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"IT MUST NEVER HAPPEN AGAIN! - HOW CAN WE REDUCE THE RISK OF ANOTHER FINANCIAL CRISIS?"
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 event?
Why are we running this symposium?
This Transparency Symposium is an important thought leadership event dedicated to discussing and debating what more can be done to reduce the risk of another financial crisis.
It is now 10 years since Lehman Brothers collapsed; an event so shocking that it that sent the world economy into cardiac arrest.
Hundreds of thousands of pages of analysis have been published about the Global Financial Crisis; perhaps the most shocking statistic is that according to Oxford University research it resulted in an additional 100,000 suicides - caused by the consequences of people losing their jobs, homes, and resultant family break-ups.
Reckless risk-taking by banks around the world had magnified the market failings of the world’s financial ecosystem. Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible complete collapse of the world financial system. The crisis was nonetheless followed by a global economic downturn, the Great Recession and a catastrophic crisis in the banking system across Europe.
Capitalism was in complete crisis; just as communism had been some 19 years earlier.
In the USA, the Dodd-Frank Act was enacted in the aftermath of the crisis to "promote the financial stability of the United States" and the Basel III capital and liquidity standards were adopted by countries around the world.
There is so much to be looked at when considering the causes and consequences of the Global Financial Crisis; and even more importantly the big question:
“Can we be sure that enough been done to prevent another crisis?”
Consider these factors, that most agree played a part in the disaster:
- Over-easy credit conditions
- Weak and fraudulent underwriting practices
- Predatory lending
- Growth of the housing bubble
- The subprime mortgage bubble
- Financial over-innovation and over-complexity
- Collateralized debt obligations
- The commodities boom
- Over-leveraging by institutions around the world
- The ‘Too big to fail’ mind-set
- Incorrect pricing of risk
- Boom and collapse of the shadow banking system
- The inherent instability and systemic risks of crises within capitalism
- Widespread failure of economic forecasting - economists ‘asleep at the wheel’
- The shouts by those who did see it coming not being heard; or perhaps even worse - heard but completely ignored
- Governance failures
- Conflicts of interests
- Debt dependency
- Behavioural finance issues and the underlying human conditions of fear and greed
- Opaque credit markets and the shadow banking system
- A misunderstanding of the organic nature of contagion risk
- Poor stewardship of capital
- Over-leniency towards those who are to blame
- A lack of court proceedings and prosecutions
Here's a couple of interesting questions:
"How many of those factors are rooted in a lack of transparency?”
"How many of those factors are actually still with us today?”
The socio/political fallout of the Global Financial Crisis has been staggeringly impactful. Consider these issues:
- Austerity policies being implemented around the world
- The rise of Donald Trump
- Brexit? ...and so much more.
The consequences of the Crash have been unimaginably far-reaching, with a devastating impact on many aspects of life around the world.
We'll be taking a look at key questions such as:
- What really caused the crash?
- Who was “asleep at the wheel”?
- Have the lessons been learned?
- Have the Regulators done enough to prevent a repeat?
- Who is actually responsible for preventing another Crash?
- Could it happen all over again?
- What has been the true impact of Quantitative Easing - and who will realy pay the price for it?
- Could greater transparency reduce the chances of a reoccurrence?”
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.
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 presentatons, hot topic Power Panels and The Great Big Open Debate; all of which will help create a useful forum for sharing thought leadership and exploring ideas to help mitigate the risk of another financial crisis.
Here's the programme thus far:
(Note that you can scroll down to see participants' bios.
Get in touch if you would like to be considered for inclusion)
Registration, refreshments & networking.
- Welcome to Newgate Communications and the symposium; by Alistair Kellie, Managing Partner, Newgate Communications.
- About the Transparency Task Force and the new All Party Parliamentary Group on Financial Stability that is being formed; by Andy Agathangelou, Founding Chair, Transparency Task Force; setting the scene for today's symposium.
FYI the provisional draft Purpose Statement of the new APPG on Financial Stability is:
"To respond to the universal shared interest in avoiding another Financial Crisis by providing a helpful forum for parliamentarians to work cross-party, developing fledgling policy initiatives to buttress the resilience of our financial system; supported by participation from industry, academics, experts, think tanks, civil society, campaign groups and regulators.”
Presentation delivered by Professor Charles Goodhart, Director of the Financial Regulation Research Programme, The London School of Economics and Political Science
Power Panel #1 - The Economists, Academics, Governance Gurus, Subject-matter Experts and Risk Management Professionals
- Gavin Starks, Founder, DGen
- Michael Kumhof, Senior Research Advisor, Research Hub, The Bank of England
- Stuart Woollard, Council Member at The Maturity Institute
- Will Price, Global Pensions Consultant
- Alistair Kellie, Managing Partner, Newgate Communications
- Deborah Hargreaves, Chief Executive, The High Pay Centre
Who shouldn't miss this symposium?
This symposium is going to bravely attempt to deal with questions of immense importance to everybody. We're expecting it to be a very stimulating, engaging and thought-provoking session of very special importance to
Members of the Financial Conduct Authority
Members of the Competition & Markets Authority
Members of the Prudential Regulation Authority
Members of the Bank of England
Members of the Department for Business, Energy and Industrial Strategy
Members of the Government Actuarial Department
Bankers and representatives of Banking organisations
Risk Management Professionals
Financial Services Trade Bodies and Professional Associations
Actuaries; and many 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)
Andy Agathangelou FRSA,
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:
How to secure your place
Please note that there is limited availability and all places must be booked in advance - use the link below.
It is a pay-to-attend event. £245 buys a place for one attendee. However, if the pricing is genuinely a barrier, let us know and we'll look to discount as necessary if there are places available - one way or another if the topics we are going to be covering are of genuine interest we're keen that you can attend and participate, so if you genuinely need an adjustment to the price get in touch ASAP through:
email@example.com or 07501 460308
Payment can be made through credit card or invoice.