Fixing Financial Services through Cultural Reform

Online symposium using interactive Zoom. 

Friday, June 5th, from 1:00pm until 4pm, UK time

Sponsorship opportunities available – please get in touch

All places need to be booked in advance, please

Use the button below to book your place.

Once your place is secured, you will be automatically Emailed the details you need to access the event through interactive Zoom – please be sure to enter your Email address correctly. 

For any queries please contact us.

Executive Summary

Culture is King. 

While that may be an over-simplification, there can be no doubt that culture is a very powerful determinant of what is – and what isn’t – deemed to be acceptable conduct. 

Based on the poor conduct that has too often prevailed, it’s easy to come to the conclusion that the sector needs what we sometimes describe as a “cultural transfusion”. That point was first made at the May 6th, 2015 meeting held at Senate House, London University; a meeting that went on to inspire the creation of the Transparency Task Force. We believed back then that culture could be a key driver for reform of the financial services system, enabling the positive, progressive and purposeful finance reform that is so desperately needed. We believed it then and we believe it now; in fact, even more so today. 

To be blunt about it, any attempt to reform the financial services sector without addressing the huge importance of culture will fail. 

That’s why cultural reform is one of our 12 Finance Development Goals (FDGs). The FDGs are an idea inspired by the United Nations’ Sustainable Development Goals and they were conceived following a meeting in New York with Georg Kell; the man that inspired the creation of the UN’s SDGs and its Global Compact. 

Our FDGs are at the heart of the Framework for Finance Reform that we are creating with the help of a wide range of stakeholders around the world including some notable thought-leaders. In essence, our Framework for Finance Reform is based on the idea that we need “a whole system solution to a whole system problem,” an idea depicted by the oil on canvas artwork created for the front and back covers of our book.

This symposium represents a great opportunity to discuss and debate the importance of cultural reform; and how to harness it as a driver of change. 

We’ll be immersing ourselves in the topic and considering a wide range of perspectives. These quotations help to set the scene nicely and will hopefully help to get you “in the zone” as it were: 

·       “Culture is the deeper level of basic assumptions and beliefs that are shared by members of an organization, that operate unconsciously and define in a basic ‘taken for granted’ fashion an organization’s view of itself and its environment”.

– Edgar Schein

·       “Why is culture so important to a business? Here is a simple way to frame it. The stronger the culture, the less corporate process a company needs. When the culture is strong, you can trust everyone to do the right thing”.

– Brian Chesky

·       “Culture eats strategy for breakfast”.

– Peter Drucker

·       “Every CEO is in fact a Chief Cultural Officer. The terrifying thing is it’s the CEO’s actual behavior, not their speeches or the list of values they have put up on posters, that defines what the culture is. Without these four powers (Hiring, Firing, Promoting, Punishing) any employee at the company is along for the ride in a culture driven by someone more powerful than they are”.

– Scott Berkun

·       “We can change culture if we change behaviour”.

– Dr. Aubrey Daniels

·       “There’s really no such thing as internal culture anymore. Your culture is always public, and it’s your most powerful, public-facing asset or liability”.

– David Mattin

·       “Ethics is knowing the difference between what you have a right to do and what is right to do.”

– Potter Stewart

·       “When people go to work, they shouldn’t have to leave their hearts at home.”

– Betty Bender

Our overall purpose for the event is to shine a very bright light onto this important topic; in keeping with the TTF’s overall mission which is to encourage ongoing reform of the financial services sector, so that it serves society better. 

All in all, this symposium is a “not to be missed” event for anybody keen to stay in touch with the complex issues surrounding financial stability and related policymaking and regulatory interventions.

Who should participate?

This symposium is going to bravely attempt to deal with questions of immense importance around why the culture within the financial services sector is the way it is; and what needs to happen to improve it. 

We’re expecting it to be a particularly stimulating, engaging and thought-provoking session of particular importance to:

  • Industry Observers, Commentators; the Media in General
  • Academics and researchers
  • Financial services Policymakers and Regulators
  • Parliamentarians with an interest in the financial services sector
  • Bankers and representatives of Banking organisations
  • Risk Management Professionals
  • Compliance Professionals
  • Legal Professionals
  • PR and marketing professionals
  • Leaders of commercial organisations
  • Pension Professionals
  • Financial Services Trade Bodies and Professional Associations
  • Academics and researchers in governance, stewardship, ethics, conduct and compliance in the banking, investment and pensions space
  • Think Tanks and Civil Society Groups with an interest in improving conduct within the financial services sector

All places need to be booked in advance, please

Use the button below to book your place.

Once your place is secured, you will be automatically Emailed the details you need to access the event through interactive Zoom – please be sure to enter your Email address correctly. 

For any queries please contact us.

What’s the purpose of this symposium?

This symposium represents one more step forward in our collective efforts to galvanise support for positive, progressive and purposeful finance reform.

Our event is part of a major international initiative about creating an over-arching framework for finance reform. At the heart of that framework for finance reform are the 12 Finance Development Goals that we are developing with the many TTF members around the world. 

We already know that the financial services sector as a whole has a significant reputation problem – the key takeaway from the Edelman Trust Barometer is:

“…at 57 percent trust among the general population, financial services remain the least-trusted sector measured by the Trust Barometer.”

…and that’s obviously a major issue for a sector that has to be trusted to function successfully.

It is clear that there is far too much adverse publicity about the financial services sector; and that it is having a long-lasting and highly damaging effect on the reputational integrity of the sector. 

This is a serious and systemic issue that needs to be resolved.

Our symposium creates a first-class opportunity for a wide range of stakeholders to share their thoughts around what needs to be done; how best to do it and who should take responsibility for fixing what seems to be broken; or at least very badly damaged. 

You can expect to be ‘amongst’ progressively minded and collaboratively minded people.

On the basis that “progress begins with realism” we’ll be we will be running the event as a forum to enable everybody to “say it as they see it” and thereby facilitating the kind of candid yet constructive discussion that is needed to help move matters forward.

We don’t think any one person or organisation has all the answers; and we also think that all answers are worth listening to, so if you’ve got a point of view that you’d like to share, and are keen to hear the views of others, this is definitely an event for you.

Format

We’re in trying times because of Covid-19.

So, it’s time for agility and adaptability, resilience and innovation.

As a consequence, this symposium is being run as an online event.

We will be using interactive Zoom, a highly effective online platform which means we can run this symposium as an ultra-convenient and wonderfully efficient event; all this, without you needing to leave your home or office.

You’ll just need access to a computer with Broadband connection. 

We will be structuring the event in such a way that it will be as engaging and as interactive as we can possibly make it. We’ll  be working hard to create as “life-like” an event as possible, with every opportunity taken to create interaction and engagement.

There will be several presentations with Q&A sessions and even a breakout session where attendees will be able to discuss particular topics amongst themselves and then report back on their findings. 

There will also be an open discussion and debate session towards the end.

All places need to be booked in advance, please

Use the button below to book your place.

Once your place is secured, you will be automatically Emailed the details you need to access the event through interactive Zoom – please be sure to enter your Email address correctly. 

For any queries please contact us.

Here’s the programme and timings, so far*

13:00

Welcome to the symposium, introductions and initial exploration of the main issues; plus “Why we must rebuild trustworthiness and confidence in financial services; and how we can do it” by 

Andy Agathangelou FTTF FRSA, Founder, Transparency Task Force; Governor, Pensions Policy Institute; former Founding Chair, Friends of Automatic Enrolment; former Founding Chair, Association of Member Nominated Trustees.

https://www.linkedin.com/in/andy-agathangelou-0295311

13:30

Presentation #1, for 10 minutes + 5 minutes Q&A with facilitated discussion, by

Michael KumhofSenior Research Advisor and Co-leader at the Bank of England’s Research Hub; former Deputy Division Chief, Economic Modelling Division, the International Monetary Fund; former Economics Lecturer at Stanford; and former Corporate Banker at Barclays

https://www.bankofengland.co.uk/research/researchers/michael-kumhof

13:45

Presentation #2, for 10 minutes + 5 minutes Q&A with facilitated discussion, by

Professor Steve Keen, Professor and Head of the School of Economics, History and Politics, Kingston University; Fellow at the Centre for Policy Development; Author of “Can we Avoid Another Financial Crisis?”; former Associate Professor of Economics at the University of Western Sydney

https://en.wikipedia.org/wiki/Steve_Keen

14:00

Short leg-stretch and comfort break, for 15 minutes

14:15

Breakout & Report Back Session, on

 

“What are the greatest challenges to mitigating the risk of another Financial Crisis; and how could they be tackled?” for 30 minutes in total

 – 20 minutes for discussion within the Breakout Group

and 

 – 10 minutes for the Report Back session

Breakout Session Conference Meeting People Signs 3d Animation

14:45

Presentation #3, for 10 minutes + 5 minutes Q&A with facilitated discussion, by

Sheri Marina Markose, Professor of Economics at the University of Essex; Founding Director (2002-2009) at the Centre for Computational Finance and Economic Agents

https://en.wikipedia.org/wiki/Sheri_Markose

15:00

Short leg-stretch and comfort break, for 15 minutes

15:15

Presentation #4, for 10 minutes + 5 minutes Q&A with facilitated discussion, by

John Hipperson, Managing Director at A and D Hipperson Ltd

https://www.linkedin.com/in/john-hipperson-2b074988/

and

Steve Hubbard, Associate Dean of Computing, Science and Technology at Suffolk College

https://www.linkedin.com/in/steve-hubbard-957080151/

15:30

Open discussion & debate, 25 minutes

15:55

Final conclusions; and suggested next steps, by  

Andy Agathangelou FTTF FRSA, Founder, Transparency Task Force; Governor, Pensions Policy Institute; former Founding Chair, Friends of Automatic Enrolment; former Founding Chair, Association of Member Nominated Trustees.

https://www.linkedin.com/in/andy-agathangelou-0295311

 

 

16:00

Final close

 

All places need to be booked in advance, please

Use the button below to book your place.

Once your place is secured, you will be automatically Emailed the details you need to access the event through interactive Zoom – please be sure to enter your Email address correctly. 

For any queries please contact us.