Chairman,

IT Capital

 

Aivars is a global entrepreneur and Founder of IT Capital. Aivars is best known for his skills in identifying new business opportunities and re-engineering existing businesses to make them profitable. His ability to identify patterns in business cycles as they occur across the globe led him to start blogging in 2006 about global economics and he accurately predicted the 2008 financial crisis.  He is the author of three books on the future of global economics (available at aivarslode.blogspot.com). Aivars continues to identify best practices, people, processes and technology deployed elsewhere in the world and bring them to the USA.

 

In the early 2000s Aivars founded Avantce, a private equity firm, in order to invest in software companies. Aivars was instrumental in a number of investments including Robocom Systems International, Select, Radcliffe, ADT, Aviva Solutions and ROI. In addition to his own investments Aivars has been retained by private equity firms CVC Capital Partners, Golden Gate Capital, Bain Capital and Welsh Carson Anderson & Stowe to advise on their acquisition strategies in Software.

 

Aivars successfully participated in creating the strategies for companies like IBM’s EDI business, Inovis, Infor and Mincom. Further, Aivars created a consortium to acquire the major airline cargo space for optimization, this resulted in private equity firms Welsh Carson and General Atlantic investing in 3rd party logistics providers.   

 

Prior to founding Avantcé, Aivars was Group President of Descartes Systems Group, a publicly traded supply chain solutions company, based in Canada.  As Group President, Aivars led the company's global expansion efforts, achieving profitable growth as well as completing the successful acquisition and consolidation of two EDI businesses, TDNI and TranSettlements.

 

Prior to joining Descartes, Aivars was with Oracle heading up Applications Software for Australasia. He led the organization’s change from a direct aggressive customer relationship model to that of a consultative business partner.

Aivars first entered the technology industry in 1991, when he joined Dun & Bradstreet Software.  Prior to that he held various management positions, including COO, CFO and CIO roles in both public and private corporations.

 

Throughout his career Aivars has lived in Australia, Canada, Singapore, Hong Kong and has conducted business in most of the industrialized countries in the world.  Aivars holds a Bachelors of Business, Accounting from Swinburne University in Melbourne Australia.  Aivars is a past member of the Board of Directors at First Bank and Trust of Illinois.

Bernie Nelson,

President,

Style Analytics,

North America

 

Prior to joining Style Research, Bernie held positions as Head of Risk and Head of Quantitative Analysis at Scottish Widows Investment Partnership, then the asset management arm of Lloyds TSB and one of Europe’s largest asset managers. He was responsible for developing portfolio risk management and integrating quantitative techniques into a fundamentally based investment process.

 

Bernie has also managed structured products and index funds, and has financial engineering experience as a derivative products analyst. Bernie speaks regularly at international investment conferences on factor investing, smart beta, environmental social and governance (ESG) investing, and style and risk analysis in asset management.

 

Bernie holds an Honors degree in Mathematics from Edinburgh University. He is an Affiliate of the UK Society of Investment Professionals, a member of the CFA Institute, and a member of the CFA Society Boston. 

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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