October 2019
This month’s contributors are: Andy Agathangelou
Peter Schmid
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Transparency Task Force
iamdix.com
Richard Farr
Matthew Priestley
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Lincoln Pensions
Get in touch if you wish to place an article! Edition #42 October 2019
The official publication of The Transparency Task Force. FREE to members of the Transparency Task Force, membership of which is also FREE
3 Andy Agathangelou: The TTF is launching its very own LinkedIn Group 6 Locations for Symposia 8 Upcoming Events 10 Peter Schmid - In Memory of Dr. Monique R. Siegel: The Importance of Ethics in Today’s Banks 13 Find out more about our Ambassadors, Special Interest Groups and Advisory Board 14 Transparency Trophy Winners 16 Richard Farr: DB pension scheme corporate disclosures continue to be inadequate 18 Matthew Priestley: The consumer of financial services benefiting from a Governance framework 23 Get Involved!
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The Transparency Times | www.transparencytaskforce.org | October 2019 | Edition #42
TTF COMMENT:
The TTF is launching its very own LinkedIn Group! Please join it; and help us to set the ground-rules… We have finally got round to creating our very own LinkedIn Group and we are hopeful that it will eventually become a useful and popular way for Transparency Task Force members to communicate amongst themselves. The new LinkedIn Group will, if used correctly, help us to realise our collective potential as a much-needed force for
financial services sector, so consumers get a better deal; and trust and confidence can be restored. A very important step in the process is to set the groundrules for how the Group will function.
3. Only share matters relevent to the Transparency Task Force mission; irrelevant postings will be removed
The initial iteration of the rules are set out below but we are very keen to absorb suggested improvements, so please do get in touch if you have any:
4. This Group is not for selling through; if you have a product, service or event that is authentically aligned with the Transparency Task Force mission and you want to raise awareness of it, first Email andy.agathangelou@transparencytaskforce.org requesting permission to do so Please let me know if you have any suggested improvements to our ground-rules.
good, right around the world. We are thinking that the Transparency Task Force LinkedIn Group should have a very specific purpose: it should be used exclusively to enable relevant and meaningful communication amongst members of the Transparency Task Force on matters connected to our mission. The Transparency Task Force mission is to help reform the
Initial thoughts on our LinkedIn Group’s rules: 1. We reserve the right to change the rules in light of developments; there will be ongoing adjustment and fine-tuning because we will learn as we go
Also, please join and make good use of the Group, you can do so through this link: https://www.linkedin.com/ groups/8299877/
2. Courteous, civilised and considerate conduct is required at all times; it’s absolutely fine to disagree but always do so nicely, please
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Chicago
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ht leadership events taking place right around the world in 2019 Edition #42 | October 2019 | www.transparencytaskforce.org | The Transparency Times
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Time for Tra “How can we accelerate the rebuilding of t To learn more about our intern
https://www.transparencytaskforce.org/rebui
U P C OM ING 2 London Tuesday 5th November at Duff & Phelps Full details here
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ansparency trust and confidence in financial services� national project, see this page:
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transparencytaskforce.org/upcoming-events/
ontact through andy.agathangelou@transparencytaskforce.org Edition #42 | October 2019 | www.transparencytaskforce.org | The Transparency Times
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OTH E R U P CO M 201 9 COSTS & CHARGES; INCLUDING THE WORKS AND PENSIONS SELECT COMMITTEE’S REPORT ON PENSION COSTS AND TRANSPARENCY AND “THE WOES OF WOODFORD”: Thursday 14th November Hosted by Lansons
THE PERILS OF PENSION SCAMS Tuesday 3rd December Hosted by Mayer-Brown
PAYMENTS Thursday 5th December Hosted by Zephyre
GOVERNANCE, COMPLIANCE, STEWARDSHIP, CUSTODIANSHIP, REGULATION & RISK MANAGEMENT Tuesdsay 17th December Hosted by TLT Solicitors 8
The Transparency Times | www.transparencytaskforce.org | October 2019 | Edition #42
M ING E V E NTS 2020 COMMUNICATIONS Tuesday 14th January VENUE WANTED
FINANCIAL PLANNING Thursday 16th January VENUE WANTED
MARKET INTEGRITY/ CULTURE/VALUESBASED LEADERSHIP Tuesday 11th February VENUE WANTED
PRIVATE EQUITY & HEDGE FUNDS Thursday 13th February VENUE WANTED
THE FUTURE OF ASSET MANAGEMENT Tuesday 10th March VENUE WANTED
WHISTLEBLOWING Thursday 12th March VENUE WANTED
ACCELERATING OUR JOURNEY TOWARDS A GREEN ECONOMY BEFORE IT’S TOO LATE Tuesday 12th May VENUE WANTED
FOREIGN EXCHANGE Thursday 14th May VENUE WANTED
FINTECH & INTEROPERABILITY Tuesday 16th June VENUE WANTED
BANKING Thursday 18th June VENUE WANTED
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ARTICLE:
IN MEMORY OF DR. MONIQU THE IMPORTANCE OF ETHICS IN T
by Peter Schmid | Managing Director | iamdix.co
Before she died, I had the opportunity to discuss of ethics in banking. Many service providers are c for advisory customers. They do this for economic as well as for compliance reasons. I believe this is neither in the interest of customers nor is this what regulators had in mind with their customer protection regulations. I propose an offering extension instead and a rigorous shift from provider relevance to customer relevance. Such an offering must be managed by specialist who follow ethical standards. Here is what Dr. Siegel had so say to this: On trust: At the basis of any sustainable business there was, is and will be trust. A precious commodity that does not need constant mentioning, but rather is confirmed by every transaction between the partners. It is especially important when one of the partners is not an expert in the field or not as knowledgeable as the other – as is the case in most transactions between banks and their customers. Undoubtedly, this
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fact and its awareness is part of the rules of compliance. The 'naiĚˆve' customer entrusts his/her monies to a financial expert, expecting his/her investments to be safe. Needless to say that financial institutes with an excellent reputation in this area have a competitive advantage.
and project a feeling of reliability. Extending the offering thus becomes more than just an
On offering extension: The events of 2008 and the years thereafter have, unfortunately, uncovered quite a number of transactions that were and still are damaging to the reputation of the financial world. One of the attempts to restore trust are, no doubt, the rules of compliance. Specifically in view of their damaged reputation, financial institutes are well advised to do everything in their power to rebuild trust
addition to the rules: it is an acknowledgement that the customers’ trust is justified. On women and finance
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E R. SIEGEL: TODAY’S BANKS
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s with Dr. Siegel* the importance currently limiting their offering This acknowledgement matters all the more in view of the fact that there are many more women of means looking for a reliable institution to man-
age their finances. As a rule, they expect an ethical basis of such relationships, and this applies especially when they are neophytes with little or no experience in having their
finances managed. It would be most awkward to explain to them that while a bank adheres to the rules of compliance, there is still an area where they are vulnerable, because the bank does not consider it its responsibility to oversee their customers’ financial transactions and/or warn them if need be. This would be considered unethical. While women usually are loyal customers, they do not take lightly any breach of trust – and here lies a hidden danger to any partner that turns out not to be trustworthy: women communicate. They exchange experiences in all areas, no matter whether it’s shopping, child education, or investment banking. Added to this is the fact that, being in charge of revenues worldwide to the tune of 80-percent-plus, they wield enormous power when they talk about products, services, or service providers: they can make or break the reputation of a company. Thus, any firm, any financial institution, any organization
Peter is a seasoned banker with more than 30 years of working experience in Zurich, New York, London and Tokyo. He held various leadership positions both in Investment Banking and in Wealth Management. His primary focus was on suitable investment solutions for private clients where he was responsible for the development, distribution and life-cycle management of such solutions. Peter now provides his vast experience to the broader financial services industry with his consulting and software development business. He promotes a rigorous focus shift from service provider relevance to customer relevance. It is clear to him that a financial incentives-driven sales culture must change into a differentiating ethical culture with customer protection at the heart. He completed the UBS Master in Wealth Management program and holds a Master of Advanced Studies (MAS) in Finance from the University of Berne and a Master in Science (MS) in Wealth Management from the Simon Business School of the University of Rochester. Peter also holds a Master of Advanced Studies (MAE) in Applied Ethics from the University of Zurich. He attended the Executive Development Program of the Wharton School, University of Pennsylvania. Peter is an alumnus of the Swiss Finance Institute and member of the Swiss Risk Association and of the think tank Female Shift.
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would be well advised not to do anything that gets it on the wrong side of its female customers. So, if women with a high in- come or a sizeable inheritance constitute a focus group for future business, ethics will be a serious topic. This is a new aspect, brought into focus by the rising number of women in decision-making positions. They think and function differently, and they are slowly becoming aware of their increasing influence on a company’s bottom line. It is a well-established fact by now that a company with mixed teams of men and women at the top is more profitable. The complementary thinking, the different approaches to decision-making process as well as the communication skills that many women bring to the negotiating table change the corporate culture and result in a different style of leadership. Two of the most spectacular recent examples are Laurence Tubiana, host and chief negotiator of the French delegation at the Paris climate conference, who urged the delegates to keep talking, and Democratic US-Senator Patty Murray: as head of the Budget Committee in 2013, she forged a bipartisan two-year budget with Representative Paul D. Ryan, her Congress counterpart, thereby avoiding a government shutdown. In conclusion: what do these considerations mean for future banker/customer relationships: • It might be useful to recall
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the elementary truths that Robert C. Salomon highlights when he talks about the first of his six points of virtue ethics. Consider the corporation the polis of your work life, in the sense of what ancient Athens, the polis, meant to the Athenians in the three decades under Pericles who introduced the concept of direct democracy. The polis was everything, the Athenians were proud of living in a system where they could take part in the decision-making and saw to it that nothing and noone damaged its reputation. This concept put the general well-being of all citizens be- fore greed or negligence of the individual and left little room for unethical behavior. • In view of the (moral) challenges that modern life poses, philosophers developed the concept of Applied Ethics during the last third of the 20th century. While the classical discipline pondered such questions as 'What can I know?' and 'How should I live?', the modern version of ethics asks pointedly: 'How will my actions and activities affect other people?' Applied Ethics asks the questions, when we are faced with ethical decision-making; each individual has to find his/ her own answers.
it affect the basis of trust on which the bank/customer-relationship is based?' Here, too, is little room, if any, for ambiguity. *Remembering Dr. Monique R. Siegel Dr. Siegel passed away on 9 June 2019. This interview is published in her memory. She was born in Berlin, grew up in New York and found a home in Zurich. Dr. Siegel was a trend analyst, lecturer, speaker and author of numerous best-selling books on topics that include politics, economics, education, culture and the future. At high age, she acquired a master’s degree in applied ethics from the University of Zurich and she was also a consultant for business ethics. Most recently, she co-founded the ThinkTank FEMALE SHIFT and was its editor-in-chief.
Combining these two concepts, bankers should thus ask themselves: 'How will not-extending the offering affect the polis?' And: 'How will
The Transparency Times | www.transparencytaskforce.org | October 2019 | Edition #42
The Transparency Task Force Ambassadors While we value every member of our campaigning community, some go over and above. They are particularly aligned to our cause and, as such, are profoundly impactful for positive change. They are our Transparency Task Force Ambassadors.
The Transparency Task Force Advisory Board The Transparency Task Force has now grown to the point that an Advisory Board is now needed to formally shape our purpose and strategy moving forward.
The Transparency Task Force Special Interest Groups The TTF Special Interest Groups are our collective response to the extensive need for reform of the financial services sector, right around the world; there are now 22 Special Interest Groups. We believe that those who are aware of issues should collaborate with others to put things right it’s in everyone’s interest to do so. Our Special Interest Groups are all about understanding the potential power of working together to drive much needed change by harnessing the transformational power of transparency. Each of of our SIGs have a conference call quarterly.
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RECENT W Hong Kong Sydney
Rick Adkinson, Managing Director, Private Capital
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Dr Shann Turnbull, Principal, International Institute for Self-governance
The Transparency Times | www.transparencytaskforce.org | October 2019 | Edition #42
WINNERS: Singapore Melbourne
Dean McClelland, Founder, www.tontine.com David Knox, Senior Partner Mercer Edition #42 | October 2019 | www.transparencytaskforce.org | The Transparency Times
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ARTICLE:
DB PENSION SCHEME CORPORATE DISC TO BE INADEQUAT
by Richard Farr | Managing Director | Lincoln Pensio
The study, ‘Give us a clue 2’, by the UK’s largest specia Pensions, shows that defined benefit (DB) pension sch 350 companies, continue to be woefully inadequate. Lincoln Pensions carried out a similar study in 2016. Since then there have been significant improvements but areas of concern remain. The findings show further action is required to enable investors and other stakeholders to make more informed judgements on the future of DB pension schemes. The findings from the study show:
Since the first study in 2016, significant improvements have been made in several areas of disclosure: • 74% of FTSE 350 companies now disclose the length of the recovery plan – compared to 46% in 2016 • 81% disclose the amount of deficit repair contributions agreed with the trustees – compared to 48% in 2016
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• 79% of companies disclosed their deficit (or surplus positions) – compared to 33% in 2016. Despite these improvements, Lincoln Pensions’ research found that: • None of the companies disclosed a Value at Risk (VaR) estimate, which would provide stakeholders with important insights into the level of investment risk being run by a scheme. VaR also takes into account the
scheme’s investment strategy and how well the investment strategy mitigates the risks which are inherent within the scheme’s liabilities. • With the exception of five FTSE 350 companies (with DB obligations), no one disclosed their pension scheme’s funding position
on any alternative valuation basis, which, if disclosed, would give stakeholders a complete picture of the size of sponsor’s obligations to the pension scheme. At present, IAS 19 falls short of providing clarity around scheme funding requirements and risk. Therefore, to enable investors and other stakeholders to make more informed judgements on the future of DB pension schemes, Lincoln Pensions calls for the following disclosures to be made: 1. The Technical Provisions (TP) funding position and details of the associated recovery plan durations and contributions agreed. This will show the actual cash funding commitments to the scheme as well as point towards those who need longer to pay. 2. A standard basis for disclosure of pension scheme volatility. Whilst VaR has many detractors, Lincoln believes it can be useful if modelled correctly and understood appropriately by its users, to understand the inherent risks of both the assets and the liabilities.
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CLOSURES CONTINUE TE
ons
alist covenant advisory firm, Lincoln heme corporate disclosures in FTSE 3. A more prudent and comparable funding target (e.g. self-sufficiency, risk free or solvency) to enable comparisons between companies and provide a clearer sense of longer term funding targets as well as revealing the full reliance being placed upon the employer covenant by the DB scheme. Richard says “Since we issued the first iteration of this research, we have seen the demise of several high-profile brands including BHS and Carillion. BHS was seen as the slow lingering death of a faded retail formula, whereas, Carillion was seen as the new face of Government outsourcing. We believe that many of the issues associated with cases of this nature could have been identified much earlier through greater transparency in the accounts.
“Defined benefit pension schemes are often one of, if not, the largest obligations for a corporate sponsor. Whilst there have been significant improvements made in basic disclosures over the past 18 months, we believe that a continued push is absolutely necessary. As anyone experienced in financial refinancing and restructuring will tell you, denial is the biggest obstacle to an effective and efficient solution for all stakeholders. Full disclosure of significant pension risks is essential. Without full disclosure, how can financial statements ever be true and fair?” Read the full report.
Richard joined Lincoln Pensions in January 2016 and is primarily responsible for targeting and servicing corporate sponsors of all sizes with regard to their defined benefit (DB) pension scheme. He also specialises in stressed cases involving complex M&A transactions and scheme compromise (PPF plus and minus). He has a pre-eminent reputation in the DB pen-sions advisory market for innovative solutions. Richard’s clients include John Menzies plc (sectionalisation of the pension plan), Burton Foods (triennial valuation and disposal of the Cadbury licence) and GKN plc (triennial valuation). His previous role was with BDO, where he led the pensions advisory business team. During his six years with BDO, Richard provided pensions advice to a range of blue chip clients in-cluding Uniq plc, AEA Group plc, MIRA and General Motors on a diverse range of high-profile transactions and other situations. Prior to working at BDO, Richard was Head of Pensions at Swiss Re for two years and Partner and Lead of the corporate pension advisory practice at PwC for six years. During 2004/5 Richard was the original advisor to: The Pension Protection Fund (“PPF”) on their choice of risk-based levy provider; and the Pensions Regulator (“TPR”) on the new Act’s Guidelines; as well as being the TPR’S first secondee. He has a wide range of industrial, consumer, technical, business services, financial services and insurance sector experience. Across virtually any business sector that has a significant defined benefit exposure, Richard has a significant relevant prior experience and credentials. He has been CFO or Chairman of several quoted and unquoted businesses (both through IPOs and restructurings).
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ARTICLE:
THE CONSUMER OF FINANCIAL SERVICE GOVERNANCE FRAMEW by Matthew Priestley | Chartered FSCI |
Post the credit crisis there was talk, from the FCA social utility of financial services and in particular who are less confident financially or have smaller That was also highlighted from the consequences coming out of the Retail Distribution Review the “advice gap�. The advice gap, or lack of advice for some, concerned those consumers who could either no longer afford financial advice, or for those clients who did not have enough money to continue to receive the wealth management service they were getting.
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Those clients saw the costs rise along with risks and had to either increase their assets or were priced out of the market and hence turned to robo advisers or DIY platforms. The number of financial consumers now who have been priced out from seeking advice and turning to platforms for financial solutions continues to increase. But where is the protection for them from
investing in all types of financial products they come across? There are also those products, rightly, which consumers need, yet cannot invest in them because they can only be sold with paid for advice. Protection for consumers of financial products How does a firm square the circle of selling often highly complex products, which
The Transparency Times | www.transparencytaskforce.org | October 2019 | Edition #42
ES BENEFITING FROM A WORK
A and politicians around the r their ability to support those r investment pots. have now entered the retail space, to so called unsophisticated investors, without then creating unacceptable risks on the one hand and unacceptable costs on the other? One answer would be for a firm to have a Governance process in place to cover “their” product responsibilities and their firm’s actions. That “framework” should be explainable and accompany the product literature to give reassurance and prove protection for those consumers unable to get the advice needed. Past and present scandals have also affected the trust of getting advice so nothing negative happens. Advice is unfortunately not an insurance against a something going wrong within a product or how it is being managed. Investor Protection Being able to a) explain all the risks in simple terms and b) having a (product) governance process than can therefore protect the consumer as intended, as the firm now (product manufacture) has to supply “investor protec-
Mattthew has Over 20 years experience in the asset management industry from: Investment Management and Risk Oversight; Financial Advice; Risk Management and Operational Policies and Procedures and Product Governance. More latterly helping firms with their Governance Frameworks. Matthew’s early career, after Gartmore, was spent as a wealth manager, at Barclays Wealth, UBS and HSBC Global Asset Management. He started his oversight career, when he was asked at HSBC to set up and run a portfolio management team responsible for £2.4bn FUM. This he did for five years before moving to head office to spend two years on a FCA Section 166 to give the business better oversight and controls over its investment management, financial advice and financial products. From working through a number of regulatory issues with consultants and the FCA he realised that oversight and controls were becoming a key tenant that the FCA wanted to see firms spend a lot more time on and get right. He understands how the FCA wants to see firms identify Conduct Risks from such sources as management information for senior boards to review. Due to Matthew’s practitioner experience, he is adapt at giving senior management the necessary oversight, MI and controls that they need to prove the business is being controlled and all risks, especially customer risks, are being identified and monitored. From that experience he become head of an Investment Management Oversight team at an Authorised Corporate Director, FundRock Partners, where he worked directly with asset managers, depositaries and the FCA. His firm took on the regulatory risks of various asset managers running and selling various multi-asset class propositions. It was therefore imperative that he could prove that his firm had the right level of oversight and that good customer outcomes were being achieved (he worked closely with the FCA). Where these were not being achieved, as ACD his firm owned the product and so Matthew was tasked with working with the asset management firms to improve any area identified as a potential concern.
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tion” itself. Hence, that would help with the “advice gap” and the FCA’s plans for competition and new technologies, such as robo advice and platforms. Governance though has been made mandatory with the introduction of MiFID II and will become even more so since the Asset Management Market Study. Also, the requirements for independent boards, SMCR and Business plans requested should all aid in investor protection. A separation of duties within an asset manager is needed to avoid any kind of conflict of interests
Therefore, affording protection for those consumers of financial services and products, without advice. The regulator will want to see the above and has a desire for firms now take their responsibilities very seriously at a product (value for money), firm (conduct risk) and individual level (SM&CR). Firms now need to take those three onboard and incorporate them into a Governance framework, that is auditable.
The ultimate aim is to make sure products remain appropriate, continue to meet the objectives, target market
There is of course the continued danger of new rules, new regulations and expectations to protect the consumer. However, from the myriad of regulation and FCA reviews and studies, do firms actually understand everything
and therefore good customer outcomes – monitored by Key Performance and Risk Indicators. All that should be presented in an auditable process to prove why a product was manufactured, charged for, sold to and monitored.
expected of them and how to apply principles and expectations? Is an investment manager’s job to achieve the best return, risk-adjusted return, or to make sure that he achieves value for money and sticks to the mandate by supplying
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a liquid retail product as per fund prospectus or chase that “alpha”? Hence again, governance (a separation of oversight) needs to step in to supply the appropriate framework and understanding, that will allow the investment manager to do his job, but at the same time make sure investors (or a fund / product) have protection. Risks will emerge, but they need to be identified and acted upon, before consumer detriment happens. Regulation is not a tick box exercise anymore Recent UK fund product examples have shown that it is now important to understand that regulation is not a tick box exercise anymore. Before 2008, there were some
firms in the industry that used a tick box sheet of questions to sell risky products. If a consumer did not understand a risky term, that term was just changed, yet the risk remained. Some consumers just ticked boxes that they did
The Transparency Times | www.transparencytaskforce.org | October 2019 | Edition #42
not really understand, but so long as there was a piece of paper that could prove why the firm had sold a particular product to a client, as opposed to the client understanding how that product was suitable for them, a firm had achieved investor protection and suitability. The move away from the old-style paper risk tolerance questionnaire is very similar to how regulation has changed since the move from the FSA, to the FCA, as a conduct authority. Firms now have to clearly understand the rules and how to apply them to their businesses, hence FCA’s 11 principles of doing business. After all who actually ever reads the small print in anything – is it about buyer beware? The small print In financial services the “small
print” for the financial health warnings, is no longer a defence anymore. Firms cannot just say the consumer has got the full prospectus or terms and conditions, as products now need to have an investor profile and / or target market and prove to meet product objectives. Therefore, when a consumer buys the product it has a clearer idea of the appropriateness of that product and who the product is aimed at.
help firms in the long run avoid mis-selling, restitution and fines. The mantra here is design and sell a product well and keep it sold – through a governance framework, that not only protects the consumer, but saves the firm money and builds a trusted brand.
For that though to happen the FCA has relaxed it rules around product disclosures, so long as firms have a (product) governance process in place to prove why the products were created (research, focus groups, meeting an identifiable need etc) in the first place, have highlighted an appropriate group of people and monitor for negative target market sales. Hence, in conclusion that can only
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