12 th March 2019 Mercer Boston, 99 High Street, Financial District, Boston, MA 02110, USA.
Welcome to on "How can we accelerate the rebuilding of trust and confidence in Financial Services?” Jeremy France, Partner – US Wealth Chief Operating Officer, Mercer
Welcome to on "How can we accelerate the rebuilding of trust and confidence in Financial Services?” Andy Agathangelou, Founding Chair, Transparency Task Force Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
About • We are the collaborative, campaigning community, dedicated to driving up the levels of transparency in financial services, right around the world • We believe that higher levels of transparency are a pre-requisite for fairer, safer, more stable and more efficient markets that will deliver better value for money and better outcomes • Furthermore, because of the correlation between transparency, truthfulness and trustworthiness, we expect our work will help to repair the reputational damage the sector has been suffering for decades Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
About mission • We are an informal but increasingly influential forum of ethically- minded people that care about the financial services sector and the people it serves • We are collaborative, collegiate and consensus-building; focusing on solutions not blame • We believe the financial ecosystem is profoundly important to the wellbeing of society, the global economy and political stability; but there’s a great deal wrong with it that needs fixing ➢ Our mission: “To help Fix Financial Services by harnessing the transformational power of transparency” Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
helping What is to fix? • Asymmetries of information • The Engagement Deficit • Regulatory Capture (USA?) • The Understanding Deficit • A ‘profit before principle’ mindset • Hidden costs • Reputational damage • Hidden risks • Conflicts of interest • Opportunistic opacity • Financial instability • Opportunistic obfuscation • Malpractice, Malfeasance, Misconduct • Short-termism • A general lack of market integrity • Inadequate client-centricity • Miss-selling; and so on • Scams and scandals ➢ The Trust Deficit • Harmful incentive structures ➢ How? - by shining a light into the darkness ➢ “ Sunlight is said to be the best of disinfectants; electric light the most efficient policeman ” (Justice Louis D. Brandeis, Other People’s Money and How the Bankers Use It, 1914 ) Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
so concerned about Why is the Trust Deficit? Key Insights from the 2108 Edelman Trust Barometer: • An annual global study in its 18 th year; 28 countries; 33,000 respondents • Bad news: The Financial Services sector scores a very poor 15th out of 15 (i.e. last) in terms of general levels of trust • This is a systemic problem for a sector that needs to be trusted to function successfully • “If you take trust out of financial services, what do you have left?” • The problem manifests in many ways; for example the UK’s Savings Ratio is the lowest since records began, way back in 1963 – is that partly because people are predisposed to distrust the sector? ➢ What does the worst case scenario look like if low levels of trust in financial services persists? ➢ Something needs to change! http://cms.edelman.com/sites/default/files/2018-03/Edelman_Trust_Barometer_Financial_Services_2018.pdf Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
strategy for driving change: Our Strategy for Driving Change is all about bringing togethor two groups of people: #1, those with a sense of passion & purpose about what needs to be changed; such as the members of our SIGs #2, those with the power & position to make change happen; such as the financial regulators We do this in many ways, for example through our Transparency Symposia; and through our Special Events Here are three very good examples of our Special Events: Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
• 12 th September 2016 at the Houses of Parliament ‘ The First Transparency Strategy Summit in the World’ ‘ The primary purpose of the first Transparency Strategy Summit in the world is to begin to build consensus on the best way to protect the interests of the UK’s pensions -saving public through full disclosure on all the costs and charges they are paying but not being told about’.
x 110 (99 in the UK+ 11 overseas) 13 th Jan 2017 ……which may have led to the opening of the Work & Pensions Select Committee’s Enquiry on Pensions Costs Transparency 5 th Sept 2018 at the Commons:
• 26 th June 2017 at the Houses of Parliament ‘ Launch of the TTF Banking Team’s White Paper on Current Accounts’ ‘Sensible recommendations about the lack of transparency around charges for Free-If-In- Credit personal current accounts’
• 7 th February 2018 at the Houses of Parliament “ Ideas to help reduce the chance of another Global Financial Crisis” ‘A special meeting at which we presented our White Paper on the topic and initiated the launch of a new All Party Parliamentary Group on Financial Stability’; the inaugural meeting is on 23 rd May
About today … 1. We have run 26 Transparency Symposia; London x24, Boston x1, Hague x1 2. The Transparency Times goes to many thousands of people, monthly 3. We have awarded 26 Transparency Trophies 4. We have held 3 special meetings at the House of Commons 5. We have over 400 volunteers; organised and mobilised into 18 Teams 6. We have responded to 15 formal Government/Industry Consultations 7. Have had dozens of meetings & calls with Regulators & Government Officials 8. We have produced 8 Thought Leadership White Papers 9. We have gathered over 100 Transparency Statements 10. Have had 100’s of articles/comments published; on Radio 4 three times 11. Spoken at dozens of conferences and events 12. We are growing our presence in 18 countries 13. We have recruited 78 Ambassadors; many of whom are subject-matter experts Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
TTF Ambassadors: UK David Pitt-Watson Catherine Howarth Henry Tapper, Executive Fellow Chief Executive Officer Founder, Pension PlayPen; Markus Krebsz, London Business School ShareAction Director, First Actuarial The United Nations Group of Experts on Risk Management in Regulatory Systems Daniel Godfrey Co-Founder Ralph Frank Con Keating Steve Conley The People’s Trust CEO DC (UK) Head of Research Founder Cardano Brighton Rock Group Values Based Adviser
TTF Ambassadors: UK continued Rory Maguire Philip Meadowcroft CEO Dr. Anna Tilba Ian Peacock Independent Shareholder Fundhouse Associate Professor in Strategy and Chief Client Officer Activist Governance, Durham University Business IG Group School Robin Powell Jackie Beard Founder Director of Manager Research, EMEA JB Beckett Evidence-Based Investor Morningstar UK Lead, Association of Professional Fund Investors Mark Polson Founder and Principal the lang cat
TTF Ambassadors: UK continued Julia Dreblow Mike Barrett Helen Scott, Andrew Parry, Founder SRI Services Consulting Director Chief Executive Officer, Head of Sustainable Investing & Fund EcoMarket the lang cat Eris FX Hermes Investment Management James Daley Jon Spain Will Price David Stripp Managing Director Treasurer Global Pensions Consultant Proposition Manager Fairer Finance Law for Life The World Bank David Stripp Ltd
TTF Ambassadors: UK continued Mark Falcon, Andrew Mills Sunil Chadda Ruston Smith, Founder and Director, Founder and Director, Advisory Board Member Chairman, Zephyre Insight Financial Research Association of Professional Tesco Pension Fund Trustee Fund Investors Board, Tesco DC Governance Committee, Tesco Pension Investment Limited Bob Compton Managing Director Wendy Addison Joe St Clair Professor Michael Mainelli ARC Benefits Limited CEO UK Director Executive Chairman SpeakOut SpeakUp World Sustainability Z/Yen Group Development Forum
TTF Ambassadors: UK continued Terry Webster Peter Uhlenbruch Johan Cras Sital Cheema Professional Trustee AODP Investor Engagement Managing Director Sustainability Investment Lindis Consulting Officer Kempen Capital Management Consultant ShareAction Jaanu Consulting
TTF Ambassadors: Italy Francesco Briganti, Secretary General, Cross Border Benefits Alliance - Europe
TTF Ambassadors: Belgium Benoît Lallemand, Secretary General, Finance Watch
TTF Ambassadors: Netherlands Eric Veldpaus, Pascal Hogenboom, Peter Kolthof, Partner and Tomas Wijffels, Founder, Institutional Associate Director, Head of the Netherlands, Senior Policy Advisor, Benchmarking Institute Strategia Worldwide Avida International Pensioen Federatie Marlon Sahetapy Head of Delegated Solutions Aon
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