14 th March 2019 Davies Ward Phillips & Vineberg LLP, 900 Third Avenue New York, NY 10022
Welcome to on "How can we accelerate the rebuilding of trust and confidence in Financial Services?” Peter Glicklich, Managing Partner, Davies Ward Phillips & Vineberg LLP
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
Today’s programme: 10:30 AM Registration, refreshments and networking. 11:00 AM Welcome to the event by Peter Glicklich, Managing Partner, NY Office, Davies Ward Phillips & Vineberg LLP 11:10 AM Andy Agathangelou, Founding Chair of the Transparency Task Force to introduce the Transparency Task Force and set the scene for the event, explaining the overall intent behind the 5-year international project and how we hope to make it work Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s programme continued: 12:10 AM Presentation delivered by Sander Eijkenduijn, Co-Founder at Scorpeo; and Jonny Ruck, CEO at Scorpeo 12:30 PM 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 12:40 Lunch and networking plus “Team Photo” Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s programme continued: 13:40 “If I had just 10 minutes to comment on how we can accelerate the rebuilding of trust and confidence in financial services, this is what I’d say…” - Jon Lukomnik, Executive Director, Investor Responsibility Research Institute; and Managing Partner, Sinclair Capital LLC - Paul Bates, Senior Counsel, Bates Barristers - Constance Erlanger, Founder & CEO, GoKnown; with Michael Erlanger, Founder, Managing Principal of Marketcore.com, Inc., Founder and Director, Chief Visionary, GoKnown.com - Alison Shelton, Senior Officer, Research, Government Performance, Pew Charitable Trusts - Rohan Grey, President and Founder, Modern Money - Antonella Puca, Co-Founder and Managing Director of BlueVal Group Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s programme continued: 15:15 Refreshments and further networking 15:45 Keynote Speech delivered by Mark A. Pfister, President & CEO, M.A. Pfister Strategy Group, Inc. Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s programme continued: 16:15 The Great Big Open Debate; where all attendees and speakers will have the opportunity to freely discuss the key issues raised and explore what action to take in relation to the challenge to accelerate the rebuilding of trust and confidence in financial services. This is perhaps the most important part of the whole event! Ultimately, we shall seek to build consensus on the best way to make our 5-year plan to accelerate the rebuilding of trust and confidence in financial services work successfully in the USA; with the idea of driving progress in a constructive, collegiate, collaborative and civilised way. Every attendee will have the opportunity to share their thoughts on which workstream (if any) they are most aligned to; and whether they want to play a part in leading the project in the USA, by becoming part of the USA Steering Committee. Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s programme continued: 17:00 Further networking over drinks and nibbles. Immediately after the event you can enjoy further networking at a nearby bar: Crimson & Rye 198 East 54 th Street Post-event networking is actually more important than it might seem. Having run many Transparency Symposia so far we know that there is nothing better for the creation of lasting connections and the formulation of compelling campaign ideas than relaxed, sociable discussion after a full-on event. Who knows what your post-event networking and conversations might lead to! 18:00 Final close Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Brief introductions please: • Who you are and what do you and your organisation does • Why the question “How can we accelerate the rebuilding of trust and confidence in financial services?” is of interest to you • But first, Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Before we go any further … Let’s please show our appreciation for today’s sponsors: Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Brief introductions please: • Who you are and what do you and your organisation does • Why the question “How can we accelerate the rebuilding of trust and confidence in financial services?” is of interest to you 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’
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