Many thanks to

for hosting:

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

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 Tuesday 10th September at:

 

King & Spalding:

2nd Floor,

1700 Pennsylvania Ave

NW Suite 200,

Washington, DC 20006

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 

Dixie L. Johnson, Partner, Securities Enforcement and Regulation; Special Matters and Government Investigations, King & Spalding

 

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

Dixie L. Johnson, Partner, Securities Enforcement and Regulation; Special Matters and Government Investigations, King & Spalding

 

11:00

Refreshments and further networking

 

11:30

Keynote presentation delivered by

Knut Rostad, President, Institute for the Fiduciary Standard 

 

“The Tattered Reputation of the Finance Industry 

In the United States Matters; Finance Executives 

Alone Can Fix it”

 

Political winds have shifted (again) in Washington. Democrats are mounting efforts to reign in Wall Street. Socialism is fashionable. AOC is “in”. Bernie and Elizabeth have new clout. The president’s party is in disarray. Serious professionals speak of needing to defend capitalism. The reputation of finance is in tatters. Federal regulation is not the answer. Adam Smith can be. Finance leaders, alone, can fix its reputation.

 

12:10

Presentation by

Allan I. Mendelowitz Ph.D, President, ACTUS Financial Research Foundation; former Chairman of the Federal Housing Finance Board; and Co-Leader of the Committee to establish the National Institute of Finance

 

12:30

Presentation by

Sander Eijkenduijn, Co-Founder at Scorpeo; and Jonny Ruck, CEO at Scorpeo who will show how technology can "be a friend to transparency" cover a case study that will show the desperate need for culture reform and better alignment of interests within the financial services sector

 

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:

 

 - Chris Tobe, Chief Investment Officer at The Hackett Group; Principal, Stable Value Consultants

 

 - Jim Hofheimer, Executive Vice President and Director of Wealth Practice, Toroso Advisors

 

 - 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

Allan Mendelowitz,

President, 

ACTUS Financial Research

 

Allan I. Mendelowitz is the President of the ACTUS Financial Research Foundation. 

 

Previous positions include Chairman and Member of the Board of Directors of the Federal Housing Finance Board; Executive Director of the Congressional Trade Deficit Review Commission; Executive Vice President of the U.S. Export-Import Bank; Managing Director, USGAO; and Brookings Institution Economic Policy Fellow. 

 

His published articles have appeared in the Journal of Policy Analysis and Management, The National Tax Journal, Journal of Risk Finance, and The Journal of Business, among others.  He has testified before the U.S. Congress as an expert witness 150 times and has lectured widely on financial and economic topics.

 

He holds an A.B. degree in Economics from Columbia College, Columbia University, and M.A. and Ph.D. degrees in Economics from Northwestern University.

Chris Tobe,
Founder
Stable Value Investments
 
Chris Tobe is a global   leader in Transparency and fighting
Corruption in U.S. state & local government pension plans and
investments in general, including state regulated insurance products.
 
He is working on his 5th book on transparency entitled Wall Street Corruption in State & Local Governments targeted to a broad US Audience. This is a related book to Kentucky Fried Pensions 2018 targeted to Kentucky and Public Pensions Secret Investments targeted to Trustees, Staff, regulators.
 
His 1st book “Kentucky Fried Pensions” was cited by Pulitzer prize winner Gretchen Morgenson of the NY Times and Matt Taibbi of Rolling Stone. He has been quoted and works regularly on public pension corruption stories with Neil Weinberg of Bloomberg, David Sirota of YoungTurks, Travis Waldren of
the Huffington Post, and currently Gary Rivlin formerly of NY Times now with the Intercept.
 
His other book “Consultants Guide to Stable Value” is on fixed income 401(k) insurance based investments in the U.S.
 
Chris does legal expert work in the areas of investment corruption and excess fees in both US Public & Corporate pension plans. He also serves as Chief Investment Officer for a  Pension consulting firm out of New Orleans the Hackett-Group where he has provided project consulting to a number of public pensions in MD, NC and TX.
 
From 2008-2012 he served as a Trustee and on the Investment and Audit Committees for the $14 billion Kentucky Retirement Systems.  From 2008-2009 he was a Sr. Consultant with New England Pension Consultants and worked with a number of public pension plans in Oklahoma, Missouri, Michigan and the District of Columbia. From 1997-1999 with the Kentucky State Auditor he published a 40 page report on the investments of both major Kentucky Pension plans.
 
National Public pension speaking engagements include the National Council on State Legislature National Association of State Treasurers, the Public Pension forum at the Ohio State Law School, DePauw University in Chicago, and at the National Press Club for Governing Magazine.  
 
As a public pension trustee he completed the Program for
Advanced Trustee Studies at Harvard Law School and Fiduciary College held at the Stanford University.   He holds a BA in Economics from Tulane University, and an MBA in Finance & Accounting from Indiana University – Bloomington. He is the past president of the CFA Society of Louisville. He has the taught the MBA investment course at the University of Louisville and finance and accounting classes at Bellarmine and Webster.

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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